terms of marketing test review

Question 1

What are the 4 P’s of production

Answer 1

Product= The actual product/service the brand provides
Place= How the goods or services are distributed to reach the customer
Price=Must consider how much it costs and your desired profit
Promtoion= You must let people know what the product is

Question 2

market share and market segment

Answer 2

Market share= Market share is the percent of total sales in an industry generated by a particular company.
Market segment= People who are grouped together for marketing purposes

Question 3

3 types of brands

Answer 3

National=When a brand is distribuated nationally under the brand name of its producer/manafacturer.
Private= A private brand is a brand produced to just sell in one store. For example Costco’s Kirkland brand
Generic or No name= These brands are always the cheapest as they spend no money on labeling of packaging. They also have no promotion or advertising

Question 4

Target Market demographics and physiographics.

Answer 4

demographic= Age range, gender, income range, occupation
physiographic= lifestyles, attitude, opinions, interests

Question 5

Two fundamental roles in marketing

Answer 5

1) To sell what a busisness makes

2) To manage a buisness’s brand or brands

Question 6

Market share

Answer 6

a portion of a market controlled by a particular company or product.

Question 7

Market Segment

Answer 7

A market segment is when they put people in groups who share one or more similar characteristics. This makes it easy for target markets.

Question 8

3 primary objectives for advertising

Answer 8

Inform= let people know about your buisness
Persuade= convince people that your buisness or product is the best 
Remind= remind people about your product/service, remind them that its there and get your brand name into their heads

Question 9

Types of advertising

Answer 9

• Publicity
• Out-of-home
• Direct-to-home

Question 10

Direct competition

Answer 10

Direct competition is a situation in which two or more businesses offer products or services that are essentially the same; as such, the businesses are competing for the same potential market.

Question 11

Indirect competition

Answer 11

When two or more businesses offer different products or services and compete for the same market to satisfy the same customer need

Question 12

The 2 C’s of marketing

Answer 12

Competitive Market= A competitive market is those in which multiple producers compete with each other to provide their goods and services.
The Consumer= Companys also compete by studying the consumer market, or the type of consumers who buy their products. These people can be identified in 2 ways.
-Demographics
Lifestyles

Question 13

AIDA selling formula

Answer 13

A= Attract Attention
I= Hold Interest
D= Arouse Desire
A= take Action to closing a sale