marketing new

Question 1

Name 4 of the 7 functions of marketing

Answer 1

Pricing, Selling, Financing, Distribution

Question 2

four of the functions of marketing: Pricing

Answer 2

The price of your product

Question 3

four of the functions of marketing: What is Selling?

Answer 3

a transaction where a good or service is exchanged for money or another item of value.

Question 4

four of the functions of marketing: Financing

Answer 4

Providing funding for your business for marketing

Question 5

four of the functions of marketing: Distribution

Answer 5

where you sell and how you deliver your products

Question 6

What is marketing

Answer 6

Activities a company undertakes to promote the buying or selling of a product or service

Question 7

what is the role of relationships in marketing?

Answer 7

Relationship marketing helps retain customers over the long term, which results in customer loyalty rather than customers purchasing once or infrequently.

Question 8

What are the 4p’s?

Answer 8

Product, Price, Place, Promotion

Question 9

4P’s: Product

Answer 9

What you sell.

Question 10

4P’s: Price

Answer 10

How much you charge

Question 11

4P’s: Place is

Answer 11

Where you promote/sell your product

Question 12

4P’s: Promotion is

Answer 12

How your customers find out about you

Question 13

What are the three elements of the marketing concept?
(CsTcaP)

Answer 13

1. Customer satisfaction
2. Total company approach
3. Profit

Question 14

Who is in the Competitive market:

Answer 14

All the sellers of a specific product

Question 15

Market share:

Answer 15

% of the market that a company or brand has

Question 16

Target market:

Answer 16

a particular group of consumers at which a product or service is aimed

Question 17

Market segmentation

Answer 17

is a process that consists of sectioning the target market into smaller groups that share similar characteristics, such as age, income, personality traits, behavior, interests, needs, or location. Knowing your market segmentation will help you target your product, sales, and marketing methods.

Question 18

Supply

Answer 18

willingness and ability of sellers to produce and offer to sell different quantities of a good, Quantity Supplied

Question 19

Demand

Answer 19

Demand is the willingness and ability of buyers to purchase different quantities of a good, driving force of our economy.

Question 20

Point of equilibrium

Answer 20

Where market supply and demand balance each other, and as a result prices become stable
Demand: Price go up, Quantity demanded go down, Price go down, Quantity demanded go up

Supply: Price go up, Quantity supplied go up , Price go down, Quantity supplied go down.

Question 21

Mass marketing

Answer 21

is the development of only one marketing mix (4ps) for a specific product. [Assumes everyone has the same wants and needs of the product]

Question 22

What is a Marketing strategy and its formula

Answer 22

A business plan and a marketing plan. (IMPORTANT FORMULA: target market + marketing mix = marketing strategy)

Question 23

What is a marketing plan, how do they use it?

Answer 23

Documents or a set of documents outlining platforms and (methods a company will use to reach their target market)

Question 24

what are the 4 components of a plan? (O&aSAM)

Answer 24

1. A Market Opportunity and Analysis
2. A Market Strategy
3. A Action Plan
4. To Monitor and Evaluate Plan

Question 25

What skills does a marketer/ marketing employee need to succeed?

Answer 25

1. Creativity
2. Analytical/ Critical Thinker
3. Communicator
4. Technological Proficiency
5. Adaptability
6. Detail Oriented

Question 26

What does the acronym AIDA stand for?

Answer 26

Attention
Interest
Desire
Action

Question 27

What does each component of AIDA involve?: What do you want and How do you get Attention

Answer 27

You want to get the audience’s attention, try to attract attention in various ways: sound, attractive individuals, celebrities, and funny moments

Question 28

What does each AIDA component involve?: What are you trying to do with Intrest?

Answer 28

You are trying to draw your audience in

Question 29

What does each component involve?: Desire

Answer 29

Set up a problem that your product solves or put the product in a situation that your customer identifies

Question 30

What does each component involve?: Action

Answer 30

Summarize reasons to buy, Have your logo, slogan, brand name, contact information

Question 31

What are the three types of economic systems?

Answer 31

1. Command Economy
2. Mixed Economy
3. Market Economy

Question 32

three types of economic systems: Command economy

Answer 32

Command economies are economies that are completely controlled by the government. The government controls all business and market flow. Ex. North Korea, Cuba.

Question 33

three types of economic systems: Mixed economy

Answer 33

Mixed economies are economies that are both controlled by the people and the government. They both control all business and market flow. Ex. Canada, France.

Question 34

three types of economic systems: Market economy

Answer 34

Market economies are economies that are controlled by the people. They control all business and market flow. Ex. no country, closest: Taiwan.

Question 35

Why is market segmentation so important?

Answer 35

Market segmentation allows companies to learn about their customers.

Question 36

Outline the four categories of market segmentation. (Geographics, Demographics, Psychographics, Behavioural)

Answer 36

Geographics: Segmenting a market based on where customers live is called geographic segmentation
ex. Climate - Warm, cold, snowy, rainy, etc

Demographics: Demographic information consists of statistics that describe the characteristics of a population
ex. Ethnicity/ culture/ religion

Psychographics: Segmenting a market based on the way customers use a product or behave toward a product is called behavioural segmentation
ex. Hobbies, Personalities, Life Style

Behavioural:
Segmenting a market based on the way customers use a product or behave toward a product
ex. Brand loyalty - High, medium, low

Question 37

What are the four qualities that make up a target market? (DMWE)

Answer 37

1. Defined wants and needs
2. Money to buy (your product)
3. Willingness and authority to buy (your product)
4. Enough customers in the market