Marketing Basics
Marketing should focus on addressing a customer's ________ and _______
wants and needs
The parts of a SWOT analysis
Strengths, weaknesses, opportunities, and threats
____ % of a company's sales are generated by ____ % of its loyal customers
80 and 20
The 2 different types of promotion
product promotion and institutional promotion
The 2 types of ownership
business ownership and intellectual property
Utility definition
An added value in economic terms; an attribute of goods or services that
makes them capable of satisfying consumers’ wants and needs.
Elements of the marketing mix
product, place, price, promotion
Aspects to be considered while analyzing markets
age, price, desired features
Aspects of the promotional mix (product promotion)
personal selling, advertising, direct marketing, sales promotion
The 2 types of competition between businesses
price competition and nonprice competition
The seven core functions
selling, channel management, marketing information management, market planning, pricing, service management, promotion
The 4 factors of a PEST analysis
Political, economic, socio-cultural, technological
Things that affect the attitudes and opinions of the target market
changing times and personal experiences
The difference between push and pull policies in promotional mixes
- push sends marketing and communication directly to consumers through channel distribution
- pull focuses on bringing customers to business
This type of business is not allowed in market-oriented economies
monopolies
The role marketing plays in the economy
allowing competition to take place, which results in businesses improving their products and working more efficiently
The 3 C's of internal analysis
company, customers, and competition
The process of market segmentation
classifying people who form a given market into even smaller groups
Aspects of institutional promotion
public relations, company website, community involvement, charity involvement
The 4 traits of the free enterprise system
ownership, competition, taking risks, and making a profit
The five types of utilities
form, place, time, possession, information
The steps of a marketing plan (6)
1. executive summary
2. situation analysis
3. objectives
4. marketing strategies
5. implementation
6. evaluation and control
4 methods of segmentation
demographics, geographics, psychographics, behavioral characteristics
The different types of sales promotions
trade promotions and consumer promotions
The major functions of a business
production or procurement, marketing, management, and finance