Definition
Define the term "Marketing"
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing may involve the solicitation of funds to an offshore account that may be used to coheres persons into accepting the products offered by the business
False (This is illegal)
Name ONE qualitative forecasting technique
Sales Force Composite
Delphi Method
Consumer (customer) survey
Jury of Experts (executive opinion)
The _, _,_, and _ are the 4p's in the marketing mix
Product, Price, Place, Promotion
Who was deemed the world's fastest man in the world for the year 2024?
Noah Lyles
Define the term "Customer Value"
Customer value refers to the customer's perception of the value of a product or service, which includes the benefits received compared to the costs involved.
Marketers must distinguish between wants and demand, as demand drives revenue.
True
What are the parts three parts of the production process?
Input - Throughput - Output
_ is the target market whose needs and preferences shape the marketing mix.
Customer
What is the quadratic equation?
ax2 + bx + c = 0
Define the term "Customer Satisfaction"
Customer satisfaction in marketing refers to the measure of how well a company's products or services meet or exceed customer expectations
Exchange transactions involve trading anything between parties to receive something in return.
False (the item traded must be an item of value)
Name two of the four production methods
Job Production
Batch Production
Flow Production
Cellular Production
_ is what the "L" in the PISTLE Analysis stands for
Legal
Where was William Shakespeare born?
Kingdom of England
Define the term "Added Value"
Added value in marketing refers to the enhancements a company gives its product or service that make it more attractive to customers, thereby justifying a higher price and fostering customer loyalty.
Marketers add value to products through marketing activities, enhancing the value of components, service, features, and convenience.
True
What are the four economic questions?
What to produce?
How to produce?
When to produce?
Where to produce?
_ campaigns may need adjustments based on legal advertising regulations or social norms.
Promotional
In what year did Queen Elizabeth the Second die?
2022
Define the term "Exchange Transactions"
In marketing, exchange transactions refer to the process of obtaining a desired product or service by giving something in return. This could be money, goods, services, or even information
The concept of market has evolved from a physical location to a virtual space.
True
Name two quantitative facts affecting the location of a product
Site Costs
Transportation Costs
Labor Cost
Government incentives
Revenue potential
The_process is a series of steps used to collect, analyze, and interpret information to make better marketing decisions. It helps organizations understand their customers, competitors, and the market environment.
A Bunsen burner is primarily used in scientific laboratories for heating, sterilization, and combustion, providing a controlled and adjustable flame for various experiments.