The 4 P's
What are the 4 P's of marketing?
Product, Price, Promotion and Place
75% of all consumer purchases are considered what type of purchases?
Impulse
Define what utility is in the marketing world.
added value that the functions of marketing add to a product or service.
What defines all the aspects that are part of the practice of marketing?
The seven functions of marketing
What is marketing?
the process of planning, pricing, promoting, selling and distributing ideas, goods and services to create exchanges that satisfy customers.
When talking about price, why is it important to get the right price for your good, service or idea.
Competition-need to be able to compete in the market place.
Affordability-make sure the people in your target market can buy your good, service or idea. If they can't afford it, then you have no target.
What are the 4 basic emotions we are capable of?
happy, sad, scared angry
How many types of utility are there?
5.
Describe the distribution function.
deciding how to get goods in customers hands.
Define goods and services.
what are tangible items that have monetary value and satisfy needs and wants.
Intangible items that have monetary value and satisfy your needs and wants.
What would the 4 P's be if you were selling soccer cleats?
Product-Cleats
Place-store, online
Promotion-online ads, commercials
Price-affordable for kids, families, competitive against other retailers.
True or False, the closer to the center of the wheel of emotions we get, the more intense the emotion becomes?
True
What are the 5 types of utility?
Form, place, time, possession and information.
In what ways can we promote a service/product?
Television, radio, newspaper, mail etc.
What is the marketing concept?
the idea that a business should strive to satisfy customers needs and wants while generating a profit for the firm.
What would the 4 P's be if you were serving food at a grill restaurant?
Product-Food and good service
Place-restaurant
Promotion-special meal price for a short time, specialized menu options
Price-affordable for cheaper food, expensive for steaks etc.
Emotional advertising campaigns do twice as well as __________ campaigns.
Rational
What is information utility?
Communicating with the consumer. Via ads, sales reps or displays as examples.
All of the different types of promotion fall under this term.
Advertising.
Give me an example of marketing an idea.
Ex. eating healthy foods, voting for a particular candidate.
Internet selling has its own 5 P's of marketing. What are they?
Purpose, Prospect, Presentation, Promotion, Payoff
When the generator company Generac decided to use two marketing campaigns, one for men and one for women, instead of one, what happened to their sales dollars?
Why did they do multiple campaigns?
It more than doubled.
Men and women react emotionally different. What triggers purchases in men is different than women.
What does it mean when possession utility increases as my purchasing options increase?
When you have more options in ways to pay for things, it means that more than one person can have possession. If I buy something on credit, I possess a portion and so does the creditor.
Name all seven functions of marketing.
Distribution, financing, marketing information management, pricing, product/service management, promotion, selling.
What is an industrial market also known as?
B2B or Business to Business.