Marketing Management Exam 1 Review

**Product Differentiation Strategy** -- Creating unique product features, branding, or customer experience to stand out from competitors. **Definition of Benefits Received by a Customer** -- The perceived value a customer gains from using a product or service. **Definition and Example of Strat...

**Product Differentiation Strategy** -- Creating unique product features, branding, or customer experience to stand out from competitors. **Definition of Benefits Received by a Customer** -- The perceived value a customer gains from using a product or service. **Definition and Example of Strategic Marketing** -- The long-term planning of marketing efforts to achieve business objectives, such as Apple's strategy of innovation and brand loyalty. **How to Separate Your Product from Those of Competition** -- Through differentiation (e.g., unique features, branding, pricing, quality, customer service). **Marketing Metrics -- What They Do and Provide** -- Quantifiable measures (e.g., sales growth, customer retention) that assess marketing performance. **4 "P"s of Marketing** -- Product, Price, Place, Promotion. **Widely Used Measure of Economic Growth** -- Gross Domestic Product (GDP). **Governmental Laws/Regulations Affecting Growth** -- Examples include antitrust laws, labor laws, and environmental regulations. **Cultural Differences in Countries** -- Differences in language, customs, consumer behavior that affect marketing strategies. **Trade Agreement in South America** -- MERCOSUR. **Trade Agreement in North America** -- USMCA (formerly NAFTA). **Best Sales Structure for High-Tech, Complex Products** -- Consultative selling or team-based sales. **When a Joint Venture Might Make Sense** -- When entering a new market or sharing resources with another company. **Best Organizational Structure** -- Depends on the company; matrix structures are common for flexibility. **BCG Matrix and "Cash Cows"** -- High market share, low growth; generate steady revenue. **Purpose and Usage of a Mission Statement** -- Defines company purpose, values, and direction. **Understanding and Applications of SWOT Analysis** -- Analyzes Strengths, Weaknesses, Opportunities, and Threats. **Sources of Gathering Customer Information** -- Surveys, focus groups, social media, CRM systems. **Marketing Research -- Definition, Process, Types** -- Gathering, analyzing, and interpreting data; types include primary (surveys, interviews) and secondary (existing data, reports). **Open-Ended vs. Closed-Ended Questions** -- Open-ended allows for detailed responses; closed-ended offers predefined choices. **Major Source of Data Collection Today** -- Web-related activity. **Job Requirements of a Marketing Analyst** -- Data analysis, market research, trend identification, reporting. **Big Data -- Meaning, Components, Usage** -- Large data sets used for insights; includes structured (databases) and unstructured (social media, emails) data. **Website Data Collection** -- Cookies, user behavior tracking, analytics. **Mobile Apps -- How They Can Be Used** -- Customer engagement, data collection, targeted advertising.