Marketing Basics
What is the process of creating, communicating, delivering, and exchanging value with customers?
Marketing
What are the four Ps of the marketing mix?
Product, Price, Place & Promotion
What is consumer behavior?
How and why consumers choose, purchase, use, and respond to products, services, or experiences.
What is market segmentation?
Dividing a larger market into smaller groups of consumers with similar characteristics, needs, or behaviors.
A movie theater offers discounted tickets to students. What segmentation type is most obvious?
Demographic
A customer needs food, but wants a $12 smoothie. Which is the WANT?
$12 smoothie
A concert adds VIP seating, a meet-and-greet, and exclusive merchandise. Which P?
Product or Promotion
What is the FIRST step in the consumer decision-making process?
Recognize a need or want.
Age, income, occupation, and education are examples of which type?
Demographic segmentation.
A concert advertises only to people within 30 miles of the venue. What segmentation type?
Geographic
What are 2 factors in the marketing environment?
Competition, economy, technology, social/cultural trends or laws/regulations.
A basketball team offers $10 student tickets. Which P?
Price
A student reads reviews and compares three phones before buying one. Which decision-making step is this?
Evaluate alternatives.
City, state, region, and climate are examples of which type?
Geographic segmentation.
A fitness brand targets people who value healthy living and outdoor activities. What segmentation type?
Psychographic
What is ethical marketing?
Honest, accurate, fair, and not misleading.
A company sells tickets through its website, an app, and a ticketing partner. Which P?
Place
Friends convince a student to attend a concert they originally did not plan to attend. What type of influence is this?
Social influence
Lifestyle, hobbies, interests, personality, and values are examples of which type?
Psychographic segmentation.
A coffee shop gives rewards to customers who make purchases every week. What segmentation type?
Behavioral
A company makes an advertisement that exaggerates what its product can do. What marketing issue could this create?
An ethical issue because the advertising may be misleading or dishonest.
A concert posts TikTok videos, runs social media ads, and gives away tickets to build excitement. Which P is being emphasized?
Promotion
Why might a sports fan buy a $50 team jersey even though a cheaper shirt would meet the same basic need for clothing?
The purchase can provide emotional connection, identity, belonging, loyalty, or support for the team.
What are the 4 segmentation types?
Demographic, Geographic, Psychographic & Behavioral
How can marketers make a product more appealing without changing the actual product itself?
Change the way it is presented and promoted.