Marketing: Creating, communicating and delivering value to customers Marketing mix (4 Ps): Product, price, place, promotion 7 Ps of services marketing: The 4 Ps plus people, process and physical evidence Product: What is offered to meet a need Price: What customers pay Place: How and where the product reaches customers Promotion: How a company communicates about its offer Market segmentation: Dividing a market into groups with similar needs Demographics: Age, income, gender and other population traits Psychographics: Attitudes, interests and lifestyles Behavioral segmentation: Grouping by how customers act or use products Targeting: Choosing which segments to serve Positioning: How a brand wants to be seen relative to competitors STP: Segmentation, targeting, positioning Target audience: The specific group a message is meant for Buyer persona: A fictional profile of an ideal customer Brand: The identity and reputation of a product or company Brand equity: The added value a brand name gives a product Brand awareness: How well customers recognize a brand Brand loyalty: Customers' continued preference for a brand Logo: A symbol or design representing a brand Slogan: A memorable phrase tied to a brand Unique selling proposition: The feature that sets a product apart Value proposition: The benefit promised to customers Customer journey: The path a customer takes from awareness to purchase and beyond Marketing funnel: Model of awareness, interest, decision and action Conversion: A desired action, like a purchase or sign-up Conversion rate: The percent of visitors who take the desired action Lead: A potential customer who shows interest Lead generation: Attracting and capturing potential customers Customer acquisition cost: Cost to win one new customer Customer lifetime value: Total value a customer brings over their relationship Retention: Keeping existing customers Churn: The rate at which customers leave CRM: Customer relationship management system Market research: Gathering information about customers and markets Primary research: New data collected directly Secondary research: Existing data collected by others Focus group: A guided discussion with a small group of consumers Survey: A set of questions given to many people A/B testing: Comparing two versions to see which performs better Competitive analysis: Studying rival products and strategies Market share: A company's percent of industry sales Pricing strategy: Approach to setting prices Penetration pricing: Low initial price to win market share Price skimming: High initial price that is lowered over time Premium pricing: High price to signal quality Loss leader: A product sold at a loss to attract customers Freemium: Free basic service with paid upgrades Bundling: Selling several products together as a package Distribution channel: Path a product takes to reach customers Retailer: A business selling to final consumers Wholesaler: A business selling in bulk to retailers Direct-to-consumer: Selling straight to customers without middlemen Omnichannel: A seamless experience across online and offline channels Advertising: Paid, non-personal promotion Public relations: Managing a brand's relationship with the public and media Sales promotion: Short-term incentives like coupons and discounts Personal selling: Direct, person-to-person selling Word of mouth: People recommending a brand to others Influencer marketing: Partnering with people who have social reach Content marketing: Creating valuable content to attract an audience Inbound marketing: Drawing customers in through useful content Outbound marketing: Reaching out directly to audiences, like ads and cold calls Email marketing: Promoting through email messages Social media marketing: Promoting through social platforms SEO: Search engine optimization to earn organic search traffic SEM: Search engine marketing, including paid search ads Pay-per-click: Advertising where you pay each time an ad is clicked Impression: One display of an ad Click-through rate: Clicks divided by impressions CPM: Cost per thousand impressions Reach: Number of unique people who see a message Frequency: Average number of times a person sees a message Engagement: Interactions with content, like likes and comments Call to action: A prompt telling the audience what to do next Landing page: A page designed to turn visitors into leads or customers Retargeting: Showing ads to people who visited before Affiliate marketing: Paying partners for sales they refer Viral marketing: Content that spreads rapidly through sharing Guerrilla marketing: Low-cost, creative, unconventional promotion Product life cycle: Introduction, growth, maturity, decline Product differentiation: Making a product stand out from rivals Market penetration: Selling more of existing products in existing markets Product development: Creating new products for existing markets Ansoff matrix: Framework of four growth strategies Net Promoter Score: A measure of customers' willingness to recommend Marketing ethics: Standards of honesty and fairness in marketing Greenwashing: Misleadingly claiming environmental benefits Packaging: The container and design of a product Point of sale: Where a transaction occurs Upselling: Encouraging a more expensive version Cross-selling: Suggesting related products Testimonial: A customer's statement in praise of a product Target market vs. mass market: Focused group versus the whole market Free flashcards from Peabody at peabody.kids/flashcards/tp-marketing-terms