Marketing Functions
7
Pinkerton added a new social media marketing course this year. Adding this course is considered which marketing function?
Product/Service Management
The process of breaking a market into smaller, identifiable groups with similar characteristics, wants, and needs
Market segmentation
Internal/External/Both: SWOT analysis is based on __________ factors, PESTLE analysis is based on ___________ factors.
Internal and External, External
Influencing others about products by talking about them is called
word-of-mouth
Which marketing function involves informing, persuading, and reminding customers about products or your brand?
Promotion
Name the 4 Ps
product, price, promotion, place
A visual that shows companies within an industry and rates them on two variables to show competition
positioning map or perceptual map
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats
Patagonia uses sustainable materials and brands itself as eco-friendly, making it better than North Face or Columbia. What is it called when a company has something it does better than other companies?
competitive advantage
Which marketing function involves deciding when and how to get goods and services into consumers hands, storing inventory, and sourcing materials?
Channel management/distribution
Setting goals, creating your target market, doing strategic analysis, and creating marketing strategies is which marketing function?
Market planning
What does STP stand for, and what is involved in each step of the process?
Segmentation, targeting, positioning. Segmentation is breaking your market into smaller groups, targeting is deciding which segments will be profitable to reach, positioning is shaping your brand in the minds of consumers
Choose any good or service and list 3 substitute products
Ms. Snair decides if you're right
Pepsi controls 24% of the carbonated drink industry. This means Pepsi has 24% ______________.
What is marketing information management?
The process of gathering, storing, and analyzing data to make informed business decisions. Can include polls, surveys, sales data, analytics
Define marketing in your own words.
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Explain two competitor companies and how they position themselves differently
Ms. Snair decides if you're right
What does PESTLE stand for?
Political, economic, socio-cultural, technological, legal, environmental
a semi-fictional representation of your ideal customer based on market research and real data for your target market
buyer persona or customer profile
What is the difference between selling and promotion?
Promotion is any effort to inform, persuade, or remind customers about product offerings. Selling is direct communication between a salesperson and a customer to entice them to purchase by meeting their wants and needs.
Direct, personalized communication with customers to meet their needs with a company's product offers in an exchange is
Selling
Name the 4 types of segmentation and at least 3 variables that go into each
Demographic: age, gender, income, education
Geographic: where consumers live, climate, willingness to travel, language, culture
Psychographic: lifestyle, values, interests, personality, beliefs
Behavioral: benefits sought, past purchases, online interactions with brand, usage rate
Name Porter's Five Forces
Threat of substitutes, rivalry of existing competitors, threat of new entrants, power of suppliers, power of buyers
Gifford's ice cream sells 3-gallon tubs of ice cream to Moo's, an in ice cream shop. This is a __________ transaction.
B2B or business to business