Strand 1
Name 1 of the 7 core functions
100 points for each correct answer
Marketing Planning, Marketing Information Management, Pricing, Product Service Management, Promotion, Product channel Management, Selling
Explain what behavioral segmentation is.
Shopping patterns, usage rate, benefits - not just physical characteristics of a product
-100 bonus points, how would a company uses behavioral segmentation
What is Primary Research?
Original research conducted to collect data specifically for a current objective
Give an example of how a business can use the place of consumers to market their product
May include Shipping, Ordering processing, Inventory storage, and stocking of goods.
-Place can be a physical location or an online site
What is Marketing Position?
Consumer's perception of a product in relation to competing products and how it is different
-100 bonus points, how would a company uses Marketing Positioning
Give an example of secondary research?
Purchases from another source which could include companies such as Adobe, Google, government agencies, or other researchers and analysts
What is promotion? Explain how a business uses promotion.
This is where you persuade your customers and remind about products, their price and where they can be purchased
What is a Marketing Share?
the specific percentage of total industry sales of a product achieved by a single company in a given period of time
- extra 100 point, give an example
What is secondary research?
Purchased or contracted research that has been gathered by another company
What are the 4 P's of Marketing
100 points for each correct answer
Product, Price, Place, Promotion
What are the 4 types of Marketing segmentation?
100 points for each correct answer
Why is homeostasis important?
What is an example of primary research?
Ex: Conducting a survey, running an interview or a focus group, observing behavior, or doing an experiment.
Give an example of Product Service Management
Improving a current product such as changing brands, quantities, colors, sizes, features
Give an example of Psychographics
Lifestyles, Shared attitudes, values and opinions
- 100 extra points, give an example of how a company would use psychographics to market to consumers
Why would a company want to do market research?
product improvement, finding new customers, and/or improving brand experience