Marketing Basics
This is the set of strategies and activities companies use to acquire and engage customers.
What is Marketing
One major marketing goal is to attract these types of people.
What are new customers?
This is Step 1 in the marketing process: understanding this and customer needs/wants.
What is the marketplace?
These groups have an actual or potential interest in or impact on the organization.
What are publics?
The study of human populations is called this.
What is demography?
These are the four elements of the marketing mix.
What are Product, Price, Place, and Promotion?
Keeping and growing these people is another marketing goal.
What are current customers?
These are the two categories of the marketing environment.
What are microenvironment and macroenvironment?
These are companies that offer the same products or services as yours.
What are competitors?
Purchasing power and spending habits are part of this macro force.
What is economics?
This “P” refers to how much the company sells the item for.
What is Price
Marketing helps drive this long-term business result.
What is company profitability?
These are actors close to the company that affect its ability to serve customers.
What is the microenvironment?
These organizations help promote, sell, and distribute products to final buyers.
What are marketing intermediaries?
Weather, natural disasters, and health crises belong to this environment force.
What is the natural environment?
This “P” focuses on where the product can be found by consumers.
What is Place
These people buy products and actually use them.
What are consumers?
These broader outside forces affect the microenvironment.
What is the macroenvironment?
Individuals and households buying for personal use make up this market type.
What is the consumer market?
Laws, government agencies, and pressure groups are part of this force.
What is the political environment?
This “P” explains how customers hear about a product.
What is Promotion?
These buyers may purchase goods only to resell them.
What are customers?
These groups provide resources needed to produce goods and services.
What are suppliers?
Buyers purchasing goods to resell at a profit belong to this market.
What is the reseller market?
Competition between a BMW and Honda car is this level of competition.
What is industry competition?