Marketing Fundamentals
What is marketing?
Marketing is the process of delivering a message to the public. Getting consumers and ideas to create exchanges that satisfy customer needs and wants.
What is branding and why is it important?
Branding is creating something specific about your product that differentiates it from others. Making your product unique is important because the consumers will be able to tell which one is from your brand, and might purchase it simply because of brand loyalty.
What is market research?
Market research is the collection of data related to the supply and demand of a service or good.
What are some ethics that impact the world of marketing?
High prices, deceptive practices, poor service, unsafe products
What are the 4 Ps of marketing?
Product, price, place, and promotion.
What is the goal of marketing?
Marketing is the process of getting your product or service to the public. Showing your target audience what your product does and why they need it. Marketing is gaining attention and publicity to improve sales.
Why are colors in marketing important?
Colors have been shown to create different moods in different people. Yellow tends to make babies cry which can play a role in your product being bought. If you send the wrong emotion with your product people might get confused.
What are the benefits of knowing your target market?
There are many benefits of knowing your target market like learning how to match your products with consumer needs, gain market share, and increase sales and profits.
What are some possible careers in marketing?
Marketing Director, Marketing Manager, Marketing Communication Manager, Marketing Research Analyst, Product Manager, and Marketing Consultant
What does Product represent in the 4 Ps of marketing and why is it important?
The product is what you are trying to sell whether it is a service or an act. This is important so that your consumers know what they're getting
Why is Marketing important?
Marketing is important because without it, there is no way for people to know about your product. You need to use resources such as celebrities and social media to build your brand and get the word out. Without it, your business will go nowhere.
What are some factors that affect price?
Some examples of things that can affect price are company goals, competition, customer response etc
How can primary and secondary research play a role in marketing your product?
Primary and secondary research will help you market your product in specific countries by telling you what marketing strategies work best and what trades are formed.
How do the 4 Ps of marketing play a role in the issues and ethics of the marketing world?
The 4 Ps of marketing create different categories of where issues can occur. Knowing the importance of each one can really affect the ethics of your company and truly max out your sales.
What does Price represent in the 4 Ps of marketing and why is it important?
The price is how much you are selling your product or service for. It is important to choose a good price that is right to your target audience to ensure sales.
Imagine you are starting your own business. What are some of the main marketing challenges you face?
Some of the issues can be lack of money, lack of resources, lack of time, and lack of staff. When you are just starting out, being able to find everything you need can be difficult.
What decisions go into promotional strategies?
There are lots of factors in promotional strategies like how potential customers will find out about a new product, when and where it will be delivered, and what are the incentives to buy the new product.
What are the 7 steps of market research?
Determine the problem;
Set objectives;
Plan the research;
Collect the information;
Tabulate the data;
Analyze the data; and
Present the results.
How does technology have an effect on the trends of marketing?
Technology digitally and efficiently collects data and target markets for your product making it a very useful tool. It also can change the age group of who you are marketing to as not everyone is on social media.
What does place represent in the 4 Ps of marketing and why is it important?
Place represents where you're selling your product. This is important because different places have different marketing strategies and what works best for one country might flop in another.
What are the marketing activities that occur every time a product is developed or sold?
The marketing activities that occur every time are distribution, selling, pricing, marketing information management, promotion, financing, and product service management.
What is the difference between industrial and consumer services?
Industrial services are tasks performed by others to fulfill the needs of industries and are usually paid for by businesses whereas consumer services are tasks performed to fulfill the needs of a consumer and are usually paid for by a person.
What is market share?
Market share is the percentage of sales that your company has compared to total sales for the overall market for a particular product/service.
How would the ethics in marketing affect a business?
There are lots of different possibilities where businesses can lose customers meaning that their sales could fluctuate unpredictably.
What does Promotion represent in the 4 Ps of marketing and why is it important?
Promotion is how you show off your product. Promotion is important to reach your target market and truly know who to engage and how.