Marketing Chapter 2

Question 1

Target Marketing vs. Mass Marketing

Answer 1

Target marketing: A set of buyers who share common needs or characteristics that a company decides to serve. Mass marketing tries to reach as many people as possible, while targeted marketing attempts to reach a specifically defined and profiled audience

Question 2

Marketing Mix

Answer 2

The set of tactical marketing tools—product, price, place, and promotion—that the firm blends to produce the response it wants in the target market.

Question 3

Elements of 4P’S

Answer 3

Promotion: consists of content, communications & messaging to persuade audience to buy.
Product: includes use, design, packaging, quality, features, colors & size options.
Place: includes retail, digital, phone, chat, fax & multi-channel options.
Promotion: consists of content, communications & messaging to persuade audience to buy

Question 4

4 types of Marketing Strategy

Answer 4

Marketing Penetration: Company growth by increasing sales of current products to current market segments without changing the product.

Market development: Company growth by identifying and developing new market segments for current company products.

Product development: Company growth by offering modified or new products to current market segments.

Diversification: Company growth through starting up or acquiring businesses outside the company’s current products and markets.