Market Research
What is a specific group of customers a company wants to sell to?
A target market.
What type of competitor sells similar products or services?
Direct Competitor
What is a marketing method that uses ads on a website within a search engine?
Pay Per Click Marketing
What is the last step in a sales process?
Follow-up
What is the formula for calculating Customer Acquisition Cost (CAC)?
Marketing expenses + sales expenses divided by the number of new customers.
What type of data is collected from first-hand accounts like surveys?
primary data
What type of competitor sells different products but could still meet the same need?
indirect competitor
What are three examples of digital marketing methods?
Social media, sponsored content, paid ads, and email marketing.
What step involves addressing customer concerns and questions?
The objection step.
What is the term for keeping current customers?
Customer retention.
What is a statement that explains why a customer should do business with a company?
A value proposition.
What does the acronym SWOT stand for?
Strengths, weaknesses, opportunities, and threats
What are three examples of traditional marketing methods?
Mail, newspapers, and billboards
What sales channel occurs in person, like in a brick-and-mortar store?
A physical sales channel.
Which is generally more cost-effective: acquiring new customers, retaining current ones, take your competitors customers, spend all the money ?
Retaining current customers
What type of data is often biased because it interprets information from other sources?
Secondary data.
A new coffee shop's strength is its unique flavors, but a nearby Starbucks is opening. The Starbucks is an example of what?
A threat.
What are the four P's of the marketing mix?
Product, Price, Place, and Promotion
What is the sales process step where you identify potential clients?
The prospecting step.
A business spent $500 on marketing and sales and acquired 50 new customers. What is its CAC?
$10.00 ($500 / 50).
Name the four segments of sales data.
Behavioral, geographical, demographic, and psychographic
What would a lack of funding be in a SWOT analysis?
A weakness
What provides an overview of a company's marketing plan?
An executive summary
Selling goods from one business to another is known as what?
Business-to-business (B2B) sales.
DAILY DOUBLE
A business had 100 customers at the start of the year, ended the year with 120 customers, and acquired 30 new customers. What is its customer retention rate?
80% (120 - 30) / 100 * 100 = 90%