Marketing Functions
The method of determining the best price for a product to cover costs and remain competitive is called this
What is pricing
This type of segmentation focuses on age, gender, income, education, and other personal attribute
What is demographics
During the Super Bowl, a sneaker company pays millions for a 30-second TV spot featuring a famous athlete wearing their newest shoes. This is an example of what promotional strategy?
What is advertising
A customer walks into an electronics store looking for a new laptop. A sales associate asks about their needs, demonstrates different models, and persuades them to buy the latest version with an extended warranty. What function is being demonstrated?
What is selling
A fast-food chain introduces a spicy menu in the Southwest, seafood options in coastal regions, and a kimchi burger in Korea to better connect with local preferences. What market segmentation strategy is being applied?
What is geographics?
Gathering and analyzing data about customers, trends, and competitors falls under this marketing function
What is Marketing Information Management
A marketing strategy that targets a very specific and well-defined customer group is called this.
What is niche marketing
A fast-food chain launches a limited-time deal where customers get a free order of fries with any burger purchase, leading to an increase in store traffic and impulse purchases. What promotional strategy is this?
What is sales promotion
A popular clothing brand manufactures its products overseas, then ships them to distribution centers before they reach retail stores and online customers. What is this process called?
To boost holiday sales, a luxury fashion brand launches a global campaign that includes celebrity endorsements, limited-time discounts, and exclusive media coverage about its sustainability efforts. Which marketing function ties all these efforts together?
What is promotion
Identifying target markets and developing strategies to reach them is known as this function of marketing
What is market planning
A luxury car brand targets customers who value status and high-end products. What market segmentation does this fall under?
When you see a swoosh on a pair of sneakers or golden arches on a billboard, you instantly recognize the company behind them. What is the process of creating such a recognizable identity called?
What is branding
After Valentine's Day, Easter, and Halloween, major retailers put candy and decorations 50% off. What business principle is the reason for this?
What is supply and demand
A small bakery goes viral overnight after a celebrity posts on social media about their delicious cupcakes. Without spending any money on ads, the bakery experiences a surge in customers and media coverage. What type of marketing exposure is this an example of?
What is publicity
This is the process of adding value and connecting a business’s products/services to customers
What is marketing
A global soft drink company launches the same TV commercial worldwide, featuring a famous pop star enjoying their beverage. The ad appeals to people of all ages, cultures, and backgrounds. What marketing strategy is being used?
What is mass marketing
After a major airline faces backlash for a flight delay controversy, the company issues a public apology, donates to a travel relief fund, and invites reporters to tour their updated customer service center to repair their image. What marketing concept is being used?
What is public relations
A major soda brand controls 45% of all soft drink sales in the U.S., while its biggest competitor holds only 25%. This percentage represents the brand’s dominance in the industry. What is this measurement called?
What is market share
A new coffee shop carefully calculates its fixed and variable costs before launching. After selling 10,000 cups of coffee, they finally cover all their expenses but haven’t yet made a profit. What financial milestone have they reached?
The process of developing, maintaining, and improving products to meet consumer needs is known as this
What is product service management
A popular coffee chain offers a rewards program where customers earn points for every purchase, leading to free drinks and exclusive discounts. This strategy targets frequent buyers who are loyal to the brand and motivated by incentives. What marketing segmentation did the coffee chain use to target customers?
What is behavioral segmentation
A luxury hotel chain ensures customers have a seamless experience by offering personalized greetings upon arrival, high-end toiletries, and a mobile app for exclusive concierge services, reinforcing their reputation for exceptional service. What is this overall perception and interaction called?
What is brand experience
A high-end watch brand positions itself as a symbol of luxury and exclusivity, while a competing brand markets itself as affordable and durable. What is the strategy of shaping consumer perception called?
What is market positioning
Before expanding into international markets, a tech company assesses its competitive advantage, potential risks from government regulations, and how changing consumer trends could impact sales. What strategic tool are they using to evaluate their position?
What is SWOT analysis (situational analysis)