Marketing

Question 1

Define marketing.

Answer 1

Marketing is the promtion of goods or services, including market research and advertising.

Question 2

How did marketing start?

Answer 2

Modern marketing as we understand it began during the time of the industrial revolution 18th century. Purchasing goods started to become easier for consumers than making those goods themselves. Due to this, both innovation and competition increased for the producers, increasing the need to let consumers know about the new products and services.

Question 3

What is the meaning of marketing?

Answer 3

The meaning of marketing is to articulate the value of the solution that’s provided by the producer to the problem the consumer has. The meaning of marketing is primarly to bridge the knowledge gap.

Question 4

What is the marketing mix?

Answer 4

Also known as the 4P’s, the marketing mix contains Product, Price, Place, Promotion.

Question 5

What are the 4 types of market segmentation?

Answer 5

Demographic, psychographic, behavioural, geographic.

Question 6

What is the traditional marketing funnel?

Answer 6

Awareness, engagement, discovery, purchase, retention.

Question 7

What are metrics in marketing?

Answer 7

Measureable mathematical values that are used to demonstrate effectiveness in both progress & results across all marketing channels.

Question 8

What are the 3 primary shopping generations and what are their ages?

Answer 8

Millennials: 18 to 34 years old
Generation X: 35 to 54 years old
Baby boomers: 55 to 70 years old

Question 9

What are the 8 general values of Millennials?

Answer 9

1. Self-expression.
2. Respect is earned, not given.
3. Trust is low because many see brands as dishonest.
4. Crave change.
5. Respond to bold colours, ideas and humour.
6. Seek relevance.
7. Open minded, intelligent, responsible.
8. Have expectations of brands.

Question 10

What are the 7 general values of Generation X’rs?

Answer 10

1. Want to feel they are contributing to something worthwhile.
2. Like recognition for their input.
3. Thrive on autonomy & freedom.
4. Seek a balanced life.
5. Accept authority but are skeptical.
6. Skeptical about the economy, job losses and big business.
7. Entrepreneurial

Question 11

What are the 7 general values of Baby Boomers?

Answer 11

1. Want to feel they’re in control of their choices and lives.
2. Like recognition for what they do.
3. Thrive on prosperity.
4. Seek self-actualisation.
5. Collaborative.
6. Optimistic.
7. Goal oriented.

Question 12

What’s the best competitive advantage and why is that so?

Answer 12

The best competitive advantage is for consumers to trust you. This is far more important than price. This is because consumers have become increasingly distrustful of business, media and government, reaching a record low in 2017.

Question 13

What’s the percentage of consumers that are willing to change brands based on ethics alone?

Answer 13

Studies show that 90% of global consumers are willing to switch brands to one that’s doing good in the world if price and quality are comparable.

Question 14

What’s the percentage of consumers that say they’re more likely to trust a brand that supports social and environmental issues?

Answer 14

90%