4.1 Intro marketing
Define the following vocabulary word.
Marketing
The management process of getting the right product to the right customer at the right price, the right place, and the right time
Define the following vocabulary word.
Targeting
The process of marketing to a specific market segment.
Define the following vocabulary word.
Market research
The process of collecting, analyzing, and reporting data related to a particular market
Define the following vocabulary word.
Product life cycle
The course a product passes through from its development to its decline in the market; goes from development to introduction to growth to maturity to saturation to decline
Define the following vocabulary word.
Market share
The percentage of one firm's share of the total sales in the market
Define the following vocabulary word.
Product positioning
Involves analyzing how consumers define or perceive a product compared to other products in the market
Define the difference between Primary research and secondary research.
Primary research is the collection of first-hand information from the market. Secondary research is the collection of second-hand information from the market.
Find the vocabulary word that fits with the following description.
Many competitors have entered and saturated the market, sales are highest and start to fall; fifth stage of product life cycle
Saturation
Find the vocabulary word that fits the following description.
A firm with the largest market share in a given market.
Market leader
Find the vocabulary word that fits the following description.
The characteristics of consumers of a particular product in different markets based on their gender, age, and income levels, among other characteristics
Consumer profile
Find the vocabulary word that fits the following description.
Publications of scholarly articles written by experts, written for the sole purpose of providing and distributing knowledge - not making money; secondary research method
Academic journals
Name all 7 Ps.
Place
Product
Process
Physical properties
People
Promotion
Price
Find the market size of the following market.
Market A: $20 Million
Market B: $28 Million
Market C: $14 Million
$62 Million
Coca cola wants to appeal to the younger generation. Based off of the fact that young people like using the raspberry setting in the coca cola freestyle machine the coca cola company created a raspberry flavored coke and promoted it primarily to the younger generation.
The coca cola company needed to know specific characteristics of it's consumers such as age. What vocabulary word best describes these characteristics?
Consumer profile
Google rewards is an app on your phone that collects your data overtime and sends questionnaires and opinionated questions to your phone. When you answer the questions you are rewarded with Google play credit. Which marketing research method does Google rewards use?
Surveys
What's the definition + significance of the following P?
People
The human capital in terms of skills, attitudes, and abilities necessary in the production of goods or the provision of services
The reason people are in the marketing mix is because we can't really move or do anything in a business without human interaction to start it. (Any other reason people are important to a business is applicable as a correct answer.)
PQR Electronics sold 24 million dollars worth of computers in Sweden. 300 million dollars worth of computers were sold during the same time period in the total market. Using the market share formula, calculate PQR Electronic's market share percentage.
The market share for PQR Electronics is 8%.
Lush is a handmade cosmetics company that creates high quality cosmetic and beauty products that are cruelty-free and aren't tested on animals but instead tested on volunteer humans. Name some differentiation strategies that Lush uses to get consumers to choose them over other beauty companies. A response may not be listed as correct however the interpretation can justify your answer.
Handmade quality: Lush creates quality products that feel high end to the user as well.
Ethical responsibility: People who care about animals and the ethics behind the production of this product are more likely to choose this company over others.
A market analysis is when the business in question takes a highly detailed report of the market carried out by market research agents. Name an advantage and disadvantage of conducting a market analysis.
Pro: The analysis is usually very in depth and accurate. It's most likely the best source to use through marketing research.
Con: This method can be very costly.
The following link contains a picture of the product life cycle. Name all 6 parts of the product life cycle.
https://docs.google.com/presentation/d/1n0Gh6XB49RJZ5OMGM1MZWO6DG62-zT2wwfIqpo7KZf4/edit?usp=sharing
1. Development
2. Introduction
3. Growth
4. Maturity time
5. Saturation
6. Decline