Exam orep Flashcards
What do you think Marketing is all about?
Marketing is understanding and reaching customers needs and wants by selling and promoting products or services.
What are the 3Cs?
Consumers, Competition, and Companies
What are the 4Ps?
The 4P’s; Product, Price, Place, and Promotion
What is profit? Why do you think it is important to consider when determining the price of a product or service?
Profit is the money a business makes after subtracting its expenses from its total revenue.
Considering profit when determining the price of a product or service is important because it ensures that the business can cover all its costs and still make money
Provide two examples of marketing promotions.
Discounts and Coupons
BOGO promotion
What is a value?
Value is something consumers need and want,
What is the difference between a need and a want?
The main difference between a need and a want is that needs are essentials required for survival and basic well being. Whereas, wants are desires for goods, services, or experiences that can benefit your life’s enjoyment but are not essential
Discuss Perishable, Intangible, Variable, Inseparable
Perishable means the product cant be stored or used after a specified period of time, like food that spoils quickly.
Intangible means it’s not something you can touch or physically feel until you purchase it, like getting a haircut.
Variability refers to the quality of a service that can vary from person to person, it is often difficult to guarantee the same quality of service to everyone.
Inseparable means the product is made and consumed at the same time, like dining at a restaurant where your experience depends on the service you get.
What is a Brand?
A brand is a unique characteristic given to a product by a specific company to differentiate it from competitors
What is Ethical behavior in marketing?
Ethical behaviour in marketing is being honest and fair when promoting and selling products or services.
Why is Ethical behavior important?
Ethical behavior is essential in business marketing because it helps build trust with customers, it creates a good brand reputation, and encourages brand loyalty
What are some ethical issues in marketing?
Two main ethical issues in marketing I can think of is one; providing misleading information to consumers about a product’s features, benefits, or pricing. Second would be taking advantage of vulnerable groups, like children and elderly, and using manipulative strategies to gain profit.
Discuss some of the most common mistakes companies with respect to Global Marketing
The main mistake companies make in global marketing is failing to do enough market research before expanding to different countries or regions. Not doing enough research on the specific market can often lead to misguided marketing strategies that don’t resonate with the target market, Leading to loss of resources, money and missed opportunities.
Ex. featuring a bacon cheeseburger in India, where the majority of the population does not consume beef or pork for religious reasons. This can end up being seen as insensitive and even offencive.
What does Corporate Social Responsibility refer to?
A company’s commitment to act in a way that benefits society, so this includes being mindful of their actions as they impact employees, customers, and the environment
