Marketing Basics
What is marketing?
The process of promoting, selling, and distributing a product or service.
What is market research?
The process of gathering, analyzing, and interpreting information about a market.
Advertising is a type of ______ promotion.
The amount of money a customer pays for a product is called the ______.
price
Instagram, TikTok, and Twitter are examples of ______ media platforms.
social
Marketing helps companies understand their ______ needs.
customer
Surveys and focus groups are examples of ______ data collection methods.
primary
What is the purpose of a promotional campaign?
To increase awareness, interest, or sales of a product or service.
What is price skimming?
Setting a high initial price and lowering it over time.
What is SEO?
Search Engine Optimization – improving website visibility on search engines.
Name the 4 Ps of marketing.
Product, Price, Place, Promotion
What is a target market?
A specific group of consumers a business aims to reach.
Name two types of traditional advertising media.
TV, radio, newspapers, magazines, billboards
Give one reason a business might lower prices.
To attract more customers, match competitors, clear inventory, etc.
Name one advantage of digital marketing.
Lower cost, global reach, easy tracking, etc.
What is the main goal of marketing?
To satisfy customer needs and wants while achieving business goals.
What’s the difference between qualitative and quantitative research?
Qualitative is opinion-based; quantitative is numbers-based.
Define branding.
The process of creating a unique name, design, or symbol to identify a product or business
What does a sales funnel represent?
The stages a customer goes through before making a purchase.
What does "engagement" mean in social media marketing?
Interactions like likes, comments, shares, and views.
This type of marketing involves face-to-face communication & building customer relationships.
Personal selling
Name one advantage and one disadvantage of secondary research.
Advantage – faster & cheaper; Disadvantage – may be outdated or not specific.
What is the AIDA model in advertising?
Attention, Interest, Desire, Action
What is psychological pricing? Give an example.
Pricing that appeals to emotions, like $9.99 instead of $10.00.
Define influencer marketing.
Partnering with individuals who have a large following to promote a product.