Marketing Mix
What are the 4 P's of the marketing mix?
Product, price, place, promotion.
What is a target market?
The group of people most likely to become customers, identified for a specific marketing program.
A group of consumers most likely to buy a company’s products or services.
The group that is identified for a specific marketing program or effort.
Which marketing core function includes the brainstorming portion of creating a product?
Market Planning
What does CRM stand for?
Customer Relationship Management
Starbucks posts about the Pumpkin Spice availability on their Instagram story. Which economic utility is this?
Information
Give three examples of promotion.
Answers will vary
A customer ____________________ includes a combination of geographic, demographic and psychographic data about a group of people.
Profile
What does channel management entail?
How the brand is getting the good or service to the customer.
Give one example of a company's CRM.
Responses vary.
Target adds the Drive-Up option for customers to order their product online and pull into the designated spot and an employee will bring it out to their car. Which economic utility is adding benefit to Target?
Place and/or Possession
How does a brand determine a price?
After figuring out how much it cost them to make the product, what their competitors are selling it for, and how much customers are willing to pay for it.
Why is it important for a brand to define their target market?
Companies don’t have the time or resources to reach, sell, or create products for everyone.
Identifying a target market helps reach the right, intended audience.
Forever 21 decides to look at all of the SKUs and take the bottom three off the shelves. Which marketing function is this?
Product/service management
What is a comprehensive definition of marketing?
Creating, communication, delivering, and exchanging offerings that have value for customers.
Why is marketing so important?
It can take something that is free or unwanted and turn it into a million, billion dollar industry.
What is the marketing mix?
The marketing mix is a combination of elements used to sell a product to a specific target market.
What is the difference between B2C and B2B?
B2C- Business to Consumer
B2B- Business to Business
What are two marketing functions that work simultaneously?
Answers will vary.
The percentage (or piece of the pie) a brand has in their respective industry is referred to as what?
Market share
What are two important economic benefits that are a result of marketing?
Lower prices & new and improved products
What is a market segment?
All people who share similar wants and needs and who have the same ability to purchase a given product in a market.
Demographic
Psychographic
Geographic
Behavioral
What is an example of how a brand uses information collected from their Marketing Information Management system(s)?
Analyzes data to look for trends and figure out how they shop. Ex: Amazon suggested for you pages.
What does Apple's Think Different campaign do differently vs. other brands?
Values- not pushing the product
How does each economic utility add value to a product?
Answers will vary.