The World of Marketing (part I)

Question 1

Define marketing

Answer 1

The process of developing, promoting, and distributing goods and services to satisfy customers needs and wants

Question 2

Describe the difference between a need and a want and give an example of each

Answer 2

Needs: Basic necessities such as food, clothing or shelter
Wants: Things that people desire based on personality, experiences, or information about a product

Question 3

Define marketing concept

Answer 3

Idea that organizations need to satisfy their customers which also trying to reach their organizations goals

Question 4

Explain what a target market is

Answer 4

Specific group of consumers that an organization selects as the focus of its marketing plan

Question 5

Describe demographics and list 3 ways to segment demographics. Why are demographics important to marketers?

Answer 5

Statistics that describe population in terms of personal characteristics
Businesses use demographic information to help determine their target market
1. Age
2. Income
3. Occupation

Question 6

Explain mass marketing and why it is no longer used/relevant today

Answer 6

Involves promoting products with one key message that is direct to everyone
Marketing efforts today are easier and more sophisticated due to the availability of information and computer technology

Question 7

Describe cohort marketing and give an example

Answer 7

Studies groups of people who underwent the same experiences during their formative years
This leads them to form a bond and behave differently from people in different cohorts, even when they are similar in age
Ex. people who were young adults in the 50s behave differently from people who came of age during the tumultuous 60s, even though they are close in age