alll the best
What is the largest marketing company in the world?
What is the Marketing Mix?
Product Place Price Promotion
What is the definition of marketing?
Creating value through exchange, managing profitable customer relationships
What does search engine optimization do?
Push company listing onto a higher position on search results
Attention, learning, memory
What does STP stand for, and describe roughly what they mean.
Segmentation, Targeting, Postitioning
What is the Willingness to Pay?
The maximum amount an individual is willing to sacrifice to procure a good or avoid something undesirable: ie: how much will my life be better if i have this item?
Name at least 4 uncontrollable external influences that create opportunities or threats
Demographics, social change, economics, political/legal, technology, competition
Name the 4 factors that affect consumer decisions.
Cultural, Social, Individual, Psychological
What are 3 kinds of strategies u can undertake to gain a competitive advantage?
Cost, , Niche, Differentiation
What are the past marketing emphases?
Product leadership, Cost optimization, sales orientation
Star, Cash cow, Question Marks, Dogs. (w explanation)
Why Market segmentation, and what are the market segmentation bases?
Maximize profits, better understanding of customer needs and wants, more accurate marketing objectives. Bases: geographic, income,behavioral
What is the current marketing emphases?
Market orientation, Societal orientation
What is the 5-steps in the consumer decision process?
1/ Need recognition 2. information search 3. evaluation of alternatives 4. purchase 5. postpurchase behavior
What are the 2 types of products? Explain what they mean and give example
Utilitarian product, Hedonic Products
What are the 2 ethical theories in marketing and EXPLAIN them BETCH!
Deontology, Utilitarianism
Name and describe service characteristics
Intangibility, heterogeneity, Inseparability
What is a price?
The amount of money charged or paid for a product/service, whatever is given up for ownership or use of a product. Value is based on perceived satisfaction
3 levels of ethical thinking and decisions
Preconventional, Conventional, Postconventional.
Name and describe 3 methods to collect primary data
Qualitative: depth interview, focus group
Quantitative: survey, observational, experiment, lab experiment, field experiment, natural experiments
Explain Big Data
Prev known as junk data, too little information in too much data, big data analytics gain some more understanding of whats really happening with a higher cost. better computing equipment and algorithms made it possible and cost efficient
Substantial: large enough to warrant a special marketing mix. Identifiable, Accessible, Responsive
Name and describe all the pricing strategies (hint: 5 types)
cost plus, perceived value, product bundling, captive product pricing, even odd pricing
List some sources of secondary data, and what you can obtain from those data
up to u sexy