Marketing Fundamentals
The 3 categories in a consumer profile
Demographics, Psychographics, Geographics
What are the 4P's and 2C's of the marketing mix?
Product, Place, Price, Promotion, Consumer, Competition
A brand name should:
a) Suggest something about the product
b) Be easy to pronounce
c) Be distinctive
d) All of the above
4. All of the above
T or F -- “False Sale Prices” is placing two prices on the same product and charging the consumer the higher price
FALSE - That would be double ticketing
Describes the illegal practice of advertising a regular price as a sale price
Provide an example of a celebrity endorsement
Michael Jordan & Nike
Name 2 out of the 9 functions of marketing
Research, product development, pricing, packaging, branding, distribution, inventory management, promotion, selling
Provide the 4 stages of the traditional product life cycle.
Introduction, Growth, Maturity, Decline
Starbucks coffee sold in a Chapters bookstore is an example of:
a) Mixed-brand strategy
b) Co-branding strategy
c) Brand licensing
d) Brand extension
Co-Branding
T or F -- “Bait and Switch” is the practice of advertising a product at a low price to attract customers, then trying to convince the customer to buy the more expensive product
True!!
What are the 3 requirements of Social Responsibility?
Be Ethical
Be Legal
Be Philanthropic
T or F - Surveys are a source of primary data research
True!
Primary - test marketing, surveys, internal information (data mining), observation, focus group interviews
Promotion, Brand Identification, Recycling, Protection, Information
Recycling
Provide a good slogan that already exists
ex. "why buy a mattress anywhere else"
What does AIDA stand for in promotion?
Attention, Interest, Desire, Action
What is cradle to grave marketing strategy?
Advertising to an young aged market so they are loyal customers for life
Provide an example of a want
What is a disadvantages of using glass for your packaging?
Breakable
Expensive
Labeling can be difficult
T or F -- When demand for a product is high, and supply is low, the seller should lower the price of the product.
FALSE
What method of transportation is less expensive that planes for international shipments and can move large quantities at once, but it is slow
Ships
One of the ways for a company to embrace environmental responsibility is to offset negative environmental impact such as...
Planting trees, fund research, donate, etc.
Which one of the advantages is NOT part of non-sustainable competitive advantages: Pricing, Benefits of use, Technology, Lowering Production Costs
Lowering Production Costs
Provide 2 meanings to the colour Red.
Danger, Speed, Heat, Stop, Assertive, Exciting
What is Intensive Distribution Policy and what is an advantage?
This Policy is used if the product is sold everywhere
Increase brand awareness, Increase brand loyalty, Improves sales, Helps product become alternative option
What does the break-even point represent?
The number of units that the company must sell before it will make a profit
What is philanthropy?
Actions that improve human welfare and spread goodwill. Contributing to charities and supporting community activities