SWOT
What does PEST stand for?
Political, economic, sociocultural, technological
What is a consumer
Person who uses product
best way to market to Baby boomers and Gen X
print ads
Where would be a good location to market elderly retirement homes
Florida, Maine, Arizona
What is psychographics
The attitude/interests/likes/dislikes of a target market
Is a company's Strength + weaknesses internal or external?
Internal
What is a customer
person who buys product
best way to market to Gen Y
television, emails
Bergen county (generally)
Ann's Art just came out with new paint brushes. Who should she focus on marketing to?
People who like to paint
Is a company's Opportunities and Threats internal or external?
External
market ____ is separating large groups of potential customers into smaller ones based on demo, geo, and psychographics
segmentation
best way to market to Gen Z
social media
What is Apple's market?
international/global
Thomas Rhett is having a concert at PNC. Should his marketing team put up flyers at a
A. guitar store
B. heavy metal rock store
A
Give an example of a Strength
High market share, brand recognition, etc
McDonald's markets their products ___ while Allendale Eats markets their business ____
internationally, locally
Disposable income is ___ while discretionary income is ___.
Income after taxes for needs, income after needs and taxes for wants
What is the purpose of focusing where your target market lives?
Get an idea of where and how to market specific product
Fiji wants their brand to reach health conscious people. Who should their target market include?
A. Women who prefer organic foods
B. People who commonly eat fast food
A
Give an example of a Threat
3 components of customer profile
psycho, demo, geographics
example of demographic feature
age, marital status, gender
Where would be a good place for a surfboard company to get started?
A. Vermont
B. California
B. California
What is an example of a feature of psychograohics?
religious beliefs, opinions, lifestyle, music tastes, personality