Marketing Research
Marketing research that tries to answer questions like “why” or “how”
Qualitative Research
Why do companies “segment” markets?
It’s a way to divide your potential customers up into even more specific areas (like by age, geographic location, or interests)
What are the four P's of the Marketing Mix?
Product, Price, Place, Promotion
A formal, written document that directs a company's activities for a specific period of time
Marketing Plan
What function of marketing deals with finding out how much to charge for something?
Pricing
Marketing research that tries to answer questions like “how” or “how much”
Quantitative Research
The process of dividing a diverse population into groups of individuals with shared characteristics
Market Segmentation
There are gas stations on every corner. Which element of the Marketing Mix are gas stations emphasizing?
Place
The group that is identified for a specific marketing program
Target Market
True or False: Marketing is an activity
True
How would a company store data collected via marketing research?
Database
What is an example of Geographic Segmentation?
Opening a surf shop in southern California
Smyrna's football field being called SRM Field is an example of which of the four P's of marketing?
Promotion
What does SWOT in SWOT Analysis stand for?
Strengths, Weaknesses, Opportunities, Threats
True or False: Promotion is the effort to inform, persuade, or remind customers about a business's products or services.
True
What are the two main types of computer software used by business to conduct marketing research?
Cookies and Data Mining Software
You are planning to open a retirement home, so you check which nearby county has the highest percentage of people over 65. Which type of Market Segmentation is this an example of?
Demographic Segmentation
The four basic marketing strategies called the four P’s: product, price, place, and promotion
Marketing Mix
Identifies target markets and sets marketing mix choices that focus on those markets
Marketing Strategy
Which of the 7 Functions of Marketing involves gathering, storing, and analyzing information about customers, trends, and competing products?
Marketing Information Management
What is a main benefit of a company using a customer loyalty program?
Gathering demographic information and purchase history
Hallmark sells cards aimed at particular holidays, when people will be planning to buy greeting cards. Which type of Market Segmentation is this an example of?
Behavioral Segmentation
Amazon enables customers to order online and have their products shipped almost anywhere. Which of the 4 P's is this?
Place
To identify issues or problems within a company, you can set goals and create an action plan called a ______
SWOT Analysis
Satisfying a customer's wants and needs while creating value for the business is what
Marketing Concept