marketing

Question 1

marketing

Answer 1

The process of developing, promoting, and distributing products, or goods and services, to satisfy customers’ needs and wants

Question 2

7 functions of marketing

Answer 2

1. Marketing Information Management
2. Distribution
3. Product Management
4. Pricing
5. Promotion
6. Selling
7. Financing

Question 3

market

Answer 3

Potential customers with shared needs that have the desire and ability to buy a product

Question 4

target market

Answer 4

A clearly identified segment of the market to which the company wants to appeal. To maximize profit for the company

Question 5

marketing mix (four p’s)

Answer 5

1. Product
2. Price
3. Placement
4. Promotion

Question 6

product

Answer 6

Anything offered to a market by a business to satisfy needs, including physical products, services, and ideas

Question 7

pricing

Answer 7

the amount a customer will pay for a product

Question 8

what do pricing decisions depend on?

Answer 8

Pricing decisions depend on–
-Cost to make the product
-Other companies’ products
-the company’s goals for the product
-introduce something new
-build an image

Question 9

placement

Answer 9

The locations and methods used to make a product or service available to the target market

Question 10

direct channel of distribution

Answer 10

a company sells directly to the end consumer

Question 11

indirect channel of distribution

Answer 11

a company uses intermediaries to deliver it’s products or services to customers

Question 12

promotion

Answer 12

Any form of communication used to inform, persuade, or remind consumers about an organization’s goods or services

Question 13

advertising

Answer 13

Designed and paid by a company to communicate a message about their brand or product

Question 14

personal selling

Answer 14

a technique that involves face-to-face selling between a sales rep and a prospective customer

Question 15

publicity

Answer 15

Communicated in the media, not paid for, designed or controlled by the company

Question 16

market research

Answer 16

The process of systematically collecting, analyzing and presenting data related to marketing goods and services

Question 17

steps to market research process

Answer 17

1. Identify the problem
2. Conduct secondary research
3. Select and design primary research
4. Collect data
5. Report and analyze

Question 18

primary research

Answer 18

Original research conducted for a specific situation
-focus groups, product testing, observation

Question 19

examples of primary research

Answer 19

-Traffic count
-Mystery shoppers
-Ethnography
-Surveys
-Focus groups
-Personal interviews
-observations

Question 20

secondary research

Answer 20

Published data that have been collected for some other purpose

example: the internet

Question 21

demographic market segmentation

Answer 21

provides a specific descriptive classification, most common form, more accessible and less expensive to obtain

(ex: age, income, occupation, gender, education)

Question 22

psychographic market segmentation

Answer 22

grouping consumers based on personality traits and lifestyle, focus on emotional characteristics, offer insight on consumers motives, preferences, and needs

(ex: personality traits, interests,hobbies, attitudes, lifestyles, beliefs, values)

Question 23

behavioral market segmentation

Answer 23

behaviors are displayed to customize marketing that cater to what the consumers do

(ex: brand preferences, perchance history, product usage, benefits, website activity, online shopping habits)

Question 24

geographic market segmentation

Answer 24

dividing markets into physical locations. Identifying the location of customers helps to create more targeting advertising messages

(ex: countries, regions, zip codes, states)