Podcast
Questions and Answers
What is the primary purpose of marketing activities?
What is the primary purpose of marketing activities?
- To create barriers for market entry
- To identify and satisfy consumers' needs profitably (correct)
- To limit consumer choices
- To maintain the status quo in product offerings
Which of the following is NOT considered a part of the marketing mix?
Which of the following is NOT considered a part of the marketing mix?
- Product
- Promotion
- Price
- Public Relations (correct)
Market research primarily involves which of the following activities?
Market research primarily involves which of the following activities?
- Distributing products to retailers
- Setting the price of a product
- Gathering information about potential customers (correct)
- Creating promotional materials
What does branding aim to achieve for a product?
What does branding aim to achieve for a product?
Which method is associated with making products available to consumers?
Which method is associated with making products available to consumers?
Flashcards
Market vs. Marketing
Market vs. Marketing
A market is a place where buyers and sellers trade products, like a shop or online. Marketing is the set of activities to help this trade happen, like finding customer needs and satisfying them.
Marketing Activities
Marketing Activities
Marketing activities include market research, packaging, branding, pricing, advertising, sales promotion, and distribution all to satisfy consumer needs and support the selling of goods and services.
Marketing Mix (4Ps)
Marketing Mix (4Ps)
The 4Ps—product, promotion, pricing, and place—are categories that organize marketing strategies to deliver value to the customer.
Market Research
Market Research
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Branding
Branding
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Study Notes
Market vs. Marketing
- A market is any location where buyers and sellers exchange goods, whether a physical marketplace, a shop, international trade, or online.
- Marketing encompasses all activities supporting trade, from understanding consumer needs through market research to satisfying those needs with packaging and distribution.
- Marketing aims to profitably identify, anticipate, and fulfill consumer demands (Institute of Marketing definition).
Marketing Activities
- Market Research: Gathering information about potential customers.
- Packaging: Creating an attractive and functional product package.
- Branding: Differentiating a brand from competitors and establishing customer loyalty.
- Pricing: Determining a price that encourages sales.
- Advertising: Using various media to promote goods or services.
- Sales Promotion: Short-term incentives encouraging immediate purchases.
- Distribution: Making products accessible to consumers (e.g., wholesale, retail, online).
The Marketing Mix (4Ps)
- The marketing mix (4Ps) groups marketing strategies into product, promotion, pricing, and place.
- The goal is to create perceived value for the customer.
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