Role & Scope of Marketing
What is the primary role of marketing in business?
To build customer demand for products and services.
What are the 4 Ps of the marketing mix?
Product, Price, Promotion, and Place.
What is the first step in creating a marketing plan?
Define the problem.
What law protects personal health information in marketing?
HIPAA
What is one way competition affects pricing?
It forces companies to offer better value or lower prices.
What does B2B stand for?
Business-to-Business marketing.
Which P refers to where a product is sold?
Place
What function of marketing involves gathering and analyzing data?
Marketing Information Management.
What is "bait and switch"?
Advertising a low-priced item to attract customers, then pushing a more expensive product.
What is competitive advantage?
A unique strength that allows a company to outperform competitors.
Name one example of non-profit marketing.
Any reasonable answer (e.g., Red Cross campaign, hospital fundraiser, etc.)
What is meant by “promotion” in the marketing mix?
Activities to inform, persuade, and remind customers about products.
What function involves deciding how to get products to customers?
Distribution/Channel Management.
Name one consequence of unethical marketing.
Loss of sales, bad public image, government fines, etc.
What is one economic utility that affects customer satisfaction?
Time, Place, Form, Possession, or Information.
What type of marketing is used when consumers sell to each other directly?
Consumer-to-Consumer (C2C).
Which element of the mix focuses on setting a cost for the product?
Price
What is the goal of market planning?
To develop strategies to reach target markets and achieve business objectives.
What is one way technology has changed how businesses promote products?
Social media, digital ads, connected TV, etc.
How does "form utility" add value to a product?
By changing raw materials into finished products.
How does marketing help government agencies?
Promotes awareness, educates citizens, and provides public service information.
Give an example of how a company uses “Product” in the marketing mix.
Any reasonable answer (e.g., design, features, packaging).
What function of marketing includes setting prices to meet customer perception of value?
Pricing
What is the difference between ethical and legal marketing?
Legal is what is permitted by law; ethical is what is morally right or fair.
What does "product positioning" mean?
Creating a certain image of a product in the customer's mind.