Podcast
Questions and Answers
What is a need?
What is a need?
A perceived lack of something
What does market segmentation refer to?
What does market segmentation refer to?
Dividing the markets into segments of customers.
What does target marketing refer to?
What does target marketing refer to?
Refers to which segments do go after.
What does positioning describe?
What does positioning describe?
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What does the marketing mix describe?
What does the marketing mix describe?
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Which of the following are 4Ps for products?
Which of the following are 4Ps for products?
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Which of the following are 7Ps for services?
Which of the following are 7Ps for services?
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What is a product in terms of marketing?
What is a product in terms of marketing?
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Study Notes
Needs, Wants, and Demand
- Need = Perceived lack of something (e.g., "I'm hungry")
- Want = A specific satisfier of a need (e.g., a burger)
- Demand = Buyer has the means to buy the product
Design a Customer-Driven Marketing Strategy (Ch. 4)
- Market Segmentation: Dividing the market into segments of customers.
- Target Marketing: Identifying which segments to go after.
- Positioning: Describes the position of a brand in the mind of the target group.
Construct an Integrated Marketing Program
- Marketing Mix: A set of tools the firm uses to implement its marketing strategy.
- 4Ps for Products:
- Product
- Place
- Price
- Promotion
- 7Ps for Services +:
- People
- Process
- Physical Evidence
- Product
- Place
- Price
- Promotion
Product, Price, Value
- Product = A bundle of benefits & not the sum of features.
- Price = Amount of money for which a product is sold.
- Value = What the product is worth to the customer.
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Description
Explore the essential concepts of needs, wants, and demand in marketing. This quiz covers market segmentation, target marketing, and integrated marketing strategies, including the 4Ps and 7Ps. Test your understanding of how to design a customer-driven marketing approach effectively.
