The Basics
The creation and maintenance of satisfying exchange relationships is known as
What is Marketing
Which of the 4 p's does this describe? How/where a product will be distributed.
What is place (distribution)?
Identifying, evaluating, negotiating, and selecting the most favorable channels of distribution, in order to get products from the producer to the end user.
What is Channel Management (Place)?
The individualized attention provided and available to customers throughout their lifespan as customers.
What is Customer Service?
An ad rep who works for a social media company, and finds customers to advertise on their platform is an example of a career in which field/industry.
What is the technology industry?
A business that needs to generate a profit margin in order to sustain its business operations, fund its growth, and ultimately fulfill its mission and vision
For-Profit Business
Anything offered to a market by the business to satisfy needs, including physical products, services or ideas?
What is Product?
Creating strategies and establishing goals, objectives, processes and procedures in order to reach and attract the target customer to a business.
What is Market Planning?
The amount of money a business thinks it should charge for its product or service.
What is Pricing?
This is a person who identifies an opportunity and starts a business.
What is an Entrepreneur?
An organization that provides a social service, benefit or cause, that isn’t chartered to earn a profit, and that receives tax-exempt status from the IRS.
What is a Non-Profit Organization?
Which of the 4 P's does this describe? Any form of communication used to inform, persuade, or remind; how potential customers will be told about the product.
What is Promotion?
Directly communicating with customers, listening to their needs and wants, giving them the information they need to make an informed buying decision, and persuading them on the merits of the product or service a business provides.
What is Selling?
Informing potential customers that a product or service exists, and the results they should expect from using it.
What is Promotion?
This industry would most likely use a marketing professional to sell tickets to an event.
What is Sports Marketing?
A specific group of customers that are most likely to buy your product, and that you want to reach by aiming or targeting your marketing efforts.
What is the Target Market?
What P in the marketing Mix do these questions relate to?
-What is the value of the product to the buyer?
-What discounts should be offered to your customers?
What is price?
Researching a business’s target market and customers, its competing products or services, and relevant trends within the industry
What is Market Information Management?
Creating new products and updating existing products, both based on research and feedback from existing customers and competitors’ customers, and getting rid of poor performing products.
What is Product/Service Management?
Careers in this marketing function can range from marketing analyst to CEO.
What is Market Planning?
Using the needs of customers as the primary focus during the planning, production, pricing, distribution and promotion of a product or service is known as
What is Marketing Concept?
Going to McDonald's for a cheeseburger is an example of which of the 4Ps?
What is place?
Tool used to by the customer service function to manage customer interactions and communications. Ensuring customer satisfaction and addressing problems is part of the customer service function.
What is CRM (Customer Relationship Management System)?
The Product/Service Management and Promotion functions are related to each other through this means.
What is "They both deal with branding and messaging"?
Concentrating on one thing or a few related activities is called
What is Specialization of Labor?