Marketing

Question 1

Marketing

Answer 1

Creating, communicating, & delivering offerings that have value for customers.

Question 2

Marketing Concept

Answer 2

Analyze customer needs and then make decisions to satisfy those needs while achieving organizational goals.

Question 3

Target Market

Answer 3

Group of people with some shared characteristics that a company has identified as potential customers for its products

Question 4

Consumer Market

Answer 4

Buyers who want the product for personal use

Question 5

Industrial Market

Answer 5

Buyers who want the product for use in making other products

Question 6

Segmenting

Answer 6

Grouping potential customers with common characteristics that influence their buying decisions

Question 7

Niche Market

Answer 7

A narrow or focused market segment

Question 8

Demographic Segmentation

Answer 8

Divides market based on variables such as age, marital status, gender, ethnic background, income, occupation, education, etc.

Question 9

Geographic Segmentation

Answer 9

Dividing market based on variables such as climate, region, and population density (urban, suburban, small-town, rural)

Question 10

Behavioral Segmentation

Answer 10

Dividing consumers based on variables such as attitude toward the product, user status, or usage rate

Question 11

Psychographic Segmentation

Answer 11

Classifies consumers based on individual lifestyles such as people’s interests, activities, attitudes, and values

Question 12

Marketing Mix (4 Ps)

Answer 12

Shape the development and execution of marketing objectives to reach a target market 

Product: Good or service a company provides 

Price: What a consumer pays in exchange for a product 

Place: Where a product is purchased 

Promotion: Advertising, sales, and other communication efforts the utilized to attract customers

Question 13

Brand

Answer 13

An intangible asset with tangible value; made up of promotion efforts and customer meaning

Question 14

Brand Value

Answer 14

The financial asset associated with a brand. SUBJECTIVE

Question 15

Brand Equity

Answer 15

Added value generated by favorable consumer experiences w/ a product

Question 16

Pricing Skimming

Answer 16

Introducing a new product on the market at a high price and then lowering it over time

Question 17

Penetration Pricing

Answer 17

Offering new products at low prices in hopes of achieving a large sales volume

Question 18

Leader Pricing

Answer 18

Pricing products below normal markup or below cost to attract customers to a store where they wouldn’t otherwise shop

Question 19

Bundling

Answer 19

Grouping two or more related products together and pricing them as a single product

Question 20

Odd-even Pricing

Answer 20

Setting a price at an odd number to connote a bargain and at an even number to imply quality

Question 21

Prestige Pricing

Answer 21

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

Question 22

Promotion Mix

Answer 22

Tactics marketers use to communicate with the customer. ex.

What’s the main purpose of the promotion? 

What is my target market? 

Which product features should I emphasize? 

How much can I afford to invest in a promotional campaign? 

How do my competitors promote their products?

Question 23

Advertising

Answer 23

Paid, non-personal communication designed to create an awareness of a product or company

Question 24

Personal Selling

Answer 24

One-on-one communication with customers or potential customers.  

Typically for large-ticket items, like homes, cars, or insurance policies

Question 25

Sales Promotion

Answer 25

Creates an incentive to purchase; provides for a fairly immediate increase in sales in the short term  BOGO sales  “Limited time only”

Question 26

Publicity

Answer 26

Notice or attention given by the media (often free)

Question 27

Public Relations

Answer 27

Any action that help to create and maintain a favorable public image  Promoting via a press release about a fundraising event and controlling the damage of controversy for the company

Question 28

Primary Data

Answer 28

Newly collected information that addresses specific questions (found from secondary data) - Includes Surveys/Questionnaires, personal interviews, and focus groups

Question 29

Secondary Data

Answer 29

Information already collected that pertains to the target market

Question 30

Social Media Marketing

Answer 30

Using social media platforms to deliver content that drives engagement 

Question 31

Marketing linkages to strategy and business model

Answer 31

The business plan defines a company’s objectives and missions, and the marketing strategy answers in detail how these aforementioned objectives will be accomplished.

Question 32

Brands/brand equity

Answer 32

Value a company gains from its name recognition when compared to a generic equivalent.

Question 33

Benefits

Answer 33

How a product’s features could make a consumer’s life easier/more enjoyable

Question 34

Feature

Answer 34

An essential function or component of a good or service