Introduction
What is the goal of marketing?
to meet customer needs and wants with products they can and will buy (customer satisfaction & profit for company)
Name the 4Ps of marketing (or elements of the marketing mix).
Product, Place, Price, Promotion
What does a SWOT analysis identify? (four things)
Strengths, Weaknesses, Opportunities, and Threats of a business
Provide an example of “goods” and an example of a “service”
- goods: fruits, clothing, laptop
-service: cleaning, police, taxi, vet service
What is the difference between a “customer” and “consumer”? Give an example for each.
A customer is a person or business/company who purchases a product (goods or services).
A “consumer” is an individual who buys a product for his or her own use (there is consumption). So, a customer becomes a consumer when they USE the goods or services
Which one is NOT part of promotions? a.Advertising b. Customer service c. Personal selling d. Public relations
customer service
What is PEST analysis? What does a PEST analysis identify? (four things)
evaluation of factors that may impact the business
(Political, Economic, Social, Technological factors)
You spent $50 on to make lemonade. You also rented out a stall for $50. After selling them for a week, you earned $350. You hired an employee and paid him $250 at the end of the week. What is your profit?
Expenses: 50 + 50 + 250 = 350
Revenue: 350
Expenses – Revenue = 350 – 350 = 0
What is a “market” (the common meaning in marketing)? What is a “target market”?
A “market” refers to all the people and organizations/companies that might purchase a product
A” target market” is the specific group of customers a company will try to satisfy
When setting the price of a product, explain why the price shouldn’t be too high and why it shouldn’t be too low.
If the price is too high, customers might not buy. If the price is too low, the business might not make enough money to cover expenses to make a profit
What is the difference between the “vision statement” and “mission statement”?
-vision statement: what the business aims to accomplish
-mission statement: company’s message to customers about why the business exists and what it can do for them; identifies customers, shows how the business adds value.
As a marketing professional of Lululemon, a Vancouver-based athletic apparel retailer, who would you identify as your target market? Explain your answer.
Canadians who exercise or work out regularly; athletes or who have sports-related jobs
What is a business -to- consumer (B2C) market? (and give an example of a B2C market)
Customers who buy products for their own use (“consumers”) E.g., buying chocolates from a shop to eat; personal banking
There are 5 types of utilities. Name any two types of utilities and give an example for each one.
A: form, time, place, information, possession utility
Which one does NOT belong to the Action Plan section of the marketing plan?
A: Marketing strategies
What does a SMART goal stand for? Give an example of a SMART goal.
Specific: Measurable Attainable: Realistic/Relevant: Timely:
(ex) Reaching monthly revenue by 9,500,000 won within December 2021
Reach $2000000 for total sales in 2019.
What is a business-to-business (B2B) market? (and give an example of a B2B market)
Customers who buy products to use in a business (rather than for personal use)
e.g., wholesaling, hiring accountants to write tax return for a company
Out of the 7 functions of marketing, what is the activity of handling the activities involved in getting products through different routes from producers to customers? _____ management
A: channel
What are the two large category of analyses the Analysis section of the marketing plan contains?
1) Market Analysis: SWOT, PEST analysis, and competitive analyses.
2) Sales Analysis: sales history, sales forecasts, sales opportunities, sales goals
What is the difference between “market size” and “market share”?
Market size is the total sales per year for a product from all the competing businesses. Market share is the percentage of total sales in a market held by one business
(ex) The market size of food delivery industry in Korea is $13 million
(ex) The market share for food delivery app (Baedalui Minjok) is around 20% ($2.7 million)