Marketing Principles Study Notes

Branding is not a stage of the Product Life Cycle; it's a strategy used throughout the cycle.

The stage with the highest profits is typically the growth stage.

The introduction stage of the product life cycle is characterized by low profits and high marketing and development costs, with slow sales initially.

During the maturity stage of the product life cycle, the goal is to maximize market share and defend against competition.

A product does not reach the decline stage because it's a market leader. Market leaders are typically in the growth or maturity stages.

This is the initial stage where a product is introduced to the market. Sales are low initially due to high marketing and development costs.

This is the stage where product sales and market adoption are increasing rapidly, leading to higher profits.

The product has reached a mature stage when sales are steady or growing slowly, and profits are at a peak. Companies will focus on maintaining market share as much as possible in this stage.

Defining the problem and research objectives is the first step in the marketing research process.

Data collected directly from the source, not previously gathered.

In-depth interviews or focus groups are examples of qualitative research.

Simple random sampling is most likely used when studying a sample of 1,000 consumers to determine the average income of all consumers in a city.

The primary goal of data analysis in marketing research is to transform raw data into meaningful insights.

The feeling a consumer experiences after a purchase that clashes with their beliefs or values.

The consumer decision-making process largely influenced by peers.

The emotional connection a consumer feels towards a particular brand.

The stages a product goes through from its introduction to its decline in the market.

Maximize market share and defend against competition

Low profits due to high marketing and development costs.

A product reaches the decline stage due to new technology, changes in customer preferences, or increased competition, but not because it became a market leader.

Maximize market share and defend against competition

Profits are highest during the growth stage.

A product becoming a market leader is not a reason it enters decline. A shift in consumer preference or technology is needed.

Branding is a marketing strategy, not a stage of the product's life cycle.

The overall value of a brand, including its financial worth and emotional connection with customers.

A product mix considers different aspects of a product's range, including depth (variations), width (number of product lines), and length (total number of products).

The process of creating a distinct image and place for a product in the minds of the target market, differentiating it from competitors.

A product that consumers purchase frequently with little effort due to its low price and availability.

The stages a product goes through from its introduction to the market until its eventual decline.

A distribution strategy where a product is available through as many sales channels possible.

Using an existing brand name to introduce new products in a new category.

Data that has already been collected and analyzed by someone else.

A growth strategy that focuses on increasing sales of existing products in existing markets. This can be achieved through tactics like lower prices, promotions, or expanded distribution.

A strategic planning tool that analyzes the internal strengths and weaknesses of a company, as well as the external opportunities and threats in the market.

A unique feature or capability that sets a company apart from its competitors and gives it an edge in the market.

The unique benefits a company promises to deliver to its customers. It's the reason why customers should choose one brand over another.

Digital marketing offers advantages like measurable results, targeted reach, and the ability to quickly adapt campaigns based on data.

The process of improving a website's visibility on search engines organically (without paid advertising) so it appears higher in results.

Content marketing focuses on building relationships with customers by creating and sharing valuable content that educates, entertains, or inspires them.

A group of buyers and sellers interacting to exchange products or services. It can be a specific location, a group of businesses, or a broader economic environment.

Needs are basic human requirements for survival (e.g., food, shelter, safety). Wants are desires shaped by culture and personality (e.g., a fancy car, designer clothes).

The total profit a business expects to generate from a single customer over their entire relationship with the company.

A marketing approach that focuses on balancing customer satisfaction with societal well-being. It considers the impact on society and the environment.

Factors within a company's immediate environment that directly affect its marketing activities, such as competitors, suppliers, and distributors.

Data collected for the first time by the researcher specifically for a particular research purpose.

The process of selecting one or more specific market segments that a company wants to serve with its products or services.

A market segment that is accessible, profitable, and has growth potential. It offers opportunities for a company to succeed.