Marketing

    Cards (28)

    • What is the focus of Unit 5 in marketing?
      It summarizes marketing concepts in five minutes
    • What is marketing defined as?
      The process of identifying and satisfying customer needs
    • Why do businesses focus on satisfying customer needs?
      To increase sales and avoid costly mistakes
    • What is a market?
      A place for buyers and sellers to exchange goods
    • What does market size refer to?
      The total sales of all companies in a market
    • How is market share calculated?
      Individual company sales divided by total market sales
    • What is primary market research?
      Research conducted by the company itself
    • What is secondary market research?
      Data that already exists
    • What is quantitative research about?
      It focuses on numbers and statistics
    • What is qualitative research about?
      It focuses on people's opinions and experiences
    • What is a focus group?
      A small group providing qualitative data through discussion
    • What is market segmentation?
      Dividing a market into groups with similar characteristics
    • Why do businesses conduct market segmentation?
      To target specific groups with tailored products
    • What is the marketing mix?
      The combination of product, price, promotion, and place
    • What is product development?
      Enhancing old products or designing new ones
    • What is a product portfolio?
      The range of products sold by a business
    • What is portfolio analysis?
      Considering each product's place in the market
    • What does the product life cycle illustrate?
      Sales and profits distribution over time
    • What are extension strategies?
      Changing the marketing mix to increase sales
    • What is the Boston matrix used for?
      To analyze products by market share and growth
    • What is price skimming?
      Setting a high price initially, then lowering it
    • What is price penetration?
      Setting a low price initially to generate interest
    • What factors affect promotion strategies?
      Finance, competitors, and nature of the product
    • What does place refer to in the marketing mix?
      Getting the product to the final consumer
    • How has e-commerce changed product distribution?
      It allows direct routes between manufacturers and consumers
    • What is an integrated marketing mix?
      All elements of the marketing mix working together
    • What is the BMW i8?
      An electric high-performance hybrid vehicle
    • What contributes to the success of the BMW i8?
      High price, stylish design, and service quality
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