Marketing Mix
What are the 4 P's of Marketing?
Product, Price, Place, Promotion
What is the difference between primary and secondary research?
Primary = Conducted by the company itself
Secondary = Accessed through a non-company database or public resource
What is market segmentation?
Dividing the market into groups of people with similar needs or characteristics
What is Supply? What is Demand?
Supply - how much of a product is available
Demand - how many people want that product
List 1 good and 2 service.
Answers vary.
Give 3 examples of promotional methods.
Such as, billboards, flyers, social media, newspaper, commercials, direct mail, etc.
Lilian owns a souvenir shop. She occasionally walks around the store and asks consumers what brought them to the store and what they are looking for.
Is this an example of formal or informal research?
Informal
What is the difference between a Mass Market and a Target Market?
Mass marketing aims to reach the largest possible audience with a single, broad message, while target marketing focuses on specific, well-defined segments of consumers.
What is a monopoly in economics? Give an example.
The exclusive possession or control of the supply of or trade in a commodity or service.
For example, USPS, Cable/Internet, Electricity
Name 2 types of business ownership structures.
Sole proprietorship, partnership, LLC, corporation
Define the word "channel" in marketing.
Related to Place/Distribution, a channel is the path that goods take through the supply chain
Name 2 research methods used in marketing.
Surveys, interviews, focus groups, experiments, observations.
Which type of segment does this represent? Women aged 25 with a college education in the middle class.
Demographic
A concert venue holds 30,000 people. 100,000 people signed up for an artist's presale. If the artist uses dynamic pricing, what will happen to the equilibrium price?
The price will increase. Increased demand raises the value of the ticket.
What is a SWOT analysis? Define each part.
Strengths, Weaknesses, Opportunities, Threats
A business orders 100 products for $10 each. They will sell each product for $20. How many units do they need to sell to break even?
50.
100 x 10 = $1000 for company to purchase. (Company now has -$1000).
They sell each for $20. 20 x __ = 1000. 20 x 50 = 1000. They will break even at 50 units sold.
What is the difference between quantitative and qualitative data?
Quantitative: Can be counted, measured, and expressed using numbers
Qualitative: Questions may require judgement rather than “yes” or “no”, Explain "why"
Name the four main types of segmentation.
Demographic, Psychographic, Behavioral, Geographic
Name 2 economic market structures.
Market Economy, Mixed Economy, Command Economy, Traditional Economy
What is corporate social responsibility (CSR)?
It's about companies acting responsibly and contributing positively to society while pursuing their business goals. (Such as community service, environmentalism, etc.)
Name 2 of the 4 phases of the Product Life Cycle.
Introduction Stage, Growth Stage, Maturity Stage, Decline Stage
Joe's Landscaping maintains a customer marketing email list. They order the list numerically and decide that every 10th person on it will be sent a survey. Which type of sampling is this?
A. Simple Random Sampling
B. Stratified Sampling
C. Cluster Sampling
D. Systematic Sampling
D. Systematic Sampling
Create a customer persona for a Dunkin' Refresher using 3 types of segmentation.
Demographic ___
Psychographic ___
Behavioral __
Geographic ___
Define "the economic problem."
Scarcity: there are unlimited human wants and needs and the limited number of resources available to satisfy those desires.
What does ROI stand for and what does it mean?
Return on Investment (ROI) is a widely used financial metric that measures the efficiency or profitability of an investment. It helps evaluate how much return an investment generates relative to its cost.