4 P's
List the 4 P's
Product, Place, Price, Promotion
What does SWOT stand for?
Strenghts, Weaknesses, Oppurtunities, Threats
To provide utility, a product must provide __________ to a customer.
Satisfaction
Define Target Market.
A companies way of directing products to specific groups of people based on their lifestyle and other factors.
The Statue of Liberty was a gift from which country?
a. Germany
b. Canada
c. Poland
d. France
D. France
Give an example of how Marketers use price.
Compare to their competitors, make profit, discounts/sales
What does PEST stand for?
Political, economical, social, technological
What are the 3 economic benefits of marketing?
Utility, lower prices, new and improved products
Give an example of a product and it's designated tarket market group.
Ex. Baby formula to new parents
What is the highest grossing Broadway show?
a. Wicked
b. Lion King
c. Hamilton
d. Phantom of the Opera
B. Lion King
Which of the 4 P's should consider the level of quality?
Product
Which of the SWOT categories fall into the "Internal" and which fall into "External" category?
Internal: Strengths & Weaknesses
External: Opportunities & Threats
What are 2 factors that a customer must have to buy a product?
Money and Willing to buy
What are the 4 categories target markets can be split into? And give an example of one.
Demographic, Psychographic, Geographic, Behavioral
Which country invented ice cream?
a. USA
b. Italy
c. China
d. France
c. China
What is considered the 5th P?
People
What are the 3 C's?
Customer, cost, competition
Give an example of time utility and place utility.
Time: Need the birthday sign for the birthday this weekend.
Place: Offered online when can't find in stores
What are some factors that describe Psychographic segmentation?
Which ancient people created the toothbrush?
a. Egyptians
b. Greeks
c. Romans
d. Africans
a. Egyptians
Give an example of how the 4 P's can work together. (Scenario)
A Mcdonald's opens downtown in the restaurant district of the area. They are promoting it using billboards right off the highway for travelers to take the exit. They are having an opening sale on milkshakes to draw in customers. The staff is taught how to make each of the food items with the best of quality.
List the 2 categories in which this scenario can fall under: You opened a new diner and every weekend recently you have a line out the door.
Strengths and Weaknesses
Ms. Powers has been saving to buy a new car that she has always wanted. What is Ms. Powers considered and what are the two factors that make her a good customer?
Market; has the money and is willing to buy
Explain the difference between Behavioral and Psychographic?
Behavioral has to do with habits. Psychographic is specific to interests, personality and lifestyle.
What does DNA stand for?
Deoxyribonucleic Acid