Level 1
What is a product?
A good, service or idea
S.W.O.T stands for?
Strengths, Weaknesses, Opportunities and Threats
Define:
B2B Market
Business to business market consists of customers who buy products for use in a business rather than for personal use
Define B2C
Business to consumer market consists of customers who buy products for their own use.
What is channel management?
Handling the activities involved in getting products through the different routes from producers to customers.
A snapshot of the environment in which a business has been operating over a period of time, both internal and external, is a ____.
Situation analysis
The four Ps of marketing include __________.
Product, price, promotion and place
The goal of tracking the activities of all marketing campaigns is to ____.
Determine if they are worth repeating
The specific group of customers whose needs and wants a company will focus on satisfying is the __________.
Target Market
The plan for using product, price, place, and promotion to market a specific product or group of products is its ____.
marketing mix
Activities involved in getting a product or service to the end users.
Place
Define:
Channel
distribution, route a product takes from a producer to a customer.
Marketing
Dynamic activities that identify, anticipate, and satisfy customer demand while making a profit.
Something necessary for survival, such as food, clothing, and shelter.
Need
When is a marketing plan written?
A year in advance
Person who helps determine the marketing needs of a company, develops and implements marketing plans, and focuses on customer satisfaction.
Marketing professional
A snapshot of the environment in which a business has been operating over a period of time, both internal and external, is a ____.
situation analysis
MIM is?
Marketing information management
Gathering and analyzing information about markets, customers, industry trends, new technology, and competing businesses.
A company’s message to its customers about why the company exists is known as its ____.
Mission Statement
True or False:
In addition to selling products, marketing involved selling you own talents
True
True or False:
Customers are known as consumers when they buy products for their own use.
True
One method of conducting an environmental scan is to do a _____ analysis
PESTLE
The process of identifying existing or potential customers as B2C or B2B customers is ____.
market identification
Approach to business that focuses on satisfying customer needs and wants while achieving profit goals for the company.
Marketing Concept
Strategy for using the elements of product, price, place, and promotion.
Marketing Mix