7 Functions of Marketing
The process of communicating with consumers to assess and fill their needs, as well as anticipating future needs.
What is Selling?
4 P's of the Marketing Mix
Product, Place, Price, Promotion
The strategic process of establishing a brand, product, or service in the minds of consumers relative to competitors
What is positioning?
Segmenting a market by specific areas, like zip codes
What is Geographic Segmentation?
An example of a need
Food, water, shelter, basic clothing
The process of determining how a business will deliver products and services to consumers.
What is Distribution?
The marketing mix component that requires sports marketing professionals to identify where consumers shop
What is place?
What is Differentiation?
How a brand stands out from the competition
A form of segmentation focuses on information that can be measured, like age, education, and income
What is Demographic Segmentation?
The process of carving out a relatively tiny part of a market with a special need that is not currently being filled
What is Niche Marketing?
The process of creating budget and revenue projections to help an organization reach its financial goals.
What is Financing?
Wilson manufactures basketballs to meet the various needs of basketball players. Which P does this describe?
What is Product?
A tool marketers use to compare and contrast products, services and brands in relation to one another.
What is a Positioning Map?
People with defining characteristics that set them apart as a group
What is a target market?
The 3 components of the exchange process
1. Transfer of Value
2. Mutually Beneficial
3. Freedom to Decline
The process of gathering, analyzing, storing, and communicating consumer information that is relevant to improving business decision making.
What is Marketing Information Management?
Which P does Supply and Demand predominantly impacts?
Price
Unique Selling Proposition (USP)?
The essence of what makes your product or service better than your competitor’s.
What is an example of a psychographic characteristic?
Interest, Personality Traits, Values
Describe an example of the exchange process
Ex: A sports team making tickets available for consumers to purchase online or at the stadium box office.
The process of designing, developing, maintaining, improving, and acquiring products or services so they meet customer needs, drive business growth, and achieve other organizational objectives.
What is Product Managment?
How marketers communicate product or service information to consumers
What is Promotion?
3 Differentiation Strategies
1. Price or Value Proposition
2. Brand Image or Identity
3. Product Features and Benefits
4 Types of Market Segmentation
What is the Marketing Concept?
The ability to sell products and services depends upon identifying consumer needs and wants and determining how to best satisfy these needs and wants.