MARKETING BASICS
What is the process of identifying and satisfying customers' needs and wants?
Marketing
Name the 4 Ps of Marketing.
Product, Price, Place, and Promotion
What do we call it when customers repeatedly return and continue purchasing from the same business?
Customer Loyalty
What does B2B stand for?
Business-to-Business
True or False: Emotions can influence what customers decide to buy.
True
Which is something essential that a customer must have: a need or a want?
Need
Nike designs a brand-new basketball shoe. Which P does the basketball shoe represent?
Product
True or False: Providing consistent, dependable quality can help create customer loyalty.
True
What does C2C stand for?
Consumer-to-Consumer
A business researches its customers before creating a new product. What is the main reason for doing this?
To understand and meet customer needs.
A teenager already has shoes but really wants the newest pair of Nikes because they are popular. Is this a need or a want?
Want
A store decides to sell a hoodie for $29.99. Which P is this?
Price
Which would MOST likely create customer loyalty?
A. Poor customer service
B. Dependable quality and helpful service
C. Raising prices every week
D. Ignoring complaints
B. Dependable quality and helpful service
A student sells their old bicycle to another student. What type of marketing relationship is this?
C2C
A store sends you a coupon for the EXACT brand of shoes you purchased last month. What type of promotion is this?
Personalized Promotion
A company responds to customers on social media, asks for feedback, and recommends products to them. What marketing term describes this interaction?
Customer Engagement
A company decides to sell its products online AND inside Walmart. Which P is this?
Place
A coffee shop gives customers a free drink after they purchase 10 drinks. What is the business using to encourage customers to return?
A rewards/loyalty program
A software company sells a computer program to a school district. What type of relationship is this?
B2B
Why can personalized promotions be more effective than sending the exact same advertisement to everyone?
They connect with the customer's interests or previous purchases, making the message more relevant.
A local animal shelter creates a campaign encouraging people to adopt pets. The goal is to raise awareness rather than earn a profit. What type of marketing is this?
Nonprofit Marketing
A restaurant posts a TikTok advertising its new $5 lunch special. Which P is represented by the TikTok advertisement?
Promotion
Which generally costs a company MORE: keeping a current customer or finding a brand-new customer?
Finding/acquiring a new customer
A wholesaler sells hundreds of cases of soda to convenience stores around Colorado. Is this B2B or C2C?
B2B
A business has two choices:
Option A: Spend $500 advertising to find new customers.
Option B: Give existing customers a simple rewards program.
Which option would MOST likely help retain current customers?
Option B — the rewards program.