AP®︎ Business with Personal Finance: Topic 2.7 Flashcards

The marketing function of communicating with potential and existing customers to build awareness, explain value, differentiate products, strengthen loyalty, and encourage purchases

A coordinated effort to promote a product to potential customers using all or some tools in the promotional mix

The five customer-communication tools: media advertising, personal selling, sales promotion, direct marketing, and public relations

Giving customers a reason to perceive a product as distinct from rival products

Customers’ repeated preference for and purchase of a particular brand

A consequential purchase involves substantial cost, risk, complexity, or commitment and often calls for detailed, personalized interaction; a routine purchase is lower in cost and risk and may be influenced by mass media, direct marketing, or sales promotion

A paid or placed message delivered to a large audience in substantially the same form at the same time

Individualized, two-way interaction used to provide detailed product information, demonstrations, and answers tailored to a potential customer

A short presentation that conveys a product’s value proposition in an effort to complete a sale

A temporary incentive, such as a discount or coupon, intended to accelerate purchasing decisions or reduce unsold inventory

Communication of a targeted message directly to selected potential customers, such as through brochures, flyers, or targeted email

Communication intended to create or maintain a favorable public image rather than advance a specific sale

The use of the internet and digital technologies, including websites, email, social media, and mobile apps, to connect with and serve customers

A large volume of information about how customers respond to marketing communications and which factors make them more likely to buy