Marketing Notes

Question 1

Marketing

Answer 1

Marketing consists of dynamic activities that identify, anticipate, and satisfy customer demand while making a profit

Question 2

Need

Answer 2

Need: something necessary for survival, such as food, clothing, and shelter

Question 3

Want

Answer 3

Want: something that a person desires but can live without

Question 4

Good

Answer 4

A physical item that can be touched

Question 5

service

Answer 5

An action that one person performs for another, usually for a fee

Question 6

Idea

Answer 6

A concept, cause, issue, image, or philosophy

Question 7

Importance of personal branding

Answer 7

Personal Branding: establishing a positive image of oneself in person and online
Allows you to differentiate yourself from others in applying for jobs, college, volunteer opportunities, or seeking promotions

Question 8

3 concepts of marketing

Answer 8

Customer Satisfaction
Total Company Approach
Profit

Question 9

B2C

Answer 9

Consists of customers who buy products for their own use (consumers)
Consumer Market

Question 10

B2B

Answer 10

Consists of customers who buy products for use in a business rather than personal use
Clients in a Business Market

Question 11

Target market

Answer 11

Specific group of customers to whom a company aims its products and services
Their needs and wants are fulfilled by the products a business offers

Question 12

What is profit?

Answer 12

The difference between the income earned and expenses incurred by a business during a specific period of time

Question 13

Marketing Mix 4 P’s

Answer 13

Choosing the right (product)
Selling it at the right (price)
Making it available at the right (place)
(Promoting) it in a way that will reach the target customers

Question 14

7 functions of marketing

Answer 14

Financing
Marketing-Information-Management (MIM)
Market Planning
Pricing
Product/Service Management
Promotion
Selling

Question 15

5 types of promotion

Answer 15

Advertising
Personal selling
Public relations
Sales promotion
Social media

Question 16

SWOT

Answer 16

Strengths: internal factors related to business operations, competitive advantages
Weaknesses: internal factors related to business operations, disadvantage
Opportunities: external factors related to business environment, chances to increase profit
Threats: external factors related to business environment that can harm business growth

Question 17

PESTLE

Answer 17

PESTLE Analysis identifies factors that affect the success of a business

Question 18

marketing segmentation

Answer 18

Market Segmentation: process of dividing a large market into smaller groups

Question 19

Marketing segmentation 4 types

Answer 19

Geographic
Demographic
Psychographic
Behavioral

Question 20

Customer profile

Answer 20

Detailed description of the typical consumer in a market segment

Question 21

Direct competitors

Answer 21

Direct Competitors: companies that sell identical or very similar goods/services
I.e. Nike versus Reebok Shoes

Question 22

Indirect competitors

Answer 22

Indirect Competitors: companies that offer different, but similar, goods or services
I.e. Movie Theater versus Mini Golf Course

Question 23

Competitive advantage

Answer 23

Competitive Advantage: answers “why will a customer choose this business over that one?”

Question 24

5 components of a marketing plan

Answer 24

Executive Summary: overview of critical points in the plan to provide a snapshot that will entice the reader to review the entire documentBusiness Description: overview of business, how it operates, and how it makes profit

Question 25

5 components of a marketing plan pt2

Answer 25

Competitive Analysis and Positioning: summarizes the company's strengths and weaknesses as compared to competitors and how the company is positioned to meet customer needs and wants Marketing Strategies: decisions made to execute the marketing plan and meet the goals of the company, who/what/when/where/howAction Plan: list of the marketing tactics with details about how to execute each tactic

Question 26

Which of the 5 types of promotion are the easiest to implement? Justify your answer.

Answer 26

Sales promotion and direct marketing are the easiest to implement because they require minimal setup and can quickly reach a large audience. Sales promotions like discounts or coupons can be launched instantly, while direct marketing through emails or social media ads is simple with online tools.

Question 27

Is an opportunity an internal or external factor?

Answer 27

An opportunity is an external factor because it comes from outside the business and provides a chance for growth or improvement.

Question 28

Are Nike and Adidas direct or indirect competitors?

Answer 28

Nike and Adidas are direct competitors because they sell similar products ”athletic footwear, apparel, and accessories ”targeting the same market. They compete for the same customers, endorsements, and market share in the sports and lifestyle industry.

Question 29

Name 3 of the functions of marketing.

Answer 29

1. Promotion“ Advertising and sales to attract customers. 2. Distribution “ Making products available to buyers. 3. Market Research “ Studying customer needs and trends.

Question 30

Provide an example of a B2B and B2C company.

Answer 30

B2C (Business-to-Consumer) Example: Nike selling sneakers directly to customers through its website or retail stores. B2B (Business-to-Business) Example: Nike supplying custom team uniforms to a professional sports team or selling products to retailers like Foot Locker.