Marketing Concepts
Goal of marketing primary goal
What is profit?
4 P's of Marketing
What is Product, Price, Place, Promotion?
three functions of marketing listed in the notes
What is : Channel management, Pricing, Promotion MIM, Market Planning, Product/Service Management, or Selling?
SWOT
What are strengths, weaknesses, opportunities, and threats?
sells similar goods and an example.
What is direct competition?
What is Nike v Adidas?
needed for survival and something desired but not necessary
What is the difference between a need and a want?
one risk when PRICE is set too high and one risk when it is set too low.
Price too high: What are lost sales? Price too low: What is insufficient profit/cover costs?
route product takes from producer→consumer
What is channel management?
letter in PESTLE that deals with the law
What is legal?
when customers choose lower prices at one business over another.
What is Price Competition?
a specific group a company aims at
What is a target market?
Another name for distribution
What is place?
Examples are market research/data analysis
What is MIM?
Geographic, Demographic, Psychographic, Behavioral
what is market segmentation?
Way a business can build a competitive advantage
What are lower cost, superior quality, brand loyalty, unique features, and customer service?
establishing a positive image in person and online.
What is personal branding?
direct one-to-one selling (salesperson demo)
What is personal selling?
deciding which products to offer or improve
What is product/service management?
detailed description of typical consumer
What is customer profile?
Southwest positions on low cost, no hidden fees, free checked bags → perceived value and simplicity
What is product positioning?
Definition of a product and explain the three categories of product with one example of each.
What is a good, service, or idea?
Good: laptop. Service: haircut. Idea: charity campaign.
process of communicating with potential customers in an effort to influence their buying behavior
What is promotion?
identify target market, determine strategies, set budget, track metrics.
What is market planning?
a company’s % of sales compared to competition
What is market share?
Movie Theater versus Bowling Alley
What is indirect competition?