Marketing Principals
Name the 5 P's of Marketing
Price, Product, Promotion, Place, People
If a business owner decides to read product reviews so she can improve the product to better fit customer needs, she is using which marketing function?
Product/Service Management
Age, Occupation, Gender, and Income are all considered a form of ______________ segmentation
Demographic
Name 3 products in the "Maturity" phase
There are like a billion
What is main goal of most businesses
To make as much profit as possible
What are competitors?
Another company or brand that sells the same or similar products to your brand
Walmart's physical stores are an example of which type of distribution?
Indirect
What kind of marketing is used to promote products in which everyone might be a potential user?
Mass Marketing
Introduction, Growth, Maturity, Decline
What does MIM stand for?
Marketing Information Management
I decide to set up my boating shop right on the beachfront, this follows the logic of which of the five Ps of marketing?
Place
Give two examples of how companies try to help their customers finance purchases
Buy Now Pay Later, Layaway, SNAP or EBT benefits, etc.
Demographics, Psychographics, Behavioral Factors, and Geographic
Growth
What kind of marketing is shown in this example (inbound or outbound)? When looking up brands of hiking shoes, Merrell's boots show up as a sponsored link.
Inbound
Read this scenario "Ronaldo's diner has thought out a lot ideas for his store. He knows that there will always be posters in the windows showing the newest products on the menu. Ronaldo's waiters and waitresses are asked to take in suggestions from customers as well as take constructive criticism so Ronaldo can make his food the best it can be." Which of the 5 P's of marketing did Ronaldo not consider in this scenario?
Price
Name all 7 of the Functions of Marketing
Price, Market Information Management, Distribution, Product/Service Management, Selling, Financing, and Promotion
If market research determined a person buys products in bulk for their kid's soccer games", this would be considered a ______________ form of segmentation.
Psychographic
At what stage is there the greatest amount of competition?
Maturity
Kiosks in a McDonalds are an example of which marketing function?
Selling
What is the price quality heuristic
The idea that consumers think a more expensive product is higher quality
What is the difference between promotional and institutional advertising?
Institutional ads are meant to make your brand look better, whereas promotional ads are supposed to sell a product
Lily is a 30 year old office worker who lives in the center of New York city. She currently has an annual income of $70,000. Lily like to crochet and go to metal concerts. She hates doing menial tasks like grocery shopping and cleaning the house, so she often orders food delivery services and grocery delivery services like DoorDash. Lily doesn't like going to crowded events, but Lily does like going thrifting and finding genuine antique pieces of clothing to wear. Which product is Lily most likely to be interested in?
C. The tattered sweater
What are a company's two options once a product has hit the decline stage?
Let the product die and use the remaining profits to start a new product/business endeavor OR try to reinvent the product into something new.
Read this customer profile: Kierra is a 24 year old recent college graduate originally from Kentucky. She moved to California for college and continues to live there now. She enjoys swimming, video games, and crafting.
Which of the market segments is missing from this profile
Behavioral