Marketing Midterm

Question 1

What are the four P’s of marketing?

Answer 1

Product, price, place, promotion

Question 2

What is marketing?

Answer 2

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.

Question 3

Which of the four P’s involves product distribution?

Answer 3

Place

Question 4

What is a company’s market position?

Answer 4

It’s unique standing or perception in the minds of consumers relative to competitors within a specific industry or market

Question 5

What are the seven functions of marketing?

Answer 5

Market research, product management, pricing, promotion, distribution, selling, financing

Question 6

Where can selling occur?

Answer 6

Physical stores, online, directly to customers, events, business to business, mobile, or temporary locations, over the phone, or self service machines

Question 7

What are some examples of promotion?

Answer 7

Advertising, sales promotions and discounts, public relations, digital marketing, direct marketing, events, and word-of-mouth

Question 8

What are some benefits of marketing?

Answer 8

Increased sales, brand, awareness, customer relationships, competitive advantage, market expansion, and feedback

Question 9

Why is marketing so important?

Answer 9

Marketing creates awareness, drives business growth, builds brand identity, and educates customers

Question 10

What is a SWOT Analysis?

Answer 10

Strengths, weaknesses, opportunities, threats. It is an evaluation for an individual company.

Question 11

What is a PEST analysis?

Answer 11

Political factors, economic factors, social factors, technology factors. It is an evaluation for external facts.

Question 12

What are business ethics?

Answer 12

The principles, values, and standards that guide behavior and decision

Question 13

What is CSR?

Answer 13

Corporate social responsibility

Question 14

What are the four main areas that make up CSR?

Answer 14

Economic responsibility, legal responsibility, ethical responsibility, philanthropic responsibility

Question 15

What are the forms of business ownership and what makes them different from one another?

Answer 15

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

Question 16

What is a marketer’s role in anticipating trends?

Answer 16

Researching market, consumer behavior, and industry developments to help the company make decisions

Question 17

What forms of mobile marketing are used?

Answer 17

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

Question 18

What is utility?

Answer 18

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

Question 19

What is an income statement and what type of information will you find in it?

Question 20

What is included on a balance sheet?

Answer 20

Assets, liabilities, and shareholders equity

Question 21

What is included on a cash flow statement?

Answer 21

Operating activities, Investing activities, and financing activities.

Question 22

What are the three reasons why businesses borrow money?

Answer 22

To fund expansion and growth, to manage cash flow, and to invest in equipment or technology

Question 23

What is primary and secondary research?

Answer 23

Primary – collecting data directly from original sources

Secondary – analyzing data that has already been collected, published, or recorded

Question 24

What is the difference between internal and external sources?

Answer 24

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

Question 25

What are the advantages and disadvantages of marketing research?

Answer 25

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

Question 26

What is marketing research?

Answer 26

The process of gathering, analyzing, and interpreting data related to markets, customers, competitors, and the overall business environment

Question 27

What is the difference between qualitative and quantitative research?

Answer 27

Qualitative – understanding people’s thoughts, feelings, motivations, and behaviors

Quantitative – collecting numerical data that can be analyzed statistically to identify patterns, relationships, or trends

Question 28

What are the steps in the marketing research process?

Answer 28

1. define the problem and research objectives
2. Developed the research plan
3. Collect the data.
4. Analyze the data.
5. Present the findings.
6. Make decisions and take action.
7. follow up and refine

Question 29

What factors are considered when designing a survey?

Answer 29

Objective and purpose, format, question, design, length and time, ethics, delivery, motivation, and data analysis