Praxis Marketing Education flashcards
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32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Marketing definition
- The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
- Marketing mix 4 Ps
- Product, Price, Place, and Promotion - the controllable variables a firm blends to satisfy target customers and achieve marketing objectives.
- Marketing concept
- A philosophy holding that achieving organizational goals depends on knowing the needs and wants of target markets and delivering desired satisfactions better than competitors.
- Break-even point
- The sales volume at which total revenue equals total cost, calculated as fixed costs divided by contribution margin per unit (price minus variable cost per unit).
- SWOT analysis
- A situational assessment tool that classifies internal strengths and weaknesses and external opportunities and threats to inform strategic planning.
- Customer lifetime value
- The projected net profit a customer generates over the entire relationship, estimated from average purchase value, purchase frequency, and expected lifespan minus acquisition and retention costs.
- SMART objectives
- Marketing objectives stated as Specific, Measurable, Achievable, Relevant, and Time-bound, enabling clear tracking of performance against plan.
- Market segmentation
- Dividing a heterogeneous market into smaller groups of buyers with similar needs or characteristics that can be reached with distinct marketing mixes.
- Positioning statement
- A concise internal statement specifying the target segment, brand frame of reference, point of difference, and reason to believe that justify the brand's place in the market.
- Ansoff growth matrix
- A planning grid crossing existing versus new markets with existing versus new products to yield penetration, market development, product development, and diversification strategies.
- BCG growth-share matrix
- A portfolio tool classifying business units as stars, cash cows, question marks, or dogs based on market growth rate and relative market share.
- Porter generic strategies
- Three broad competitive approaches - overall cost leadership, differentiation, and focus - that a firm can pursue to achieve and sustain competitive advantage.
- Product life cycle
- The progression of a product through introduction, growth, maturity, and decline stages, each requiring different marketing mix decisions and profit expectations.
- Brand equity
- The differential value a brand name adds to a product, reflected in customer awareness, associations, perceived quality, loyalty, and proprietary brand assets.
- Service characteristics
- Four distinguishing traits of services - intangibility, inseparability, variability, and perishability - that shape service marketing strategy and quality management.
- Line stretching
- Lengthening an existing product line by adding items above, below, or at both ends of the current price and quality range to reach new segments.
- New product development process
- A sequence from idea generation through screening, concept testing, business analysis, prototype development, test marketing, and commercialization.
- AIDA model
- A communication framework describing buyer response stages - Attention, Interest, Desire, Action - used to design persuasive advertising and sales presentations.
- Push versus pull
- Push strategies direct trade promotions to channel members to motivate resale; pull strategies direct advertising and consumer promotions to end users to stimulate demand.
- CPM
- Cost per thousand impressions, calculated as advertising cost divided by impressions times 1,000, used to compare media cost efficiency.
- Personal selling steps
- Prospecting, preapproach, approach, presentation, handling objections, closing, and follow-up - the sequential activities of a sales process.
- Click-through rate
- The ratio of clicks on a digital ad or link to the number of impressions, expressed as clicks divided by impressions and usually shown as a percentage.
- Channel levels
- The number of intermediaries between producer and consumer: zero-level is direct, one-level uses a retailer, two-level adds a wholesaler, and so on.
- Intensive distribution
- A placement strategy stocking a product in as many suitable outlets as possible, typically used for convenience goods with high purchase frequency.
- Price elasticity of demand
- The percentage change in quantity demanded divided by the percentage change in price; demand is elastic when the absolute value exceeds one.
- Markup versus margin
- Markup on cost equals price minus cost divided by cost; margin on price equals price minus cost divided by price. The two percentages differ for the same transaction.
- Price skimming
- Setting a high initial price to capture revenue from early adopters before lowering it over time, often used for innovative or prestige products.
- Penetration pricing
- Setting a low initial price to attract a large customer base quickly and build market share, often used for new products in price-sensitive markets.
- Supply chain management
- Coordinating suppliers, manufacturers, distributors, and retailers to manage the flow of goods, information, and funds from source to final customer.
- DECA and FBLA
- Student organizations offering competitive events and leadership development aligned with marketing, business, and career and technical education curricula.
- Professional marketing associations
- Organizations such as the American Marketing Association and American Advertising Federation that provide research, networking, ethical standards, and professional development for marketers.
- Work-based learning
- Educational experiences such as internships, cooperative education, job shadowing, and school-based enterprises that connect classroom marketing instruction to real workplace practice.