Business quiz 2 material Flashcards
What are the 4 P’s
Product, Place, Price, Promotion.
Describe the right product
functionable, use, packaging, etc
Describe the right place
Where, when, and how the product gets to the customer
Whats Direct and Indirect distribution
DD- Selling directly to the customer
ID- selling through a middleman
What two types of prices are there?
Penetration Pricing- Start at low price, increase as demand increases
Skimming- Start at high price to excite customer, gradually lower price.
What is Promotion
Visual Merchandising, Advertising, Public Affairs, Personal Selling, Sales, and Direct Marketing
What is Visual Merchandising
Having products that are visually appealing to get customers attention
What is Advertising
Paid messages to promote business and products
What is Public Affairs
Any sort of “free press” that helps to improve the image and goodwill of the business
What is Personal Selling
Phone calls and emails to directly try and sell a product to a customer
What is Sales
Offering discounts and promotions to attract customers
What is Direct Marketing
Direct methods of communications with your customers, including newsletters and social media
What are the 3 phases of the Marketing Cycle
Awareness, Purchase, Retention
What is Awareness(MC)
getting potential customers to know about your business and product
What is Purchase(MC)
getting those potential customers to buy something
What is Retention(MC)
getting those customers to return
What is included in Target Market and Segmentation?
Target Market and Geographic, demographic, psychographic, and behavioral factors.
What is target market
the audience you intend to reach with your product, should be built around their wants and needs
What is the geographic and demographic factors
GF- Locations, including descriptions of those areas
DF- general descriptors of customers( age, gender, race, ethnicity, income lvl)
What are the Psychographic and Behavioral factors
PF- Interests, jobs, hobbies, and values of your customers
BF- buying patterns of your customers
What are the two types of competition
Direct Competitors- offer the same product, just similar
Indirect Competitors- offer similar products, just in a different place and manner.
What are the types of Advertisements and methods of influence?
Liking, Social Proof, Commitment and consistency, authority, scarcity, reciprocity.
Liking?
Relating the product to things and people that the audience likes
Social Proof?
Show that everyone else is doing it
Commitment and consistency?
Get customers to keep saying yes
Authority?
Getting someone with authority or expertise on the topic to endorse your product
Scarcity?
Create a sense that the product will run out soon FOMO
Reciprocity
Acting like the business is doing you a favor so you really should buy their product.
What is marketing research?
focused on a specific problem and target market, with data.
Types of data for marketing research?
Primary- data collected directly by you
Secondary- data collected and organized by outside sources
Quantitative- data focused on numbers/objective figures
Qualitative- data focused on subjective descriptions.
