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What does it mean when we say Marketing is the most visible set of business activities?
You see it the most. Commercials, advertisements, displays, posters, billboards, etc.
How many of the 6 factors can you name that we discussed the other day as to why prices go up and down?
1. Supply and Demand
2. Age
3. Uniqueness
4. Complexity
5. Convenience
6. Seasonal
What are the variables of a demographic?
Age, gender, race, income, occupation, etc.
Other than advertising or promoting, what is one other Marketing activity?
Packaging, pricing, distributing, product development
Which marketing function involves providing the good or service to customers and making it accessible to purchase?
Selling
What is the 80/20 rule?
80% of your profit comes from 20% of your customer base
the group of consumers who share wants and needs, and have the ability to purchase the product or service is called the ______?
Market
What example did we use in class for a company who has great product development?
Apple
What are the 4 core concepts for identifying a Target Market?
Demographic, Geographic, Psychographic, Behavioral
When calculating the selling price for an item, what 3 components do you have to consider as part of the "price formula"?
Product cost + operating expenses + profit
a specific group of consumers who have similar wants and needs, often grouped by demographic or lifestyle
Target Market
What is the cardinal sin in marketing?
Believing your product can reach everyone
the process of creating, promoting, and presenting a product or idea to meet the wants and needs of consumers
Marketing
The reasons consumers decide what products and services to purchase are called ______ ________
buying motives
A company’s plan that identifies how it will use marketing to achieve its goals is called a _______ _________
Marketing Strategy
Which marketing function involves moving goods or services from one place to another?
Distribution
new age marketing, using methods such as social media marketing, digital marketing, using market research to target specific groups
Modern Marketing
the amount added to the cost of a product to set the selling price, set as a percentage. This amount is equal to the expected gross margin.
Markup
old school type of marketing, using methods such as word of mouth, billboards, tv or radio ads. “Spray and Pray” methods
Traditional Marketing
Let’s say a Nike hoodie costs $70 but it is currently being sold on a 15% discount. What is the new sales price AFTER the discount is applied?
$70 x 0.15 = $10.50
$70 - $10.50 = $59.50
What are the 5 P's in marketing?
Product, People, Place, Price, Promotion
A dealership buys a Chevrolet Camaro from the manufacturer for $23,995. Once received, the sales manager of the dealership puts a 24% markup on the vehicle. How much is it selling for once they put it out on the lot?
$29,753.80 (they would price it at $29,755)
When it comes to ethics in Marketing, what is two things marketers MUST do when promoting a product?
1. The product must work
2. The advertisement can not be intentionally misleading
What are the three categories of buying motives? Every time you buy an item it falls under one of these three categories
Functional, Social, Emotional
The complete, multi-faceted process of taking a product from initial concept through design, development, and market commercialization. It involves transforming an idea into a tangible, in-demand product, covering all stages from research to final launch.
In short, it means either creating a new product or evolving an already existing product.
Product Development