Marketing Basics
This is the enterprise of ideation, creation, communication, and delivery of profitable products and services for customer and societal benefit.
What is marketing?
This function informs potential customers that a product or service exists.
What is promotion?
Product, Price, Place, and Promotion are known as these.
What are the 4Ps (or the marketing mix)?
According to P.T. Barnum, "Without promotion, something terrible happens..." this.
What is nothing?
According to the presentation, all good businesses start with this purpose.
What is solving a problem (or improving an existing solution)?
This concept involves analyzing customer needs and wants before building products to satisfy them.
What is the marketing concept?
This function involves creating strategies, establishing goals, and setting procedures to reach target customers.
What is market Planning?
This P refers to the amount of money a business charges for its product or service.
What is Price?
Jeff Bezos said your brand is what other people say about you when you're not here.
What is in the room?
A brand's reputation lives with these people, who decide if a business is solving their problems.
Who are customers?
In this system, businesses are privately owned and operated rather than run by the government.
What is a private enterprise system?
This function researches a business's target market, competitors, and relevant industry trends.
What is marketing-information management?
Brand message, production costs, competition, customer willingness to pay, and profit margin are all factors in determining this.
What is the right price?
Seth Godin said, "Don't find customers for your products, find" these "for your customers."
What are products?
This is described as a by-product of successfully solving a problem in business.
What are profits?
Marketing benefits society through job creation, increased tax collections, and this result of competition.
What are more choices and better quality of life?
This function provides individualized attention to customers throughout their lifespan to ensure satisfaction and encourage repeat business.
What is customer service?
Channel management, which involves distribution channels, is most closely related to this P.
What is Place?
According to Jeff Bezos and the presentation, these people are "in charge of my social media" and are the keepers of the brand.
Who are customers?
This tech company is cited as an example of "build products, then find customers."
What is Apple?
In a private enterprise system, marketing does this between consumers and businesses.
What is connects them?
Sales teams must communicate with this function to ensure the right quantities are delivered where products are sold.
What is channel management?
Marketing is about getting the right products to the right people at the right price in the right place at this.
What is the right time?
Both the marketing concept and Seth Godin's quote emphasize building products based on these from customers.
What are needs and wants?
Great brands like Coca-Cola are built this way.
What is slowly (or over many years or decades)?