Marketing Basics
What is the process of creating, communicating, delivering, and exchanging offerings that have value for customers?
Marketing
After buying an expensive phone, a customer starts second-guessing their decision and looks up positive reviews to reassure themselves. What is this feeling called?
Cognitive Dissonance
You never get exactly the same haircut twice, even from the same stylist. What characteristic of services explains this?
Variability
Promoting an individual to build their reputation — like Taylor Swift or an athlete building a personal brand — is an example of what type of marketing?
People Marketing
What part of the marketing mix focuses on getting the product to the customer?
Place (Distribution)
What are the 4 P’s of the marketing mix?
Product, Place, Price, Promotion
What type of market includes organizations that buy goods to produce other products?
Business Market
A product’s name, design, or symbol that identifies it is called what?
Brand
When a city or state promotes tourism to attract visitors — like “What Happens in Vegas, Stays in Vegas” — what type of marketing is being used?
Place Marketing
What is the difference between a retailer and a wholesaler?
Retailer sells to consumers; wholesaler sells to retailers
Which type of utility is created when a business makes products available when customers want them?
Time Utility
Stanley changed two pieces of its marketing mix that caused sales to skyrocket in recent years. What are those two components?
Product and Promotion
What type of consumer product is bought frequently with minimal effort?
Convenience Product
The Super Bowl, Coachella, and the Olympics are promoted through what specific type of marketing?
Event Marketing
Selling a product through as many outlets as possible is what type of distribution?
Intensive Distribution
What is the specific group of customers a business aims to reach?
Target Market
What is the difference between a consumer market and a business market?
Consumer markets buy for personal use; business markets buy to produce or resell products.
The invention of the first smartphone or electric car is an example of what type of innovation?
Discontinuous Innovation
Marketing campaigns that promote recycling, anti-smoking, or seatbelt use are examples of what kind of marketing?
Idea Marketing
Pricing a product at $9.99 instead of $10.00 is an example of what pricing strategy?
Odd Pricing
Name one of the five elements of the marketing environment and give an example.
Economic, Technological, Social-Cultural, Competitive, or Political-Legal
Nike uses the same “Just Do It” message across TV ads, social media, billboards, and events. This is an example of what marketing concept?
Integrated Marketing Communication
What stage of the product life cycle focuses on defending market share as sales peak?
Maturity Stage
When a city promotes a major multi-artist music festival like Coachella to attract visitors and highlight the local area, it’s using a combination of what two types of marketing?
Event and Place Marketing
This term refers to the point at which total revenue equals total cost, meaning the company makes neither a profit nor a loss.
Breakeven Point