Marketing Basics
What is the main goal of marketing
To satisfy customer needs and wants while making a profit
4 P's of marketing
Product, Price, Place, Promotion
What is the law of demand?
As price decreases, demand increases (and vice versa)
What’s one way to build customer loyalty?
Offer rewards programs, good service, or personalized experiences.
What’s the difference between personal selling and advertising?
personal selling = direct face-to-face; Advertising = mass communication.
What do we call a group of people a business targets with its product?
Target Market
Which P involves deciding how much to charge for a product?
price
What is scarcity
Limited resources to meet unlimited wants
What do we call it when a company behaves honestly and fairly toward customers?
Business ethics.
TV commercials are an example of which type of promotion?
advertising
Which type of research collects numerical data (like surveys)
Quantitative research
If a company sells through both online and retail stores, what P does this represent?
place (distribution)
What do we call the total dollar value of all goods and services produced in a country
Gross Domestic Product (GDP).
What’s one way technology improves customer relations?
CRM systems, online chat support, personalized emails.
A company working with an influencer to promote products is an example of what?
Endorsement (or influencer marketing).
What’s the difference between goods and services?
Goods are tangible products, services are intangible activities
Giving discounts during back-to-school season is an example of..
promotion
What is a tariff?
A tax on imported goods.
What’s the difference between reactive and proactive customer service?
Reactive = responding to issues; Proactive = anticipating needs/problems.
What are the three types of sales promotions?
Consumer promotions, trade promotions, and sales force promotions.
What’s the process of dividing the market into smaller groups with similar needs called?
Market segmentation.
Designing a logo for brand recognition falls under..
product (branding)
What is opportunity cost?
The value of the next best alternative you give up when making a choice
what’s the difference between customer satisfaction and customer loyalty?
Satisfaction = happy with service/product; Loyalty = repeat purchases and commitment to the brand.
What is suggestive selling?
Recommending additional items related to the original purchase