Marketing Basics
What is the definition of marketing?
Marketing is the process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
What is the purpose of product development in marketing?
Product development involves creating and enhancing products or services to meet consumer needs and preferences.
What is the purpose of a call-to-action (CTA) in advertising?
A call-to-action (CTA) in advertising encourages immediate response from the audience, such as making a purchase or visiting a website.
What is a marketing plan?
A marketing plan outlines an organization's marketing objectives and strategies for achieving them.
Define the term "marketing ethics".
Marketing ethics refers to principles and standards that guide ethical behavior in marketing practices, ensuring honesty, transparency, and fairness in interactions with customers and stakeholders.
Name the four P's of marketing.
The four P's of marketing are Product, Price, Place, and Promotion.
How can branding influence consumer perceptions and purchasing decisions?
Branding influences consumer perceptions and purchasing decisions by creating associations and emotions tied to a product or service.
How might a company measure the effectiveness of its promotional activities?
The effectiveness of promotional activities can be measured by analyzing metrics such as sales revenue, website traffic, and customer engagement.
How might a company use SWOT analysis in its marketing planning process?
SWOT analysis helps businesses identify internal strengths and weaknesses, as well as external opportunities and threats, to inform marketing strategies and decision-making.
How might a company demonstrate ethical behavior in its marketing practices?
Companies can demonstrate ethical behavior in marketing by being transparent and truthful in advertising, respecting consumer privacy, and promoting socially responsible practices.
Why is it important for businesses to conduct market research?
Market research helps businesses understand consumer needs, preferences, and behaviors, allowing them to make informed decisions about product development, pricing, promotion, and distribution.
Explain the concept of brand equity and its importance for businesses.
Brand equity refers to the value of a brand's reputation and customer loyalty, which can result in higher sales, premium pricing, and competitive advantage.
Compare and contrast traditional advertising methods with digital advertising strategies.
Traditional advertising methods include print, television, and radio ads, while digital advertising strategies utilize online channels such as social media, search engines, and email marketing.
Discuss the concept of a competitive advantage and its significance for businesses.
A competitive advantage is a unique strength or attribute that sets a business apart from its competitors and allows it to outperform them in the marketplace.
Discuss the ethical considerations associated with targeting children in advertising campaigns
Ethical considerations in targeting children include avoiding deceptive advertising, promoting healthy products, and respecting children's privacy and vulnerability to marketing influences
What is market segmentation?
Market segmentation is the process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors.
Define the term "price elasticity of demand."
Price elasticity of demand measures the responsiveness of demand for a product to changes in its price.
What are distribution channels?
Distribution channels are pathways through which goods and services move from producers to consumers.
What factors influence consumer buying behaviour?
Consumer buying behaviour is influenced by factors such as cultural, social, personal, and psychological factors.
How do you "Profile" your target customer segment?
You use a number of categories including but not limited to geographic, demographic, psychographic, and behavioral traits.
What is psychographic segmentation?
Psychographic segmentation divides consumers based on psychological attributes such as values, beliefs, interests, and lifestyles.
How might a company use a penetration pricing strategy to enter a new market?
A penetration pricing strategy involves setting a low initial price to quickly gain market share and attract price-sensitive customers.
Why is it important for companies to choose the right distribution channels for their products?
Choosing the right distribution channels is important for ensuring that products reach target customers efficiently and effectively.
How might a company use market segmentation to target specific consumer groups?
Market segmentation allows companies to divide a heterogeneous market into smaller, more homogeneous groups of consumers for targeted marketing efforts.
How might cultural differences influence ethical decision-making in marketing?
Cultural differences can influence ethical decision-making in marketing by shaping perceptions of what is acceptable or unacceptable behaviour in different societies or cultures.