Marketing Basics
Ferrari is an example of ___________ orientation.
Market
True of false: Niche markets generally have low prices/high volume.
False
A company's collection of products is called what?
Product portfolio (accept product line)
An illegal pricing strategy meant to drive out competitors.
Predatory.
What is the last name of the business tycoon behind the "No. 5" perfume?
Chanel
The formula for market share.
Firm Sales/Industry Sales
For marketing purposes, a specific demographic is called a market ____________.
Segment
"Product" is one of seven whats?
The 7 P's of marketing.
Promotions that include television and radio ads.
Above the Line Promotion
What is the first name of the business tycoon behind the "No. 5" perfume?
Coco
The formula for market growth.
(new industry sales - old industry sales)/old industry sales
A specific market segment that a marketer tries to appeal to is called a __________ market.
Target
What stage of the product life-cycle follows growth?
Maturity/saturation
Business type that buys from producers and sells to retailers.
Distributors or wholesalers.
Which S-word that comes before “proprietor” makes it sound like a business is being run by a pair of shoes, but actually means that it’s run by one person?
Sole
The firm with the largest market share in an industry.
Market leader
A marketing plan starts with theses.
Marketing objectives.
The collective name of strategies used during the maturity/saturation phase of the product life-cycle.
Extension Strategies
The "P" most concerned with customer service.
People.
Burger Kings in Russia briefly launched a cryptocurrency named after what signature burger?
Whopper
The counterpart (opposite) of niche marketing.
Mass marketing
What acronym captures the ideal characteristics of marketing objectives?
SMART
What are the four aspects of branding in the IB Business syllabus?
Brand...
...Awareness, Development, Loyalty, and Value
Pictures on websites and testemonials are considered to be examples of which "P"?
Physical evidence
What six-letter hairstyle is popularly associated with the semi-ironic phrase "business in front, party in the back"?
mullet