Marketing Midterm Flashcards
What are the four P’s of marketing?
Product, price, place, promotion
What is marketing?
The process of identifying, understanding, and satisfying customer needs and desires. It focuses on building strong relationships with customers and driving business growth by delivering value.
Which of the four P’s involves product distribution?
Place
What is a company’s market position?
It’s unique standing or perception in the minds of consumers relative to competitors within a specific industry or market
What are the seven functions of marketing?
Market research, product management, pricing, promotion, distribution, selling, financing
Where can selling occur?
Physical stores, online, directly to customers, events, business to business, mobile, or temporary locations, over the phone, or self service machines
What are some examples of promotion?
Advertising, sales promotions and discounts, public relations, digital marketing, direct marketing, events, and word-of-mouth
What are some benefits of marketing?
Increased sales, brand, awareness, customer relationships, competitive advantage, market expansion, and feedback
Why is marketing so important?
Marketing creates awareness, drives business growth, builds brand identity, and educates customers
What is a SWOT Analysis?
Strengths, weaknesses, opportunities, threats. It is an evaluation for an individual company.
What is a PEST analysis?
Political factors, economic factors, social factors, technology factors. It is an evaluation for external facts.
What are business ethics?
The principles, values, and standards that guide behavior and decision
What is CSR?
Corporate social responsibility
What are the four main areas that make up CSR?
Economic responsibility, legal responsibility, ethical responsibility, philanthropic responsibility
What are the forms of business ownership and what makes them different from one another?
Sole proprietorship – owned and operated by one individual
Partnership – a business owned by two or more individuals
Corporation – legal entity,separate from its owners
Limited liability company (LLC)– hybrid structure, combining features of partnership and corporation
What is a marketer’s role in anticipating trends?
Researching market, consumer behavior, and industry developments to help the company make decisions
What forms of mobile marketing are used?
Short message service, multimedia, messaging service, push notifications, mobile apps, location, based marketing, mobile website and landing, pages, social media, QR codes, mobile ads, and email marketing
What is utility?
The satisfaction or benefit that a consumer derives from consuming a product or service – the value people place on goods and services based in how well they meet their needs and desires
What is an income statement and what type of information will you find in it?
What is included on a balance sheet?
Assets, liabilities, and shareholders equity
What is included on a cash flow statement?
Operating activities, Investing activities, and financing activities.
What are the three reasons why businesses borrow money?
To fund expansion and growth, to manage cash flow, and to invest in equipment or technology
What is primary and secondary research?
Primary – collecting data directly from original sources
Secondary – analyzing data that has already been collected, published, or recorded
What is the difference between internal and external sources?
Internal – referred to information or data that comes from within an organization or business
External – referred to information or data that comes from outside the organization
What are the advantages and disadvantages of marketing research?
Advantages:
- informed decision-making
- Understanding customer needs
- Identifying market opportunities
- Competitive advantage
- Risk reduction
- Improved marketing strategies
Disadvantages:
- cost
- Time consuming
- Potential for bias
- Data overload
- Changing market conditions
- Dependency on data quality
What is marketing research?
The process of gathering, analyzing, and interpreting data related to markets, customers, competitors, and the overall business environment
What is the difference between qualitative and quantitative research?
Qualitative – understanding people’s thoughts, feelings, motivations, and behaviors
Quantitative – collecting numerical data that can be analyzed statistically to identify patterns, relationships, or trends
What are the steps in the marketing research process?
- define the problem and research objectives
- Developed the research plan
- Collect the data.
- Analyze the data.
- Present the findings.
- Make decisions and take action.
- follow up and refine
What factors are considered when designing a survey?
Objective and purpose, format, question, design, length and time, ethics, delivery, motivation, and data analysis
