Marketing Fundamentals
Give an example of when a consumer is not the customer.
Example: Mom buys diaper and is the customer, but baby uses diaper so they are the consumer.
These are the four elements of the marketing mix.
What is price, product, promotion, and place?
A retailer accepting credit cards and local check is an example of this type of utility.
What is possession utility?
This is what SWOT stands for?
What is strengths, weaknesses, opportunities, and threats?
The process of classifying people who form a given market into smaller groups is known as:
What is market segmentation?
This type of market consists of consumers who purchase goods and services for personal use.
What is a consumer market?
A new juice company decided to sell it's product in grocery stores and gas stations. This is an example of what type of?
What is place?
This type of utility involves changing raw materials into a product.
What is form utility?
These are the two INTERNAL factors of a SWOT analysis.
What are strengths and weaknesses?
Describing a population in terms of age, gender, income, etc.
What is demographics?
A company's percentage of the total sales volume generated by all companies that compete in a given market.
What is market share?
The Generation born between 1945-1965
The Baby Boomers
An example of this utility would be a store being open 24 hours.
What is time utility?
This is an analysis of outside influences that may have an impact on an organization.
PEST Analysis
Marketers who sell luxury items are concerned with this type of income of their customers.
What is discretionary income?
This is the person that actually uses a purchased product.
What is consumer?
What U.S. wireless service provider has the largest current market share?
Verizon
This type of utility relates to getting information to the consumer which can be done in various ways including product manuals, labeling, websites, and more.
What is information utility?
The government survey given once every 10 years
U.S. Census
This involves grouping people with similar lifestyles, shared attitudes, values, and opinions.
What is psychographics?
Name the 7 Functions of Marketing
Channel Management, Market Planning, Product/Service Management, Marketing Information Management, Promotion, Pricing, Selling,
A model that provided celebrities water at the Golden Globes went viral for photobombing all of the photos. Which company was she working for?
Fiji Water
Possession Utility: PayPal is a popular way to digitally pay for online purchases. What company owns PayPal?
Ebay
This is the projection of probable future sales in units or dollars.
What is a sales forecast?
To segment a market in this way you could refer to local, regional, national, or even global markets.
What is geographics?