Unit 1 - Principles of Marketing

Marketing Concept

• The idea that businesses should focus on understanding and satisfying customer needs and wants while still making a profit.

• A strategy that emphasizes aggressive selling techniques to maximize profits.

• A framework that prioritizes product features over customer satisfaction.

• A philosophy that encourages businesses to ignore market trends and focus on production efficiency.

Added Value

• The extra benefits or features that make a product or service worth more to customers and encourage them to choose it over competitors.

• The basic features of a product that are necessary for its functionality.

• The price reduction offered to customers during a sale.

• The marketing strategies used to promote a product.

Price

• The amount a customer pays for a product or service.

• The total cost of production for a product.

• The value assigned to a product by the manufacturer.

• The discount offered on a product during a sale.

Marketing Mix

• The combination of four main strategies—product, price, place, and promotion—used to market a product or service effectively.

• A strategy focused solely on pricing to attract customers.

• A method of advertising that relies on social media influencers.

• A framework for analyzing customer feedback and improving products.

Place

• Deciding where and how a product will be distributed and sold so it reaches the right customers at the right time.

• Choosing the right price for a product to maximize profits.

• Creating promotional materials to advertise a product effectively.

• Identifying the target market for a product based on demographics.

Marketing Information Management (MIM)

• Collecting and analyzing data about customers, competitors, markets and trends to make better business decisions.

• A strategy focused solely on increasing sales without considering customer needs.

• A method of advertising that relies on social media influencers exclusively.

• A process of managing financial resources in marketing campaigns.

Unique Selling Point (USP)

• A feature that is common among all products in the market.

• A marketing strategy that focuses on price reduction.

• What makes a product or service stand out from the competition—its “special something” that sets it apart.

• A method of increasing customer loyalty through discounts.

Market Planning

• Identifying the target market and choosing strategies to target them and deciding how to reach them while keeping in budget.

• Creating a product that is guaranteed to sell regardless of market conditions.

• Focusing solely on advertising to increase brand awareness without considering costs.

• Developing a plan to eliminate competition in the market.

Financing

• The process of getting the money needed to operate a business, including offering customers credit options and securing funding for products and services.

• A method of increasing sales through marketing strategies and promotions.

• The act of managing a company's resources to maximize profits and minimize costs.

• A strategy for investing in stocks and bonds to grow wealth over time.

Promotion

• Communicating with customers to encourage them to buy a product or service using ads, sales, events, social media, and more.

• A strategy to reduce the price of a product to increase sales.

• A method of improving product quality to attract more customers.

• A technique for managing customer relationships through personalized communication.