Chapter 1
Managing and storing data about consumer preferences, purchasing behaviors, and market trends to inform business decisions describes which of the 7 functions of marketing?
What is marketing information management?
Factors such as age, income, and education level describe which type of market segmentation
What is Demographics?
An example of Primary Data
Surveys or Focus Groups
An example of a product item
Ben & Jerry's Chocolate Chip Cookie Dough Ice Cream
Identify the internal and external components of a SWOT Analysis
Internal: Strengths and Weaknesses
External: Opportunities and Threats
A retail store offering products where customers can easily access them describes which of the 5 economic utilities
What is place utility?
Inadequate financing capabilities would be an example of which component of the SWOT Analysis
What is a weakness?
An example of secondary data
Articles, Online Sources
An example of a product line
All of the ice cream flavors that Ben & Jerry's offers
Name the 4 P's of Marketing and provide a real-world example of each one
Product, Place, Price, Promotion
Obtaining,developing, maintaining and improving a product describes which of the 7 functions of marketing
What is product/service management?
Target markets are based on which 4 market segmentation factors?
Demographic, Geographic, Psychographic, and Behavioral
Research that focuses on understanding customer behaviors and motivations.
What is qualitative research?
An example of product modification
Apple releases a new iPhone with a better camera, more storage, and a better battery life
Another word for Market Segmentation
Target Market
Identify which of the 7 Functions of Marketing ensures products are available to customers in the right place at the right time.
What is Distribution?
Social status and lifestyle describes which market segmentation
Psychographic
5 Steps of Market Research
Define the problem
Obtaining Data
Analyzing Data
Recommending Solutions to the Problem
Applying the Results
An example of product extension
Doritos releases a new flavor of chips
Name the 7 Function of Marketing describes offering customer discounts, running advertisements, and engaging in social media campaigns
Promotion
The difference between a customer and a consumer
A customer buys the product and a consumer uses the product.
The difference between mass marketing and market segmentation
Mass Marketing - A marketing strategy to reach all customers.
Market Segmentation - Markets are narrowed down and defined with extreme precision
Advantage of focus groups
It provides in-depth insights through group discussions.
The variety of products a company offers.
What is Product Mix?
Name a strength, weakness, opportunity, and threat of a new coffee shop opening in Massapequa, NY
Strength: Local Location
Weakness: High Operational Costs
Opportunity: Partner with other local businesses/restaurants
Threat: Starbucks and Dunkin