This page offers essential study resources for the Gaffen Exam 1, including flashcards, quizzes, and a glossary. These tools will help you understand and retain key marketing concepts efficiently. Whether you're looking to review specific terms, test your knowledge, or clarify difficult concepts, this page provides all the resources you need to succeed.
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Important concepts to remember
The marketing mix consists of the 4 Ps—Product, Price, Place, and Promotion—which are essential elements in a company's marketing strategy.
Market segmentation involves dividing a broad consumer market into distinct groups based on shared characteristics like demographics or behavior.
CRM refers to strategies and tools that companies use to manage interactions with customers, aiming to improve customer satisfaction and loyalty.
The product lifecycle describes the stages a product goes through from introduction, growth, maturity, to decline in the market.
SWOT analysis is a strategic planning tool used to identify a company's internal strengths and weaknesses, as well as external opportunities and threats.
Brand equity refers to the value a brand adds to a product, based on consumer perceptions, loyalty, and overall recognition.
Business-to-business (B2B) marketing involves transactions between businesses rather than direct sales to consumers.
Business-to-consumer (B2C) marketing refers to the marketing strategies used to sell products directly to individual consumers.
The AIDA model represents the stages a consumer goes through before making a purchase: Attention, Interest, Desire, and Action.
Brand positioning is the process of establishing a brand’s identity in the market to make it appealing and differentiated from competitors.
Market penetration is a strategy used to increase market share with existing products in the current market.
Customer retention involves efforts to keep existing customers loyal, ensuring long-term profitability and reducing the costs of acquiring new customers.
Pricing strategy refers to the approach a company uses to set the price of its products, aiming to achieve its financial and marketing goals.
Viral marketing is a strategy that encourages customers to share a marketing message with others, leading to exponential growth in brand awareness.
Public relations involves managing a company’s image and communication with the public to build a positive reputation and manage crises.
