Marketing Basics
What is marketing?
The process of promoting and selling products or services.
What is a marketing strategy?
A plan to reach customers and sell products.
What kind of data do businesses track?
Sales, customer feedback, and trends.
The avenues by which messages are What is product management?
Planning and managing products a business sells.
What is a distribution channel?
How a product gets from the business to the customer.
Why is marketing important for businesses?
It helps businesses attract customers and make money.
What is a market?
A group of people who want or need a product.
What is marketing research?
Collecting information about customers and markets.
What is a product life cycle?
The stages a product goes through from start to end.
Name one type of distribution channel.
Retail stores, online, or wholesalers.
Why does marketing matter in a global economy?
It helps companies reach customers around the world.
What does market identification mean?
Finding the right customers for a product.
Why is marketing data important?
It helps businesses make better decisions.
What is branding?
Creating a name and image for a product or company.
Why are distribution channels important?
They help products reach customers efficiently.
Why should marketers act ethically?
To build trust and avoid harming customers.
What is a marketing plan?
A written plan for how a business will market its product.
What is the difference between primary and secondary research?
Primary is new data; secondary is existing data.
What is product positioning?
How a product is viewed compared to competitors.
What is channel management?
Managing how products are delivered to customers.
What can employees do to help a company succeed?
Work hard, follow company goals, and treat customers well.
Why do companies analyze their situation before planning?
To understand strengths, weaknesses, and competition.
Why must companies use data ethically?
To protect privacy and avoid misleading people.
What is product bundling?
Selling multiple products together as a package.
Why is ethics important in distribution?
To ensure fairness and honest business practices.