Marketing Mix
This is the focus of the marketing mix. It falls in the center and is the focus.
What is the customer?
This is the system to store customer information so you can use that data to create marketing strategies.
What is CRM?
This is one of the most common tools for collecting data/information about environmental forces affecting the marketing mix.
What is the internet?
True or False - Changing demographics do not have an impact on the marketing mix.
What is false
True or False - The two main category of markets are Business and Industrial.
What is false?
This variable of the marketing mix deals with maintaining proper inventory levels and getting the products to the customer.
What is distribution?
CLV is short for?
What is Customer Lifetime Value?
True or False - While a marketer doesn't have full control of environmental forces, there are some forces where they can provide some guidance.
What is true
The forecasting method where a company uses historical data to find a pattern in sales volume
What is Time Series Analysis
True/False - Due to federal laws, you are not allowed to have marketing strategies that are based off demographic off race and ethnicity.
What is false?
This variable is about informing and persuading the target customer
What is promotion
To visualize the lifetime potential of a customer, we used the example of which carnival ride in class?
What is a ferris wheel?
Sally is looking to buy a new Toyota Camry for transportation in New York City. A bicycle is what type of competition.
What is generic?
This most government agency most heavily influences marketing activities
What is FTC (Federal Trade Commission)
Segmenting the market by level of use falls under this type of variable.
What is behavioristic?
Packaging falls under which variable in the marketing mix
What is product?
____% of your business comes from 20% of your customers.
What is 80?
The airline industry would be consider which type of Competitive Structure.
What is Oligopoly
If a company has a few customers, they can use this approach to sales forecasting
What is a customer facing survey?
If a company is going to target Middle TN and South Central Kentucky, they are segmenting the market by this type of variable.
What is geographic?
Our competition is charging $2 less than we are. We need to charge less. This is an example of which marketing mix variable.
What is Price?
If a customer spends $1000 on a new smart phone, approximately how many of those dollars went toward marketing related activities?
What is $500
In which competitive structure are products basically all the same.
What is pure competition?
This is the forecasting method most applicable to a new product where no historical sales data is available.
What is a Market Test?
These are the four traits that must exist to truly be a market
What are desire, ability, willingness, and authority?