Chapter 2

Question 1

The process of discovering the needs and wants of potential buyers and customers and then providing goods and services that meet or exceed their expectations

Answer 1

Marketing

Question 2

What data is used in marketing

Answer 2

Quantitative (numerical) and qualitative (descriptive) data are used to inform creative work

Question 3

What are 4 types of marketing research

Answer 3

Focus groups
Pain points
Customer insights and analytics
Surveys

Question 4

What is the SWOT analysis

Answer 4

Strengths (internal)
Weaknesses (internal)
Opportunities(external)
Threats(external)

Question 5

A framework that identifies external forces that can impact a business

Answer 5

PESTEL
Political
Economic
Social
Technological
Environmental
Legal

Question 6

The process of separating, identifying, and evaluating the layers of a market in order to identify a target market

Answer 6

Segmentation

Question 7

the differentiation of markets through the use of categories such as age, education, gender, income, race, social class, and household size

Answer 7

Demographic segmentation

Question 8

the differentiation of markets by regional location, population density, or climate

Answer 8

Geographic segmentation

Question 9

the differentiation of markets by lifestyle, personality, interests, or values

Answer 9

Psychographic segmentation

Question 10

the differentiation of markets by behaviors that occur when a consumer
interacts with a company

Answer 10

Behavioral segmentation

Question 11

the differentiation of markets based on the amount of the product purchased
(light vs. heavy user)

Answer 11

Volume segmentation

Question 12

a method of honing in on specific people in the consumer landscape based on various factors insuring that the message reaches the best consumers for the product or service

Answer 12

Targeting

Question 13

When targeting the ideal targets must be:

Answer 13

Profitable: the segment has money to spend
Reachable: the segment is accessible

Question 14

A method for fine-tuning the value propositioning message to make it more meaningful to each
intended target market

Answer 14

Positioning

Question 15

When positioning a company what do you focus on?

Answer 15

Focus on need fulfillment, prioritized attributes, and preferred communication style.
- For example, the gym Equinox can change the focus of its message from weight loss and muscle gain to the
social scene depending on the target market

Question 16

marketing that is creating a unique marketing mix for every customer

Answer 16

Personalized marketing or one-to-one marketing. uses big data and digital marketing to customize to individuals. ex. facebook pixel

Question 17

Goal of STP and personalized marketing

Answer 17

efficiency

Question 18

a set of foundational marketing factors that a company addresses when advertising its products or services

Answer 18

The four P’s
Product
Price
Placement
Promotion
People

Question 19

In marketing, a good, service, or idea, along with its perceived attributes and benefits, that creates value for the customer

Answer 19

Product
▪ Products: iced coffee, books
▪ Services: flights, massages
▪ Experiences: concerts, escape rooms
▪ Ideas: consulting, life coaching

Question 20

how much a product or service sells for, and it can be set based on what the market will allow or set
using various pricing strategies

Answer 20

Price

Question 21

the strategy of increasing the price of a product so that consumers will perceive it as being of higher quality, status, or value

Answer 21

Premium pricing

Question 22

the strategy of providing a basic service at a low price
Example: generic brands like Great Value or Kirkland Signature

Answer 22

Economy pricing

Question 23

the strategy of selling new products at low prices in the hope of achieving a large sales volume and acquiring market share

Answer 23

Penetration pricing

Question 24

Sell one product at a loss to stimulate sales of more profitable products/services

Answer 24

Loss leader

Question 25

the strategy of introducing a product with a high initial price and lowering the price over time as the product moves through its life cycle

Answer 25

Price skimming

Question 26

Where the product is sold, seen, distributed

Answer 26

Placement

Question 27

Examples of placement

Answer 27

Traditional retail, online/e-tail, experiential marketing onsite, delivery

Question 28

to inform, persuade, or remind consumers and industrial users to engage in the exchange process

Answer 28

Promotion

Question 29

Traditional marketing communications

Answer 29

TV, print, radio/broadcast, promotions, sponsorship

Question 30

Non-traditional marketing

Answer 30

guerrilla and content marketing

Question 31

Digital Marketing

Answer 31

social media, SEO/SEM, influencer marketing

Question 32

those who work for the company and who interact with consumers

Answer 32

People. It can even include the consumers themselves ▪ Example: salesclerks, cashiers, Disney “cast members”

Question 33

Steps of the marketing funnel

Answer 33

1. Awareness: if people are unaware of the product, they won’t buy it 2. Interest: curiosity, want to learn more 3. Desire: implicate self, see the new improved you 4. Action: purchase, subscribe, experience 5. Bonus: loyalty

Question 34

the process in which a customer completes a desired action

Answer 34

Conversion

Question 35

Customer value is based on what three things

Answer 35

Price, quality, service

Question 36

Interacting with your customers in unexpected ways

Answer 36

Guerilla marketing

Question 37

Content marketing

Answer 37

a marketing strategy that is not part of your core business but helps promote your brand and business overall.

Question 38

The use of consistent branding and images across all marketing platforms

Answer 38

IMC Integrated Marketing Communications