Market Research
This is a group of customers that will buy your product or service
What is a Target Market?
Weaknesses
Name the two types of sales channels
Physical and digital
What is the formula to determine a company's CAC?
Marketing Expenses + Sales Expenses / # new customers
What are the 4 P's of the marketing plan?
Product, Price, Place, Prommotion
The market segment that shows how a customer views the world.
What is psychographic?
What are the two external elements of the SWOT analysis?
Opportunities and Threats
A Wholesale store is which type of sales channel?
Physical
What is the formula to determine a company's customer retention rate?
[(Customers @ end of period - new customers) / Customers @ beginning of period] x 100
____ marketing usually occurs when customers have subscribed to receive promotional material
What type of data are internet articles and company newsletters
What is secondary data?
Other businesses that sell products that are different from a business but are similar enough that their products could satisfy the same need are...
indirect compeition
Which stage of the sales process includes developing a presentation for customers?
2. Preparation
John's company acquired 2000 new customers last year. He spent $20,000 on marketing costs and $15,000 on sales. What is his CAC?
$17.50
True
What is a value proposition?
Financial limitations would be an example of a ____ in a SWOT analysis
Weakness
Last step in the Sales Process
Follow up
Jane owns a printing business. She had 100 customers at the end of the 3rd quarter, 101 at the beginning of the 3rd quarter, and five new customers in the 3rd quarter. What is her customer retention rate?
94%
Which marketing method has the higher success rate of bringing in new customers? mail or email?
Angel wants to sell custom painted shoes to teenagers in the Poinciana area. Describe his target market using all market segments.
Demographic
Your coffee shop completed a SWOT analysis and found that lots of other shops are opening up nearby as more competition moves into the area. Identify which of the SWOT analysis element this is and how you will react to maintain business.
What is stage 5 of the sales process
Objections
What is the churn rate?
The remainder pecentage of CRR. Example CRR is 96% then Churn rate is 4%.
Liberty High School changed our logo last year because we were using the LA Chargers logo. This was an intellectual property violation because the LA Chargers logo is _______.
trademarked