Miscellaneous
Marketing
What is the activity of, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large?
Number of marketing functions.
What is seven?
Market Orientation
What is an approach that considers the needs of customers when developing a marketing mix?
Target Market
Who is a specific group of customers that have similar wants and needs?
Examples of marketing activities.
What are advertisements, brand names, product descriptions, storage and distribution, gathering data, and new product testing?
The frequency of each marketing function.
When is every time a product or service is developed and sold?
Marketing Mix
What is the blending of the four marketing elements product, distribution, price, and promotion?
Types of buying motives.
What are emotional buying motives that are reasons to purchase based on feelings, beliefs, and attitudes?What are rational buying motives that are guided by facts and knowledge?
Examples of marketing business.
What are advertising agencies, marketing research firms, transportation companies, shipping and delivery companies, financial services, wholesalers, and retailers?
The persons involved in the marketing functions.
Who are businesses that provide many of the marketing functions, and who are the consumers that often take part in one or more of the marketing functions when they make purchases?
Market Strategy and its purpose.
What is a company’s plan that identifies how it will use marketing to achieve its goals? What is satisfying customer needs better than competitors do, resulting in sales and profits?
The differences between final and business consumers.
(final) Who is a person that buy products and services mostly for their own use? (business) While who are companies, and organizations that buy products for the operation of a business, for incorporation into other products and services, or for resale to their customers?
Examples of emotional motives.
What is love, fear, pain?
What is emotion?
Why is emotion?
Each marketing function and its purpose.
What is...
Product and Service Management- creating and improving products and services that meet consumer needs
Distribution-determining the best ways for consumers to find, obtain, and use the products/services of a business
Selling-communicating directly with potential customers to determine and satisfy their needs
Marketing Information Management-using market information to improve decision-making and marketing activities
Financial Analysis-budgeting, obtaining necessary funds, and providing financial assistance to customers
Pricing-setting and communicating the value of products and services
Promotion-communicating information about products and services to potential customers
?
The steps in developing a marketing strategy and their purpose.
What is identifying a target market (easier to develop products and services that specific groups of customers want), and developing a marketing mix (business don’t know what customers want.They research customers and their needs and create a plan to satisfy those needs)?
Steps in the consumer decision-making process .
What is recognizing a need, gathering information, selecting and evaluating alternatives, making a purchase decision, and determining the effectiveness of the decision.
Lauren wants to create a bakery. What is her marketing plan, and when the business finally gets running, what marketing functions would she do?
What are various answers that are similar to...
ex: Her target market are adults with a sweet tooth, and young children. This means that she needs to make both complex and simple flavored treats (product and service management). She can develop a food delivery service to encourage more customers (distribution). After a few years of success she can purchase another bakery and expand she business (distribution). For the cost of each confession she can divide the cost of ingredients by production number and add a little for profit (price). For advertising she could purchase adds on social media (promotion).
Identify or come up with a business that specializes in providing services for final consumers or other businesses. Briefly describe what the business does, the marketing functions they do, and the types of customers they serve.
What are various answers that are similar to...
ex: A fictional business that develops and creates smart phones, made an efficient and user friendly foldable phone (product and service management). They decided to make this product because there was an overwhelming demand based on a survey they gave to their customers (selling). They will be selling the phone at their physical and online store (distribution), and will be promoting it to all customers at these locations and through online advertisements (promotion). Due to the high cost of the material, the phone will be over $1500 (price), but they will be providing financial assistance to customers so they can purchase the business’ products (financial analysis).
A company that owns a fleet of cruise ships wishes to develop a marketing strategy. How would they go about this?
What are various answers that are similar to...
The company must will first study possible customers and the similarities and differences in vacation wants and needs. Then it will select the target market that presents the best opportunity for planning a successful cruise. Using the information gathered about the target market, the company then develops the marketing mix.
Product- offering an exciting and relaxing cruise experience.
Distribution-providing all of the documents needed by travelers, handling baggage, and ensuring effective customer service throughout the process.
Pricing-providing an affordable cruise with payment options to meet the budgets of the target customers.
Promotion-offering information to interest customers in the cruise line and persuade them to decide it is the best vacation choice.
Select one of your recent purchases, identify the steps in the decision-making process and how you completed each step to make the purchase decision.
What are various answers that are similar to...
ex: I need to buy a new guitar because my old one doesn't have good quality or sound. I research the characteristics of good guitars online within my budget. I then go to the store and review numerous guitars. I finally choose one that I like due to its sound, quality, and aesthetics. When I go home I greatly enjoy playing my new instrument and believe that it a good choice.