Marketing Basics

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Questions and Answers

Which element of the marketing mix involves decisions about packaging, features, and branding?

  • Promotion
  • Price
  • Place (Distribution)
  • Product (correct)

Setting a price for a product is solely based on the cost of production.

False (B)

Define 'Market Segmentation' and explain its importance in developing a marketing strategy.

Market segmentation is the process of dividing a broad consumer or business market into sub-groups of consumers based on shared characteristics. It's important because it allows marketers to tailor their strategies and offerings to better meet the specific needs of different groups.

A company's unique _________ is the set of benefits or values it promises to deliver to consumers to satisfy their needs.

<p>value proposition</p> Signup and view all the answers

Match the following terms with their descriptions:

<p>Demographics = Statistical data relating to the population and particular groups within it. Psychographics = The study and classification of people according to their attitudes, aspirations, and other psychological criteria. Target Market = A particular group of consumers at which a product or service is aimed. Brand = A name, term, design, symbol, or other feature that distinguishes one seller's good or service from those of other sellers.</p> Signup and view all the answers

Which of the following is NOT one of the 4 Ps of the marketing mix?

<p>People (A)</p> Signup and view all the answers

Advertising is the only method of sales promotion.

<p>False (B)</p> Signup and view all the answers

Explain the difference between 'goods' and 'services' in the context of marketing.

<p>Goods are tangible items that can be seen, touched, and owned, while services are intangible activities that provide value to customers.</p> Signup and view all the answers

_________ involves creating a specific image or identity for a product, brand, or organization in the minds of the target market.

<p>Positioning</p> Signup and view all the answers

Match the following terms with the most suitable marketing channels:

<p>Advertising = Television, radio, print, and online ads Public Relations = Press releases, media events, community outreach Sales Promotion = Coupons, discounts, contests Social Media Marketing = Facebook, Instagram, Twitter, LinkedIn</p> Signup and view all the answers

Which of the following best describes the 'marketing concept'?

<p>Identifying and satisfying the needs of customers better than competitors. (D)</p> Signup and view all the answers

Return on Investment (ROI) is calculated solely by subtracting costs from revenue; it does not consider the initial investment.

<p>False (B)</p> Signup and view all the answers

What is 'Customer Relationship Management' (CRM), and why is it important for businesses?

<p>CRM is a strategy for managing a company's interactions with current and potential customers. It's important because it helps businesses improve customer service, increase sales, and retain customers.</p> Signup and view all the answers

_________ is the process of distinguishing a product or service from others, to make it more attractive to a particular target market.

<p>Differentiation</p> Signup and view all the answers

Match the following descriptions with the appropriate step in developing a marketing strategy:

<p>Market Research = Collecting and analyzing data about consumers, competitors, and the market environment. Target Market Selection = Identifying the specific group of consumers the company will focus its efforts on. Positioning = Creating a specific image or identity for the product/brand in consumers' minds. Marketing Mix Development = Deciding on the 4 Ps (Product, Price, Place, Promotion) to reach the target market.</p> Signup and view all the answers

Which promotional activity uses news-related content to promote a brand?

<p>Public Relations (PR) (D)</p> Signup and view all the answers

Psychographic segmentation involves categorizing consumers based on their age, income, and education level.

<p>False (B)</p> Signup and view all the answers

How can a company use 'Social Media Marketing' to enhance its brand and reach its target market?

<p>Companies can use social media marketing to engage with customers, share content, run targeted ads, and gather feedback, enhancing brand awareness and driving sales.</p> Signup and view all the answers

_________ is a marketing strategy designed to influence how a particular market segment perceives a good or service in comparison to the competition.

<p>Positioning</p> Signup and view all the answers

Match the following terms with an appropriate description:

<p>Price = The amount a customer pays for a product or service. Place = The location where a product or service is made available to the customer. Promotion = The process of informing, persuading, and reminding customers about a product or service. Market Research = Systematic investigation of the structure and trends within a market.</p> Signup and view all the answers

Flashcards

Target Market

The group of consumers a company aims to reach with its marketing efforts.

Marketing Mix (4 Ps)

The set of actions, or tactics, that a company uses to promote its brand or product in the market.

Product

A tangible item or intangible service that fulfills a need or want of consumers.

Price

The amount a customer pays for a product or service.

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Promotion

Activities that communicate the merits of the product and persuade target customers to buy it.

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Place (Distribution)

Where the product is available for purchase; distribution channels.

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Brand

A name, term, design, symbol, or any other feature that identifies one seller's good or service as distinct from those of other sellers.

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Consumer Behavior

The study of how individual customers, groups or organizations select, buy, and use goods, services, ideas, or experiences to satisfy their needs and wants.

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Market Segmentation

Dividing a broad consumer or business market into sub-groups of consumers based on shared characteristics.

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Advertising

A paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor.

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Sales Promotion

Short-term incentives to encourage the purchase or sale of a product or service.

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Goods vs. Services

Tangible vs Intangible

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Demographics

Statistical data relating to the population and particular groups within it.

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Psychographics

The study and classification of people according to their attitudes, aspirations, and other psychological criteria.

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Marketing Strategy

A long-term plan for achieving marketing goals and objectives.

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Marketing Concept

A business philosophy focused on identifying and satisfying the needs and wants of customers.

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Social Media Marketing

Using social media platforms to promote products and services.

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Public Relations (PR)

Managing communication to build and maintain a positive image of a company.

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Market Research

The process of gathering and analyzing information about a market, product, or service to be offered for sale in that market.

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Positioning

Creating an image for a product in the consumer's mind.

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Study Notes

  • Marketing encompasses strategies to promote and sell products or services.

Target Market

  • Target market refers to the specific group of consumers a company aims to reach with its marketing efforts.

Marketing Mix (4 Ps)

  • The marketing mix consists of the 4 Ps: Product, Price, Promotion, and Place (Distribution).

Product

  • Product represents what a company offers to satisfy customer needs, including features, design, and quality.

Price

  • Price is the amount consumers pay for a product or service, influencing profitability and perceived value.

Promotion

  • Promotion involves communication strategies such as advertising, sales promotions, and public relations to create awareness and persuade customers.

Place (Distribution)

  • Place (Distribution) refers to how and where products are made available to customers.

Brand

  • Brand is a unique identity and image associated with a product or company.

Consumer Behavior

  • Consumer behavior studies how individuals make purchasing decisions.

Market Segmentation

  • Market segmentation divides a broad consumer market into sub-groups of consumers based on shared characteristics.

Advertising

  • Advertising is a paid form of communication used to promote products, services, or ideas.

Sales Promotion

  • Sales promotion includes short-term incentives to encourage immediate purchases.

Goods vs. Services

  • Goods are tangible items, while services are intangible activities that provide value.

Demographics

  • Demographics are statistical data about a population, like age, gender, and income.

Psychographics

  • Psychographics classify consumers based on psychological attributes, such as values, attitudes, and lifestyle.

Marketing Strategy

  • Marketing strategy is a comprehensive plan to achieve marketing goals and objectives.

Marketing Concept

  • Marketing concept is a business philosophy that focuses on satisfying customer needs.

Social Media Marketing

  • Social Media Marketing utilizes social media platforms to connect with audiences and promote brands.

Public Relations (PR)

  • Public Relations (PR) manages a company’s reputation and relationships with the public.

Market Research

  • Market research involves gathering and analyzing information about a market, customers, and competitors.

Positioning

  • Positioning establishes a product or brand's image in the minds of consumers.

Differentiation

  • Differentiation highlights the unique attributes of a product or service that set it apart from competitors.

Value Proposition

  • Value proposition is the benefit a customer receives for the price they pay.

Customer Relationship Management (CRM)

  • Customer Relationship Management (CRM) involves strategies and technologies to manage and analyze customer interactions and data.

Return on Investment (ROI)

  • Return on Investment (ROI) measures the profitability of an investment relative to its cost.

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