Business: Marketing Fundamentals

What are the four elements of the traditional marketing mix?

Product, Price, Place, and Promotion.

What does the acronym SWOT stand for in a business analysis?

Strengths, Weaknesses, Opportunities, and Threats.

What is the term for the specific group of consumers a company aims to reach with its products?

Target Market.

Which stage of the marketing funnel focuses on making potential customers aware of a brand or product?

Awareness.

What is the process of gathering and analyzing information about consumers' needs and preferences?

Market Research.

What is a unique name, symbol, or design that identifies and differentiates a product from its competitors?

Brand.

How does psychographic segmentation differ from demographic segmentation?

Psychographic focuses on personality, values, and lifestyle, while demographic focuses on statistical data like age, gender, and income.

In the 4 Ps of marketing, what does 'Place' refer to?

The distribution channels and locations where a product is sold and made available to customers.

What is 'Positioning' in the context of a marketing strategy?

The process of creating a specific image or identity for a product in the minds of the target audience relative to competitors.

What is behavioral segmentation?

Dividing a market into groups based on consumer knowledge, attitudes, uses, or responses to a product.