Unit 2 Principles of Marketing PDF

Marketing Student Worksheet Unit 2: Principles of Marketing Name: _________________________________________ Class: _________ Date: _______ Lesson 1: Customer Relationships 1. Define marketing. Marketing is the process of developing, promoting and distributing products to satisfy the wants and ne...

Marketing Student Worksheet Unit 2: Principles of Marketing Name: _________________________________________ Class: _________ Date: _______ Lesson 1: Customer Relationships 1. Define marketing. Marketing is the process of developing, promoting and distributing products to satisfy the wants and needs of customers.____________________________________ 2. List the four eras in the evolution of marketing in chronological order. 1. _Production Era_____________ 2. _Selling Era________________ 3. _Marketing Era______________ 4. _Relationship Era____________ 3. What is the focus of Relationship Era marketing? Long-term customer relationships are the focus.________________________________________________________________ 4. How does the consumer market differ from the business market? Consumer markets – include people who intend to use or benefit from the products and do not buy then to make profits._________________________________________________ Business-to-Business markets – include people who buy products in order to make other_ products, resell them or use them in day-to-day operations._________________________ 5. Compare the buying behaviors of consumers and businesses. Consumer buying behavior varies depending on cost. High-cost items usually are more__ deliberate than low-cost items._______________________________________________ Business buyers are better informed than consumers about product are and generally buy in larger amounts. Because of this, they develop long-term relationships with sellers._____ 6. What does CRM stand for? Customer Relationship Management_______________________ 7. What is invaluable for making good marketing decisions? _____________________________ Collecting information and handling it properly.__________________________________ Page 1 of 3 Copyright © 2021 Applied Educational Systems Marketing Student Worksheet Unit 2: Principles of Marketing Name: _________________________________________ Class: _________ Date: _______ Lesson 2: Market Segmentation and the Marketing Mix 1. What is a marketing plan? A document that lays out the details for how to focus marketing efforts on meeting the___ customers' needs and wants________________________________________________ 2. What is a target market? _______________________________________________________ A target market is a group of people who are most likely to buy a product. The people in__ this group will have similar wants and needs.____________________________________ 2. What is market segmentation? __________________________________________________ This is dividing a market into groups of customers, or “segments,” where the people in___ each group should be similar to one another and different from everyone else.__________ 4. Name and describe the four factors important in consumer market segmentation? Demographics – refers to age, income, gender, ethnicity and marital status____________ Geographic – refers to information about the places where people live________________ Psychographic – refers to attitudes, values, interests and lifestyle____________________ Behavioral – how people act in relation to products, such as what they look for and how__ they use them____________________________________________________________ 5. Name and describe the three factors important in business market segmentation? Geographic – used to divide the market based on where customers are concentrated___ Customer-based – use to dived the market based on the characteristics of customer.___ Product-use-based – used to divide the market based on how customers use the product 6. Name and describe each of the “Four Ps” that make up the marketing mix. Product – fills a customer's wants or needs____________________________________ Place or distribution – how to get the right product and quantity to the right people at the right time and place______________________________________________________ Pricing – how much to charge for the product__________________________________ Promotion – information or persuasive communication to the customers_____________ Page 2 of 3 Copyright © 2021 Applied Educational Systems Marketing Student Worksheet Unit 2: Principles of Marketing Name: _________________________________________ Class: _________ Date: _______ Lesson 3: Value and Impacts of Marketing 1. What are economic utilities? Economic utilities transform raw materials and component parts into a product that has use and value for customers_________________________________ 2. Match each type of economic utility to its description. 1. Time A. Puts products where consumers will find them convenient to purchase 2. Information B. Making a product available when consumers are most likely to buy it 3. Possession C. Involves changing a raw material or assembling parts to make a product 4. Form D. Involves communication with the consumer to educate them about the product 5. Place E. Determines the valid forms of exchange for purchasing a product 3. List the positive and negative impacts of marketing. Positive – ability to comparison shop, employment in marketing______________________ Negative – junk mail, shock value or inappropriate advertising, invasion of privacy __ ________________________________________________________________________ ________________________________________________________________________ Page 3 of 3 Copyright © 2021 Applied Educational Systems