Defining Marketing
Developing a marketing plan
The Free Enterprise System
Types of Promotions in the Promotional Mix
Free Points
100
What is the difference between a customer and a consumer?
A customer is someone who purchases a product or service, while a consumer is the end user who uses or consumes the product.
100
What does SWOT analysis stand for?
Strengths, Weaknesses, Opportunities, and Threats.
100
Identify the 4 basic principals of the FES.
Focus, Environment, Time, and Structure
100
Identify the 5 basic categories within the Promotional mix.
Advertising, Personal Selling, Sales Promotion, Public Relations, and Direct Marketing.
100
Advertising has existed as far back as...?
3000 BC!
200
What are the two types of markets?
The two types of markets are the product market, where goods are bought and sold, and the factor market, where resources like labor, capital, and land are traded.
200
What are marketing strategies?
Marketing strategies are like detailed plans that show how a company will connect with the people it wants to reach.
200
Identify the two types of ownership encouraged by the FES.
Business Ownership & Intellectual Property Ownership
200
What's so special about marketing?
Boosting Sales
300
List the 3 economic benefits of marketing.
Increased Sales and Revenue, Market Expansion and Growth, Competitive Advantage.
300
What is the purpose of a marketing plan?
A marketing plan is like a guide that sets out a company's goals, ways to reach those goals, and specific actions to make it all happen. It's a map for successfully doing marketing activities.
300
The two ways in which businesses compete are...
Cost leadership & differentiation
300
Explain the difference between Product promotion and Institutional Promotion.
Product promotion is about advertising and discussing specific products, showing what they can do for customers. On the other hand, institutional promotion is more about making the whole company or organization look good, often by showing values.
300
What 3 things does advertising do?
to inform, to persuade, and to remind.
400
What are the four strategies within a marketing mix?
Product, Price, Place, and Promotion.
400
What do you do to develop a marketing plan?
(if you get three of these right, you get the points)
Marketing plan: set your marketing goals, conduct a marketing audit, conduct market research, analyze the research, identify your target audience, determine a budget, and develop specific marketing strategies.
400
A Monopoly is what?..
A monopoly is when one company completely controls an entire industry, having all the power over a specific product or service.
400
Explain the Promotional Mix.
The promotional mix is like a toolbox with different tools, advertising, personal selling, sales promotion, public relations, and direct marketing.
400
What are the five basic things about marketing?
The 5 P's of marketing are product, Price, Promotion, Place, and People.
500
What is Marketing?
Marketing is creating, communicating, and delivering value to customers by promoting and exchanging products or services.
500
Explain the concept of market segmentation
Market segmentation is like sorting a big market into smaller groups of customers who are alike in some ways.
500
why does Promotional Mix play a vital role in the success of a business?
these tools help a business connect with and convince the people it wants to reach, making the business more successful.
500
What are the 3 main types of ads?
- display advertising.
- paid search advertising.
- social media advertising.