Marketing Basics
This is a specific group of consumers with similar wants and needs.
*What is a Target Market?*
Finding solutions to problems through carefully designed customer studies.
*What is Marketing Research?*
A form of mass media communication to influence consumer actions.
- *What is Promotion?*
Purchases based on feelings, beliefs, and attitudes.
*What are Emotional Buying Motives?*
Locations and methods to make products available to target markets.
*What is Distribution?*
Activities that are intangible and consumed simultaneously when produced.
- *What are Services?*
Research using information previously gathered for another purpose.
*What is Secondary Research?*
The most expensive but most effective type of promotion.
What is Personal Selling?*
Consumers are exposed to this many communications daily.
*What are hundreds of media communications?*
Something with no physical form.
*What is an Intangible Product?*
The four key elements blended in marketing strategy.
*What is the Marketing Mix (Product, Price, Place, Promotion)?*
The first step in the Marketing Research Process.
*What is Defining the Marketing Problem?*
The exchange of information ensures common understanding.
- *What is Effective Communication?*
The concept showing how high demand increases prices.
What is Supply and Demand?*
The formula for determining selling price.
s: Product Costs + Operating Expenses + Profit Margin = Selling Price?*
The sequence of steps consumers follow when making a purchase.
*What is the Consumer Decision-Making Process?*
A method of collecting information by recording consumer actions
*What is Observation Research?*
Two main categories of promotional strategies.
What are Personal and Non-Personal Promotion
Two types of buying motives.
What are Rational and Emotional Buying Motives?*
Two key steps in a marketing strategy.
What is Identifying Target Market and Developing Marketing Mix?*
Reasons consumers decide what products and services to buy.
- *What are Buying Motives?*
Analyzing existing data to solve a current marketing challenge.
*What is Secondary Research Analysis?*
Marketing activities often cost this percentage of a product's selling price.
- *What is 50%?*
The relationship between consumer exposure and purchasing decisions.
What is the Impact of Marketing Communications?*
All expenses associated with operating a business related to a product.
What are Operating Expenses?*