Marketing Concepts Flashcard

Front

What best defines a customer's "need"?

Back

A basic human requirement

Front

What is the main difference between "wants" and "demands"?

Back

Demands are wants backed by buying power.

Front

What does STP stand for in marketing?

Back

Segmentation, Targeting, Positioning

Front

In marketing segmentation, we divide the market based on:

Back

Customer differences and preferences

Front

What is a value proposition?

Back

A promise of value to be delivered to the customer

Front

Which of the following is NOT one of the 4Ps of marketing? A. Product B. Price C. Partnership D. Promotion

Back

Partnership

Front

The "Place" element in the 4Ps refers to:

Back

The channels used to deliver the product to customers

Front

If a company focuses on making the best quality product without understanding customer needs, it follows the:

Back

Product concept

Front

A company that starts with customer needs and works backward to create a product follows the:

Back

Marketing concept

Front

What does "targeting" mean in marketing?

Back

Selecting which customer segments to serve