Chapter 8

Question 1

What are the two fundamental roles of marketing?

Answer 1

1. To sell what a business makes.
2. To manage the brand.

Question 2

What is branding? Why is a brand name important?

Answer 2

All the features that make up a products image:
1. brand name
2. logo or trademark
3. slogan

Question 3

What is a logo or trademark?

Answer 3

A logo is a symbol that is associated with the company or product. It can take the following forms:
1. Wordmark/Monogram/Letters
2. Emblem/Visual/Combination
3. Brandmark/Abstract/Symbol

A trademark is a word, symbol, design, or a combination of all three that a business uses to distinguish its goods or services from others.

Question 4

What is a slogan?

Answer 4

A slogan is a short or catchy advertising phrase associated with a company or product.

Question 5

What is the Product Life Cycle? What are the different stages

Answer 5

1.Introduction (Launch)
2. Growth
3. Maturity
4. Decline
5. Decision Point

Question 6

What are the Non-traditional Product Life Cycles?

Answer 6

Fads
A fad is a product that is extremely popular with a select market for a short time, usually less than a year.

Trend
A trend last longer than a fad and influences many other areas

Niches
A niche is a section of the market in which a product dominates and into which few competitors enter. Niche marketers often invent and hold exclusive patents or formulas.

Seasonal
Some products are popular during a specific time or season.

Question 7

What are the Four P’s?

Answer 7

Product, Price, Promotion, Place (Channels of Distrubition)

Question 8

What are the two C’s?

Answer 8

Competitive Market
* Direct competition
* In-Direct competition

Consumer Market
* Demographics
* Lifestyle

Question 9

What are the channels of distribution?

Answer 9

Direct channels of distribution connect the consumers to the producers of the goods or services. This is also referred to as the maker-user relationship.

Indirect channels of distribution have one or more intermediaries who import products (importers),
wholesale goods (wholesalers), or retail products (retailers).

Question 10

What are demographics?

Answer 10

Age range, Gender, Income level, Family life-cycle, Ethnicity and culture

Question 11

What are the types of advertising?

Answer 11

Attention
Interest
Desire
Action

and

display advertising.
paid search advertising.
social media advertising

Question 12

What is the difference between primary data and secondary data?

Answer 12

The term primary data refers to the data originated by the researcher for the first time. Secondary data is the already existing data.