Vocab
Marketing Basics
Consumer Behavior
Marketing Strategies
Personal Selling
100
What is the definition of Marketing?
Marketing is the process of creating, promoting, and distributing a product or service to meet the needs of a target market.
Marketing aims to create awareness and desire for products and services through various tactics such as advertising, promotions, and other marketing communications.
100
What are the 4 P's of Marketing?
*Double points if you write the other name for this!*
1. Price, Product, Promotion, Place
2. The Marketing Mix
100
Why is it important to study Consumer Behavior?
Studying consumer behavior is essential for businesses to understand what drives their customers, allowing them to design better products, set optimal prices, and create more effective marketing campaigns
100
List 3 examples of sales promotions.
Price Reduction/Discount, BOGO (Buy One Get One) Offers, Coupons/Vouchers, Rebates, Free Samples, Contests and Sweepstakes, Loyalty Program Rewards, Bundling
100
Why is it important to study "selling" and sales?
Answers vary, but must include one of the following:
1. To persuade, influence, and create value in the eyes of others.
2. To get people to see things from your perspective.
3. To learn to communicate better, influence decisions, and open doors that otherwise wouldn't.
200
What is the definition of Sales?
Sales is the exchange of one thing of value for currency.
200
Provide 5 examples of physical, in-person advertisements.
Billboards, Wallscape/Building Wrap, Digital/LED Screens, Transit Shelter Ads (Bus Shelters), Bus Wraps, Subway/Train Car Cards, Taxi Toppers/Wraps, Platform Posters, Airport Jet Bridges/Baggage Carousel, Point-of-Purchase (POP) Displays, Window Decals/Posters, Floor Graphics, In-Store Kiosks/Digital Screens, Shopping Cart Ads, Wild Posting/Flyers, Street Furniture Ads, Human Billboard/Sandwich Board (A person hired to walk around in a costume or wearing a sign), Projections, Stadium/Arena Signage, Restroom Stall Ads, Elevator Wraps/Posters, Gas Pump Toppers, Product Sampling/Event Booths, Branded Merchandise
200
What 4 segments must be identified when segmenting your target market?
Demographics, Psychographics, Geographics, Behavioral
200
What emotions/actions are associated with the colors Blue and Green? Provide 2 emotions for each color.
Blue: Calms the senses, lowers blood pressure, soothes, reassures, trust, security, order, tranquility, productivity, reliability, professionalism
Green: Rejuvenating, natural, healthy lifestyle, well-being, growth, nature, promoting environmental issues, organic, money/banks
200
What does AIDA stand for?
1. Attention/Awareness
2. Interest
3. Desire
4. Action
300
What is the definition of a Target Market?
A specific group of consumers who are most likely to be interested in and purchase your product or service.
300
According to Forbes, what is currently the world's most valuable brand?
*Double points if you can guess which brand placed second!*
1. Apple
2. Nike
300
List 4 characteristics identified when segmenting your target market based on Psychographics.
Values, Life Cycle Stages, Interests, Risk Tolerance, Social Status, Attitudes, Political Beliefs, Hobbies, Cultural Values, Lifestyle, Personality Traits
300
What is the difference between PR and Advertising?
Advertising is the act of garnering public attention, often through the use of various types of media.
Public relations is a more strategic and thoughtful approach about how a company should be interacting with internal and external stakeholders.
300
What is sales forecasting, and how does it help businesses?
Sales forecasting involves estimating future sales volumes based on historical data, market trends, and other relevant factors.
Accurate sales forecasting helps businesses make informed decisions regarding production, inventory, and resource allocation.
400
What is the definition of Public Relations (PR)?
PR is about influencing, engaging and building a relationship with key stakeholders across numerous platforms in order to shape and frame the public perception of an organization.
400
How does effective Marketing cause customers to spend more money?
By effectively communicating the value of a product or service and addressing the needs and wants of customers.
400
What are the 3 kinds/types of factors that affect consumer behavior?
1. Personal
2. Social
3. Physiological/Psychological
400
List the 4 Marketing strategies covered in this section.
Advertising, Branding, Public Relations, Sales Promotions
400
How do businesses lose money from overestimating their sales? How do businesses lose money from underestimating sales?
(200 pts each)
Overestimating: Pay extra for inventory storage/lost money from throwing away excess product
Underestimating: Lose out on revenue they could've earned with extra inventory
500
What is the definition of a Lead?
A lead is a potential customer who has shown interest, but hasn't been qualified as likely to buy. They may have taken action on your website, left a business card at an event, or been referred to you. But it's still unclear whether they'll make a purchase.
500
When conducting a SWOT analysis, it tends to be done using a 2x2 table/graphic organizer (shown below) with each component in a specific spot. Draw a SWOT analysis table and correctly label where each SWOT component belongs.
Top Left: Strengths
Top Right: Weaknesses
Bottom Left: Opportunities
Bottom Right: Threats
500
List the 5 steps of the Consumer Decision-Making process in order
1. Need Recognition
2. Information Search/Research
3. Evaluation of Alternatives
4. Purchase Decision
5. Post-Purchase Evaluation
500
List the 5 components of an effective advertisement
(100 pts each)
Clear message, strong visuals, right timing and placement, memorable content, call to action
500
List 4 of the 7 steps in the Personal Selling process.
*Double points if you list ALL 7!*
1. Prospecting and qualifying
2. Pre-approach
3. Approach
4. Presentation
5. Overcoming objections
6. Close
7. Follow-up