Podcast
Questions and Answers
What is the definition of marketing?
What is the definition of marketing?
Activity for creating and exchanging value offerings.
What is the term for the benefit derived from a product or service?
What is the term for the benefit derived from a product or service?
Value
What are basic human requirements for survival called?
What are basic human requirements for survival called?
Needs
What are specific objects that satisfy needs called?
What are specific objects that satisfy needs called?
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What are wants backed by purchasing ability called?
What are wants backed by purchasing ability called?
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What is the process of dividing a market into distinct buyer groups called?
What is the process of dividing a market into distinct buyer groups called?
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What is the act of selecting the most promising market segment called?
What is the act of selecting the most promising market segment called?
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What involves creating a distinct image in consumers' minds about a product or brand?
What involves creating a distinct image in consumers' minds about a product or brand?
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What are unique attributes that consumers associate with a brand called?
What are unique attributes that consumers associate with a brand called?
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What are shared attributes with competing brands called?
What are shared attributes with competing brands called?
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What is the core essence of a brand's identity called?
What is the core essence of a brand's identity called?
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What are the benefits offered to satisfy target consumers' needs called?
What are the benefits offered to satisfy target consumers' needs called?
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What is inversely related to perceived value?
What is inversely related to perceived value?
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What directly correlates with perceived value?
What directly correlates with perceived value?
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What enhances perceived value positively?
What enhances perceived value positively?
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What is the process from raw materials to final consumers called?
What is the process from raw materials to final consumers called?
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What is the path for conveying marketing messages called?
What is the path for conveying marketing messages called?
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What is the route for delivering products to consumers called?
What is the route for delivering products to consumers called?
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What is the support provided to consumers post-purchase called?
What is the support provided to consumers post-purchase called?
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What involves crafting interactions throughout the customer journey?
What involves crafting interactions throughout the customer journey?
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What is the consumer interaction with the product's design called?
What is the consumer interaction with the product's design called?
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What is the customer's navigation and interaction in-store called?
What is the customer's navigation and interaction in-store called?
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What is consumer input on product performance called?
What is consumer input on product performance called?
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What is the combination of product, price, place, promotion called?
What is the combination of product, price, place, promotion called?
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What is the fundamental service the customer seeks called?
What is the fundamental service the customer seeks called?
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What exceeds customer expectations beyond the basics?
What exceeds customer expectations beyond the basics?
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What is categorization based on consumer needs called?
What is categorization based on consumer needs called?
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What are distinct features that set a product apart called?
What are distinct features that set a product apart called?
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What is a significant demand change with price alteration called?
What is a significant demand change with price alteration called?
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What is minimal demand change with price alteration called?
What is minimal demand change with price alteration called?
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What is price determined by production costs plus margin called?
What is price determined by production costs plus margin called?
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What is price set based on perceived customer value called?
What is price set based on perceived customer value called?
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What is pricing strategy influenced by competitor prices called?
What is pricing strategy influenced by competitor prices called?
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What is setting prices based on market prices called?
What is setting prices based on market prices called?
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What is a market structure where few firms dominate pricing called?
What is a market structure where few firms dominate pricing called?
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What is pricing determined through competitive bidding processes called?
What is pricing determined through competitive bidding processes called?
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What involves bids submitted without knowledge of competitors' bids?
What involves bids submitted without knowledge of competitors' bids?
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What is bidding that starts low and increases until no bids called?
What is bidding that starts low and increases until no bids called?
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What is bidding that starts high and decreases until sold called?
What is bidding that starts high and decreases until sold called?
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What are methods to adjust prices based on market conditions called?
What are methods to adjust prices based on market conditions called?
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What are price reductions to stimulate sales called?
What are price reductions to stimulate sales called?
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What involves different prices based on location?
What involves different prices based on location?
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What are temporary price reductions to boost sales called?
What are temporary price reductions to boost sales called?
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What involves varied prices based on consumer segments?
What involves varied prices based on consumer segments?
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What involves different prices for different consumer groups?
What involves different prices for different consumer groups?
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What is consumer responsiveness to price changes called?
What is consumer responsiveness to price changes called?
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What is a focus on single sales transactions called?
What is a focus on single sales transactions called?
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What is an emphasis on long-term customer relationships called?
What is an emphasis on long-term customer relationships called?
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What involves creating value for consumers through offerings?
What involves creating value for consumers through offerings?
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What is a framework for coordinating marketing efforts called?
What is a framework for coordinating marketing efforts called?
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What is a long-term plan focusing on market positioning called?
What is a long-term plan focusing on market positioning called?
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What are short-term actions to implement marketing strategy called?
What are short-term actions to implement marketing strategy called?
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What is an assessment of strengths, weaknesses, opportunities, and threats called?
What is an assessment of strengths, weaknesses, opportunities, and threats called?
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What is a tool to align customer needs with offerings called?
What is a tool to align customer needs with offerings called?
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What is the value added to products by brand perception called?
What is the value added to products by brand perception called?
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What is data analysis to inform marketing decisions called?
What is data analysis to inform marketing decisions called?
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What are quantitative measures of marketing performance called?
What are quantitative measures of marketing performance called?
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What are external factors affecting marketing strategies called?
What are external factors affecting marketing strategies called?
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What is a classification of trends by duration and impact called?
What is a classification of trends by duration and impact called?
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What is a framework analyzing demographic, economic, and other factors called?
What is a framework analyzing demographic, economic, and other factors called?
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What are short-term trends lasting 0-5 years called?
What are short-term trends lasting 0-5 years called?
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What are medium-term trends lasting 5-10 years called?
What are medium-term trends lasting 5-10 years called?
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What are long-term trends lasting 10-30 years called?
What are long-term trends lasting 10-30 years called?
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What are present different kinds of subcultures that might be relevant to your marketing plan, you can discuss some values that all of a sudden get very important in a society i.e the topic of diversity called?
What are present different kinds of subcultures that might be relevant to your marketing plan, you can discuss some values that all of a sudden get very important in a society i.e the topic of diversity called?
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What are present all kind of new technologies and innovation opportunities called?
What are present all kind of new technologies and innovation opportunities called?
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What are Issues that are relevant concerning circular economy, the planet, the green marketing revolution that is going on called?
What are Issues that are relevant concerning circular economy, the planet, the green marketing revolution that is going on called?
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What is present political atmosphere and trust called?
What is present political atmosphere and trust called?
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What is the function that links the consumer, customer, and public to the marketer through information that is used to identify and define opportunities and problems; generate, refine, and evaluate actions; monitor performance; and improve understanding of it as a process called?
What is the function that links the consumer, customer, and public to the marketer through information that is used to identify and define opportunities and problems; generate, refine, and evaluate actions; monitor performance; and improve understanding of it as a process called?
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What involves Define the problem and research objectives called?
What involves Define the problem and research objectives called?
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What is Identify problem and suggest solutions called?
What is Identify problem and suggest solutions called?
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What involves Accurately quantify demand (figures) called?
What involves Accurately quantify demand (figures) called?
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What is Testing cause-effect relationships called?
What is Testing cause-effect relationships called?
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What is Data gathered for this research project called?
What is Data gathered for this research project called?
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What is Data already collected for another purpose called?
What is Data already collected for another purpose called?
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What involves Observational research, focus groups or interviews, surveys, behavioral data, experiments called?
What involves Observational research, focus groups or interviews, surveys, behavioral data, experiments called?
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What involves Questionnaire, qualitative research techniques (associations, laddering, etc), neuro techniques (fMRI, EEG, Eyetracking, etc), Big Data and Data Mining called?
What involves Questionnaire, qualitative research techniques (associations, laddering, etc), neuro techniques (fMRI, EEG, Eyetracking, etc), Big Data and Data Mining called?
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What involves Population versus sample, sample size, sampling procedure called?
What involves Population versus sample, sample size, sampling procedure called?
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What involves Online, in person, by mail or telephone called?
What involves Online, in person, by mail or telephone called?
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What involves Existing product, existing market; encourage customers to buy more; branding and customer loyalty called?
What involves Existing product, existing market; encourage customers to buy more; branding and customer loyalty called?
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What involves New product, existing market; new product features; new combinations or offerings; innovation called?
What involves New product, existing market; new product features; new combinations or offerings; innovation called?
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What involves Existing product, new market; identifying new user groups; additional distribution channels; new locations (home or abroad) called?
What involves Existing product, new market; identifying new user groups; additional distribution channels; new locations (home or abroad) called?
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What involves New product, new market; concentric strategy: new products that have synergies with existing product lines; horizontal strategy: produce complementary products; conglomerate strategy: new business with no relation to current business called?
What involves New product, new market; concentric strategy: new products that have synergies with existing product lines; horizontal strategy: produce complementary products; conglomerate strategy: new business with no relation to current business called?
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What involves For each stage in the PLC, companies have a different strategy for growth called?
What involves For each stage in the PLC, companies have a different strategy for growth called?
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What involves Create product awareness; offer a basic product; charge cost-plus; selective distribution; create awareness among early adopters called?
What involves Create product awareness; offer a basic product; charge cost-plus; selective distribution; create awareness among early adopters called?
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What involves Maximize market share; improve product and develop extensions; price penetrate the market; intensive distribution; create awareness in mass market called?
What involves Maximize market share; improve product and develop extensions; price penetrate the market; intensive distribution; create awareness in mass market called?
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What involves Maximize profit while defending market share; diversify product offerings; beat competitors' price; intensive distribution; stress brand differences and encourage brand switching called?
What involves Maximize profit while defending market share; diversify product offerings; beat competitors' price; intensive distribution; stress brand differences and encourage brand switching called?
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What involves Reduce expenditure and harvest the market; phase out weak products; cut price; phase out unprofitable outlets; reduce the minimal needed called?
What involves Reduce expenditure and harvest the market; phase out weak products; cut price; phase out unprofitable outlets; reduce the minimal needed called?
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What involves Hofstede's dimensions of culture called?
What involves Hofstede's dimensions of culture called?
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What involves Opinions of family, friends, reference groups and reviews (online) called?
What involves Opinions of family, friends, reference groups and reviews (online) called?
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What involves Age and stage in life cycle, occupation and economic circumstances, personality and self-concept, lifestyle and values called?
What involves Age and stage in life cycle, occupation and economic circumstances, personality and self-concept, lifestyle and values called?
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What involves Focusing our attention on elements that is conforming our own thoughts called?
What involves Focusing our attention on elements that is conforming our own thoughts called?
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What involves Tailoring products to individual customer preferences called?
What involves Tailoring products to individual customer preferences called?
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What involves Producing goods to meet individual customer needs called?
What involves Producing goods to meet individual customer needs called?
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What involves Valuing owned products more than non-owned called?
What involves Valuing owned products more than non-owned called?
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What involves Preference to avoid losses over acquiring gains called?
What involves Preference to avoid losses over acquiring gains called?
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What involves Discomfort with change due to mental effort called?
What involves Discomfort with change due to mental effort called?
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What involves Improvement of existing products without major changes called?
What involves Improvement of existing products without major changes called?
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What involves Modifications affecting consumer behavior significantly called?
What involves Modifications affecting consumer behavior significantly called?
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What involves Introduction of entirely new products to the market called?
What involves Introduction of entirely new products to the market called?
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What involves Perceived benefits of a new product over existing called?
What involves Perceived benefits of a new product over existing called?
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Study Notes
Marketing Fundamentals
- Marketing is the activity of creating and exchanging valuable offerings.
- Value is the benefit derived from a product or service.
- Needs are basic human requirements for survival.
- Wants are specific objects satisfying needs.
- Demand is the desire for a product backed by the ability to buy it.
- Segmentation is dividing a market into distinct buyer groups.
- Targeting is selecting the most attractive market segment.
- Positioning is creating a unique image in consumers' minds.
- Points of Difference (POD) are unique brand attributes.
- Points of Parity (POP) are shared attributes with competitors.
- Brand Mantra encapsulates a brand's core identity.
- Value Proposition outlines benefits satisfying target needs.
- Price is inversely related to perceived value.
- Quality is directly related to perceived value.
- Service positively enhances perceived value.
- Supply Chain Marketing Channels involve the process from raw materials to consumers.
- Communication Channel conveys marketing messages.
- Distribution Channel delivers products to customers.
- Service Channel provides post-purchase support.
- Customer Experience Design shapes interactions throughout the customer journey.
- Product Experience describes consumer interaction with a product's design.
- Shop Experience details customer navigation and interaction in-store.
- Feedback Experience captures consumer input on product performance.
- Marketing Mix combines product, price, place, and promotion.
- Core Benefit is the fundamental service a customer seeks.
- Augmented Product exceeds basic expectations.
- Product Classification categorizes products based on customer needs.
- Product Differentiation highlights distinctive product features.
- Elastic Demand is significantly impacted by price changes.
- Inelastic Demand is minimally affected by price changes.
- Cost-Based Pricing sets price based on costs plus a margin.
- Value-Based Pricing sets price based on perceived value.
- Competition-Based Pricing sets prices considering competitor pricing.
- Going-Rate Pricing sets prices based on prevailing market prices.
- Oligopolies involve a few dominant firms controlling pricing.
- Auction-Type Pricing uses competitive bidding to determine price.
- Sealed-Bid Auctions involve hidden bids from competitors.
- English Auctions begin with a low bid and increase.
- Dutch Auctions start with a high bid and decrease.
- Price Adaptation Strategies adjust prices per market conditions.
- Discounts/Allowances reduce prices to stimulate sales.
- Geographical Pricing uses different prices based on location.
- Promotional Pricing slashes prices temporarily to boost sales.
- Differentiated Pricing uses varied prices based on segments.
- Price Discrimination charges different prices to different groups.
- Price Sensitivity is customer responsiveness to price changes.
- Transaction Perspective focuses on single sales transactions.
- Relationship Perspective emphasizes long-term customer bonds.
- Value Perspective focuses on creating value for customers.
- Marketing Plan outlines marketing activities.
- Strategic Marketing Plan is a long-term plan focusing on market position.
- Tactical Marketing Plan involves short-term actions.
- SWOT Analysis evaluates strengths, weaknesses, opportunities, and threats.
- Value Proposition Canvas aligns customer needs with offerings.
- Brand Equity adds value to products through brand perception.
- Marketing Intelligence uses data analysis to inform decisions.
- Marketing Metrics are quantitative measures of performance.
- Macroenvironment encompasses external factors impacting strategies.
- Trend Pyramid categorizes trends by duration and impact.
- DESTEP Analysis examines demographic, economic, and other factors.
- Microtrend is a short-term trend (0-5 years).
- Macrotrend is a medium-term trend (5-10 years).
- Megatrend is a long-term trend (10-30 years).
- Sociocultural Environment represents different subcultures and values.
- Technological Environment highlights technology and innovation.
- Ecological Environment examines environmental issues.
- Political-Legal Environment describes the political/legal atmosphere.
- Marketing Research links consumers, customers, and the public to marketers.
- Marketing Research Process defines problems and objectives.
- Exploratory Research uncovers problems and solutions' suggestions.
- Descriptive Research accurately quantifies demand.
- Causal Research tests cause-effect relationships.
- Primary Data is data collected for the current project.
- Secondary Data is pre-existing data from another source.
- Research Approaches include observation, focus groups, surveys, etc.
- Research Instruments encompass questionnaires, qualitative and neuro-techniques, Big Data.
- Sampling Plan defines population/sample, size, process.
- Contact Methods cover online, in-person, mail, and phone.
- Market Penetration Strategy involves existing products in existing markets.
- Product Development Strategy involves new products in existing markets.
- Market Development Strategy involves existing products in new markets.
- Diversification Strategy involves new products in new markets.
- Product Life Cycle (PLC) involves stages of a product's life.
- Introduction Stage aims for product awareness and early adoption.
- Growth Stage aims for market share and product improvements.
- Maturity Stage prioritizes profit maximization and defending market share.
- Decline Stage aims for expenditure reduction and profit harvesting.
- Cultural Factors involve cultural dimensions.
- Social Factors refer to community and group opinions.
- Personal Factors include age, occupation, personality, and lifestyle.
- Confirmation Bias focuses on confirming existing thoughts.
- Individual Marketing caters to individual consumer preferences.
- Mass Customization creates tailored solutions for each customer.
- Endowment Effect values owned items more than unowned.
- Loss Aversion prefers avoiding losses over gains.
- Change Aversion dislikes change due to mental effort required.
- Continuous Innovation modifies existing products without substantial changes.
- Dynamically Continuous Innovation significantly impacts consumer behavior.
- Discontinuous Innovation introduces new, entirely different products.
- Relative Advantage shows perceived new product benefits over existing ones.
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Description
Test your knowledge of marketing principles with this quiz on the fundamentals of creating and exchanging value in the market. Understand key concepts such as segmentation, targeting, and positioning, and how they drive consumer demand and brand strategy.
