terminology
Define the term 'marketing'.
marketing refers to a range of activities, which taken together, are designed to achieve the goals of an organisation.
How many stages are there in the PLC?
5
Marketing involves a) Advertising b) Identifying customer needs c) Setting the price for the product d) All of the above
d) All of the above
What is the final (and arguably most important) step of the planning process in developing a strategic marketing plan?
Evaluating progress
What is the most kills Robert has had in a Fortnite game?
23
Name the four P's
Product, price, promotion and place
Describe the differences between fixed and variable costs, and give an example of each
Fixed costs are those that do not change as the quantity produced or sold increases. An example is rent of premises Variable costs are those that change the quantity produced or sold increases. An example is the transportation of goods
The main purpose of a company's marketing plan is to:
Meet the company's goals and objectives
In the SWOT analysis, Opportunities and Threats exist in which environment?
The external business environment
What Donald Trump's middle name?
John
Which term is used to describe a group of consumers who react in similar ways to a company's marketing mix
Market segment
Describe why a knowledge of demographics is useful when deciding on a business location
To understand if your business will be targeting the correct market segment, and to understand the area profile
Name two factors that will influence marketing decisions
Operating environment - Customers, Suppliers & creditors, Competitors, Special interest groups Macro environment - Social & cultural, Technological, Economic, Political & legal
Name two ways in which a company may get information about their target market
Market research, using Australian Bureau of Statistics, analyzing data from previous product sales etc...
When was the first American flag made and who made it?
June 14, 1777, by Betsy Ross.
Provide a definition AND example of the total product concept
Total product concept includes the tangible and intangible aspects of the product. For example, buying a new car with a warranty and after sale services.
List all five stages of the product life cycle
Innovation, Introduction, Growth, Maturity, Decline
Name the term used to describe the act of concentrating all marketing efforts on a small but specific and well-defined segment of the population.
Niche marketing
An advantage that a firm has over its competitors, allowing it to generate greater sales or margins and/or retain more customers than its competition is known as what?
Competitive advantage
Is a hot dog considered a sandwich or a sub?
Neither. It's a hot dog
Which term is used to describe the company identifying & clarifying customer needs/market trends in order to make more informed decisions about the marketing mix
Market research
when does competition start developing during the plc?
the growth stage.
What is meant by the term 'core competencies'?
The skills, characteristics, and assets that set a business apart from its competitors
A term which describes the process of identifying how effectively a business is spending its marketing dollars
Marketing cost analysis
Who closes the bus door after the bus driver closes the door?
The bus driver