Marketing

Question 1

Marketing Concept

Answer 1

Involves determining the wants and needs of customers and providing them more efficiently and effectively to customers. Relationships!

Question 2

Demographics

Answer 2

Facts about the population that put individuals to certain groups.

Question 3

Demographic Examples:

Answer 3

• Occupation
• Age
• Gender
• Location
• Income
• Interests
• Attitudes: What do they want in a product? Single? Retired? Lifestyle? (choose 2-3)
  (Choose 4 elements for a demographic)

Question 4

Marketing Mix

Answer 4

• Consists of four basic marketing strategies that is often referred to as the 4 P’s
• You establish this after you establish a target market(s)
  Product, Place, Price, Promotion

Question 5

Product

Answer 5

• The good being sold
• Marketers also have to consider packaging

Question 6

Place

Answer 6

• How and where customers will buy the goods and services
• Channel of Distribution

Question 7

Price

Answer 7

• Cost to consumers
  1. How much are they willing to pay?
  2. Is the price competitive with other competitors?
  3. Can the company make a profit?

Question 8

Promotion

Answer 8

• Making customers and consumers aware of the product
• Advertising