Marketing

Question 1

Marketing

Answer 1

the process of discovering the needs and wants of potential buyers and customers and then providing goods and services that meet or exceed their expectations

Question 2

5 P’s

Answer 2

the traditional 4P’s of marketing: product, price, promotion, place (distribution) and now 5th P, people together make up the marketing mix

Question 3

Product

Answer 3

refers to goods, services, or even ideas

Question 4

Price

Answer 4

something given in exchange for a product; price many be monetary or nonmonetary price has many names (rent, fees, charges, etc.)

Question 5

Place

Answer 5

some method of getting the product from the creator of the product to the customer

Question 6

Promotion

Answer 6

methods for informing and influencing customers to buy the product
1. traditional advertising
2. sales promotion
3. personal selling
4. social media
5. e-commerce

Question 7

Market Segmentation

Answer 7

the process of separating, identifying, and evaluating the layers of a market in order to identify a target market

Question 8

Target Market

Answer 8

the specific group of cosnumers a firm could directs its marketing efforts