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Questions and Answers
What is a target audience?
The specific group of consumers most likely to want your product or service.
What is planned expiry in business?
A business strategy where the expiration of a product is planned and built into it from its conception.
What does 'opt-in' mean in marketing?
Opt-out allows individuals to withdraw from participating in a certain activity.
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The four P's of marketing include Product, Promotion, Price, and ______.
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What does demand refer to?
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What is the definition of marketing?
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What is profit?
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Bartering involves the use of money to exchange goods.
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What does USP stand for?
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Match the following marketing concepts with their focus:
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Study Notes
Target Audience
- The group of consumers most likely to be interested in your product.
- Defined by factors such as age, gender, income, location, and interests.
Planned Obsolescence
- A business strategy where product expiration is built into the product from its design.
Opt-In and Opt-Out
- Opt-In: Giving explicit consent before engaging in an activity, such as receiving marketing emails.
- Opt-Out: Allowing individuals to decline or withdraw from participation in an activity, like receiving marketing communications.
Definition of Marketing
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The 4 P's of Marketing:
- Product Value (Goods and services): Creates value for customers.
- Promotion (Selling and Advertising): Communicates the value of the product.
- Price (Exchanging offerings and value): Sets the value in monetary terms.
- Place (Distribution): Delivers the value to customers.
- Helps organizations achieve their goals.
- Identifies, satisfies, and retains customers.
Resources
- Assets used to achieve marketing goals.
- Examples include money, time, skill/talent.
Demand
- The amount of customers willing to buy a product.
Income
- The money earned after subtracting all business expenses.
- Represents the actual amount of money earned in a given time period.
Profit
- The difference between revenue and expenses in a given time period.
Bartering
- Exchanging goods and services without using money.
Customer
- The person who pays for the product.
Consumer
- The person who uses the product.
USP: Unique Selling Proposition
- Something that differentiates a product from its competitors.
5 Marketing Concepts / Philosophies
- Different beliefs about how businesses should operate.
- Focus on market conditions, specifically demand and supply, which impact how businesses create and sell products.
Production Concept
- Focus on increasing production and decreasing production costs.
- Economies of Scale: lower per-unit cost when producing a large quantity of the same item.
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Example:
- A company making 10 cars per day might face higher production costs per car than a competitor making 50 cars per day.
- If the market demands 200 cars per day, the competitor with higher production capacity can potentially meet more of the demand, leading to higher profits.
Product Concept
- Focuses on creating the best product, assuming that customers will choose products with the highest quality or performance.
- Example: A company with a new, innovative product might focus on selling it based on its superior features, assuming customers will value excellence over other factors like price.
Sales Concept
- Focuses on selling and promoting to customers aggressively, assuming that customers will not buy unless they are persuaded.
- Example: An insurance company might use telemarketing or door-to-door sales to convince customers to buy their products.
Marketing Concept
- Focuses on understanding and meeting customer needs and wants to achieve long-term success.
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Example:
- A clothing company might conduct market research to understand its customer's style preferences and use this information to design and sell products that align with those preferences.
- This customer-centric approach can lead to higher customer satisfaction and loyalty.
Societal Marketing Concept
- Focuses on meeting customer needs while also considering society's well-being and long-term sustainability.
- Example: A food company might develop healthier product options while promoting environmentally friendly packaging and production practices.
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Description
This quiz covers essential marketing concepts including target audience, planned obsolescence, and the 4 P's of marketing. Test your knowledge on how these strategies shape effective marketing campaigns. Understand the importance of consumer consent and product value in marketing.
