Marketing Exam Review Flashcards
define marketing
Promoting a product to get more people to want and know about the product
Why is marketing dynamic
Peoples preferences and trends change constantly
Why should marketing focus on the customer
Marketing is about making sure the what customer wants and needs are met
In what ways is marketing international.
People can buy products from anywhere in the world
explain in your own words
Explain what are the 4 P in Marketing
The elements involved in marketing a product/ service, they interact significantly with each other
what is price (4 Ps)
○ Price of the product or service
○ Determining the price based on the demand and materials
what is place (4 Ps)
○ Where the consumers buy the product
○ Online, retail, through a professional
what is product (4 Ps)
○ The product/ service that the company is selling
what is promotion (4 Ps)
○ Advertising that reaches the target market
○ Instagram campaign, public relations campaign
what is a good
Tangible/ physical products
what is a service
Intangible products that offer their expertise or labor
what is an idea
○ Intangible concept that can be used for financial gain.
○ concept, cause, image, issue, or philosophy
what is an example of a good
literally anything you can touch
what is an example of a service
hairstylest, cleaner
what is an example of an idea
a campaign promoting recycling to encourage environmental responsibility
why is the target market part of a marketing strategy
Different people of age group, genders, income want/ need different things
what are the 4 qualities that a target market should have
demographic, geographic, psycographic, behavioral
what is the demographic of a target market
examples
Specific age group, income level, gender, occupation, and education level
what is the geographic of a target market
Regional preferences need to be taken into account
what is the psychographic of a target market
give examples aswell
○ More into depth then demographic
○ Consider lifestyle, attitudes, interests, and values
what is the behavioral of a target market
Relies on research into the decisions of a company’s current customers
What is the difference between mass marketing and target marketing?
→ Mass marketing targets all people
→ Target marketing targets a specific group
what is segmenting a market
divide your market into groups based on characteristics like age, gender, income level
what is target marketing
focus your marketing efforts on a specific group of people that you think are likely to buy your product or service
what are 2 problems with target marketing
- Focusing too much on a group can reduce adaptability to broader market trends
- exclude potential customers outside the chosen segments
What do you call the process of dividing a large marketing into smaller parts
Market segmentation
List 3 geographic variables
Region, Climate, Population density
List 5 demographic variables
Age, Gender, Income, Education level, Family size
Why do marketers use generation to segment a market?
People of different generations use and are used to different things
what is the product life cycle
The stage in the life cycle of a product is based on industry sales
what is the introduction stage in the product life cycle
customers get introduced to the product, little to no competition
what is the growth stage in the product life cycle
the product becomes more recongnized, Marketing will likely be towards differentiating its product from others
what is the maturity stage in the product life cycle
market becomes saturated, higher competition
what is the decline stage in the product life cycle
will lose market share, can chose to continue or discontinue the product.
continue - revamp the product or new generation
discontinue - company will stop generating support to the product
what are the 5 major modes of transportation
truck, ship, train, plane, pipline
what are the advantages and disadvantages of a plane (mode of transportation)
Advantages: speed
Disadvantages: requires another mode of transportation
what are the advantages and disadvantages of a pipleline (mode of transportation)
Advantages: products safe from damage/ theft
Disadvantages: potential enviromental damage
what are the advantages and disadvantages of a truck (mode of transportation)
Advantages: flexible delivery times
Disadvantages: delay from traffic, weather
what are the advantages and disadvantages of a ship (mode of transportation)
Advantages: Can move large quantities farther at a lower cost
Disadvantages: requires another mode of transportation
what are the advantages and disadvantages of a train (mode of transportation)
Advantages: good for heavy goods
Disadvantages: no destination flexibility, can only go where there are tracks
what is AIDA
A model that shows what individual goes through during the process of purchasing a product/ service
what is the marketing for the attention/awareness part of the AIDA model
get the consumers attention
what is the marketing for the interest part of the AIDA model
Work on increasing the potential customer’s interest level
what is the marketing for the desire part of the AIDA model
Make consumers desire it, moving their mindset from “I like it” to “I want it.”
what is the marketing for the action part of the AIDA model
The ultimate goal is to drive the receiver of the marketing campaign to initiate action and purchase the product or service
why do customers needs and wants change
3
customers change
economy change
social trends change
what is the marketing mix
The marketing mix is a plan of action for marketing a product
(4 ps make the marketing mix)
what are the 3 ways money is used
exchange, value, store of wealth
what is a corporation
a business that exists separately from the people who own it -> owned by stockholders
what is a business
trem for activities involved in the development and exchange of products
what is a sole propreitorship
a business owned by one person who gets all profits and risks
what is a partnership
a business owned by a small number of people that share profits and risks
what is a for-profit orginization
to make profit for its owners
wht is a non-for-profit orginzation
Goal of a not-for-profit is to benefit society, money made gets invested into the orginzation
what is a non-profit orginization
Often used for smaller membership-based groups, focused on serving the interests of their members
what are the 3 influences on consumer buying behaviour
Psychological, social, situational
what is maslo’s heirachy of needs
a model for the motivations for human behavior
why do markers know about maslo’s hierarchy of needs
Marketers try to turn those needs/ wants into buying motives
why do salespeople try to understand a customer’s buying motives
they can do a better job of encouraging the customer to buy the product
what are direct competitors
businesses that sell similar products
what are the 4 differencences between a service and a good
intangible, inseparable, variable, perishable
what are the 4 product elements
usage, protection, basic product, name
what are the goals of marketing
distinguish their brand from the competition + build brand loyalty
what is the good-service continuum
Products can be visualized as being on a good-service continuum
what is the “value of a brand”
ability to increase sales through brand recognition and brand loyalty
what is a brand
mark or design placed on an object
what are the 4 parts of brand
brand name, logo, mark, slogan
what is the brand name (brand)
consists of words, numbers, or letters that can be spoken
what is a logo (brand)
picture, design, or graphic image associated with the brand
what is the mark name (brand)
a logo that has human characteristics
what is the slogan (brand)
phrase or sentence that summarizes some essential aspect of the product
what is a corprate brand
represents a whole company
what is a product brand
represents a specific product
what are the 3 types of brands
manufacturer, private, generic
how does branding help customers
3
by identifying the product, providing assurance of quality and consistency
what is positioning
actions marketers take to create a specific image of a product in a customer’s mind
what is brand positioning
the image that the brand has in the customer’s mind
what is an intermediaries
the businesses between the original source of the product and the customer transportation
what are the two intermediaries
wholesaler -> B2B
retailer -> B2C
what is a wholesaler
buys from producers sells to another busines
what is a retailer
buys from producers or wholesalers sells to consumers
what are examples of B2B promotion
trade shows, point-of-purchase advertise
what are examples of B2C promotion
coupons, free samples
what is the supply chain
each step in the channel of distribution
what are the channels of distribution in order
producer, wholesaler, realiter, consumer
down is supplier
up is customer
what does an agent/ broker do
connects buyers and sellers where its hard to find eachother
what is direct distribution
channel of distribution with no intermediaries
what is indirect distribution
channel of distribution with more than one intermediary
what are the 4 components of physical distribition
- products to be shipped
- channel members
- transportation conpanies
- warehouses
what is the Just-in-time (JIT)
distribution strategy, allows for materials to be delivered the moment they are needed
Electronic data interchange (EDI)
business-to-business exchange of data through computers
what is the goal of promotion
inform, persuade, express (attract customers attention and demand)
what are the 4 elements of promotion
personal selling, non-personal selling, advertising, sales promotion
what is personal selling (promotion)
promotion in which the marketer and the customer communicate in perso
what is non-personal selling (promotion)
promotion that communicates the same message to all potential customers
what is advertising (promotion)
commercials, ads
what is persuade (promotion)
coupons, free samples
what is the pull strategy
promotion that communicates the same message to all potential customers, B2C
what is the push strategy
promotion that communicates the same message to all potential customers, B2B
