Marketing Concepts Overview
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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?

  • Declining to receive marketing communications
  • Automatically receiving marketing offers
  • Giving explicit consent for marketing activities (correct)
  • Receiving marketing emails without consent
  • Opt-out allows individuals to withdraw from participating in a certain activity.

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

    The four P's of marketing include Product, Promotion, Price, and ______.

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

    What does demand refer to?

    <p>The amount of customers willing to buy the product.</p> Signup and view all the answers

    What is the definition of marketing?

    <p>Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value.</p> Signup and view all the answers

    What is profit?

    <p>Profit is the difference between how much money is spent and earned in a given time period.</p> Signup and view all the answers

    Bartering involves the use of money to exchange goods.

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

    What does USP stand for?

    <p>Unique Selling Proposition</p> Signup and view all the answers

    Match the following marketing concepts with their focus:

    <p>Production = Increasing Production and Decreasing Production Costs Marketing = Identifying, satisfying and retaining customers Customer = Person who pays for the product Consumer = Person who uses the product</p> Signup and view all the answers

    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

    • 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.
    • 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.
    • 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.

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