What is Marketing?
The process of creating, communicating, delivering, and exchanging offerings that have value is...
Marketing
The marketing concept focuses on satisfying __________ needs and wants.
Customer
Which marketing function involves setting prices for goods and services?
Pricing
The four Ps of marketing are Product, Price, Place, and __________.
Promotion
Market segmentation divides the market into smaller groups with similar...
Needs, Interest, Behaviors, etc.
Marketing connects what a business __________ to the people who need or __________ it.
Makes; Want
A company must satisfy customers while also earning a __________.
Profit
Which function gathers and studies data about customers and competitors?
Marketing Information Management (MIM)
Which “P” focuses on communicating value to customers through advertising?
Promotion
Which type of segmentation focuses on age, gender, income, or education?
Demographic
List two purposes of marketing.
Identify needs/wants, develop products/services, communicate value, build relationships
What are the three parts of the marketing concept?
Customer orientation, company commitment, profit orientation
Which function deals with getting products to customers (in stores, online, or delivery)?
Distribution
Which “P” decides where and how the product is sold?
Place
A clothing company markets winter coats in northern states but not southern ones. What type of segmentation is this?
Geographic
A local bakery wants to attract more customers. They start offering online ordering and delivery. Which part of the marketing process does this best represent? Creating, communicating, delivering, or exchanging?
Delivering
A restaurant updates its menu based on customer feedback. Which part of the marketing concept is being used?
Customer orientation
A company collects survey results to improve their product design. Which two functions are being used?
MIM and Product/Service Management
A company lowers prices and increases advertising during a sale. Which two Ps are changing?
Price and Promotion
A company sells energy drinks and notices their best customers are college students who stay up late studying or gaming. Which two types of segmentation are being used to identify this group?
Demographic (age/life stage: college students) and Behavioral (product usage: late-night habits)
Explain how marketing benefits both businesses and customers. Give one example for each side.
Business: Marketing helps increase sales, build brand loyalty/awareness, and gain info about customers
Customer: Marketing helps them discover products that meet their needs or improve their lives.
Why might focusing too much on customer wants cause long-term problems for a business?
Could reduce profits or create unrealistic expectations (I'll take several answers here)
A company is launching a new tech gadget. Explain how three different marketing functions would work together during the launch process.
Answers will vary
Explain how one weak “P” (like poor pricing or bad promotion) can hurt a strong product.
Answers will vary. Must relate to balance
You’re starting a small athletic apparel brand. Explain how you could use psychographic segmentation to design and promote your products.
Answers will need to mention the brand targeting those who value health, fitness, and an active lifestyle