Marketing and Business Development Flashcards

What is the primary function of a Unique Selling Proposition (USP)?

Answer: To differentiate a product from competitors by highlighting a distinct benefit

A USP clearly communicates what makes a product uniquely valuable compared to competitors, giving customers a compelling reason to choose it over alternatives.

During which stage of the product life cycle do sales typically peak before beginning to decline?

Answer: Maturity

During the Maturity stage, sales reach their highest point as the product has achieved wide market acceptance, before competition and market saturation cause sales to fall.

What is B2B (Business-to-Business) marketing?

Answer: Marketing products or services from one business to another business

B2B marketing refers to the strategies and practices used when one company sells products or services to another company rather than to individual consumers.

What does CRM stand for in a business context?

Answer: Customer Relationship Management

CRM stands for Customer Relationship Management, encompassing strategies and technologies used to manage and analyze customer interactions throughout the customer lifecycle.

What is market penetration pricing?

Answer: Setting a low initial price to rapidly gain market share

Market penetration pricing involves setting a low initial price to attract a large customer base quickly and establish market share, with the option to raise prices later.

In the marketing mix, which 'P' focuses on how a product's features and benefits are communicated to the target audience?

Answer: Promotion

Promotion encompasses all communication strategies and tactics — including advertising, public relations, and social media — used to inform and persuade target audiences about a product.

What is a target market?

Answer: The specific group of consumers a business aims to reach with its products or services

A target market is the specific, defined segment of consumers that a business has identified as most likely to purchase its products or services based on shared characteristics.