chapter 1 Flashcards
what’s the difference between Marketing vs Sales when it comes to demand?
- Marketing creates the demand
- Sales translates the demand into revenue
what’s advertising ?
if a certain business/product/service is something you want to put out, and you make a poster about it, that’s advertising
what’s Promotion?
if you publicize your product/service, etc. so that you can increase sales or for public awareness
whats Publicity?
when their notice or attention given to someone or something by th media
what’s Public Relations?
if you get a certain reaction from the audience for target customers. its managing how others see and feel about this product/service
whats Sales?
a period during which a retailer sells their goods or services
what are the 4P’s of marketing?
- product
- price
- promotion
- place
can their be 7P’s of marketing and what would they be?
yes their can be
- packaging
- positioning
- people
whats a Product?
a bundle of attributes (features, functions, benefits, and uses) capable of exchange or use; usually a mix of tangible and intangible forms
what shape or form can a product be in?
it can be an idea, a physical entity (a good), or a service, or even a combination of all
product is a term that encompasses…?
both goods and services
what is Price?
the formal ratio that indicates the quantity of money, goods, or services needed to acquire a given quantity of goods or services. it’s the amount a customer must pay to acquire a product or service
what is Place?
the act of getting products/services to consumers. Also used to describe the extent of market coverage for a given product or service
what is Promotion?
promotion marketing includes tactics that encourage short term purchase, influence trial and quantity of purchase, and are very measurable in volume, share and profit
what are some examples of Promotion?
- rebates
- premiums
- special packaging
- coupons
- sweepstakes
what is Packaging?
refers to the way your product or service appears on the outside
what is Positioning?
how you are seen and thought about by your customers is the critical determinant of your success in a competitive marketplace. it also determines how much people are prepared to pay for your product/service
who are People?
the people inside and outside of your business are responsible for every element of your sales, marketing strategies, and activities
how is Integrated Marketing recognized today?
as a way to incorporate all the types of communication so that is can resonate with the audience
what is the purpose of Integrated Marketing?
- an approach to creating a unified and seamless experience for consumers to interact with the brand/entreprise
- attempts to meld all aspects of marketing communication such as advertising, sales promotion, public relations, direct marketing, and social media, though their respective mix of tactics, methods, channels, media, and activities, so that all work together as a unified force
- a process designed to ensure that all messaging and communications strategies are consistent across all channels and are centred on the customer
what are the components of Product?
- functionality
- brand
- packaging
- services
what are the components of Price?
- list price
- discounts
- bundling
- credit terms
what are the components of Place?
- channel
- inventory
- logistics
- distribution
what are the components of Promotion?
- direct marketing
- advertising
- sales force
- publicity
- sales promotion
- internet
what are some examples of Direct Marketing?
- direct mail
- kiosk
- telemarketing
- catalogues
what are some examples of Sales Promotion?
- instore display
- coupons
- contests
- loyalty
- sampling
- premiums
what are some examples of Advertising?
- TV
- outdoor
- public service
- radio
- covert
- digital/social media
