Marketing Concepts
Presenting or displaying products in a way that makes them visually appealing and desirable.
Involves using a single marketing strategy to reach all customers.
What is mass marketing?
Processes used to gather information, analyze it, and report findings.
Skills of people who are willing to invest their time and money to run a business.
What is entrepreneurship?
Form of nonpersonal promotion in which companies pay to promote ideas, goods, or services in a variety of media outlets.
What is advertising?
Indicates what the company wants to become and direction for growth.
What is a vision statement?
Narrows and defines a market with extreme precision.
What is niche marketing?
The first step in the marketing research process.
What is define the problem?
Legal agreement to sell a parent company's product or services in a designated geographic area.
What is a franchise?
Activities that help an organization influence a target audience.
What is public relations?
Strategy for delivering a unified message across all marketing channels a brand uses.
What is integrated marketing?
What is shopping and spending behaviors?
Uses surveys or questionnaires to obtain numbers/responses of people to certain activities.
What is quantitative research?
What is a llc?
Sales promotions designed to get support for a product from manufacturers, wholesalers and retailers.
What is trade promotions?
The acronym "SMART" in SMART goals.
What is specific, measurable, attainable, relevant, and timely?
Three (3) types of information found in the demographics category of segmentation.
What is age, gender, marital status, income, ethnicity, etc.?
Uses focused discussions about a topic to gauge attitudes, behaviors, market segments, and prices.
What is qualitative research?
Stockholders own the company.
What is a corporation?
Promotional method used to create a favorable image for a business, help it advocate for change, or take a stand on trade or community issues.
Seven (7) core functions of marketing.
What is channel management, marketing information management, market planning, pricing, product/service management, promotion and selling?
Two (2) types of information found in the geographics category of segmentation.
What is local/state/regional/national/global geographics or location and cultures?
The five (5) steps to the marketing research process.
What is define the problem, obtain data, analyze the data, recommend solutions, and apply the results?
What are three (3) disadvantages of entrepreneurship?
What is stress, risk of failure, potential loss income, long/irregular hours, handling multiple tasks, or self-discipline?
Name the three (3) types of premiums and an example of each.
What are factory packs (toy in cereal box), traffic builders (giveaways at college fair), and coupon plans (cereal box tops)?