Concepts of Marketing
Patterns of behavior people follow in their daily lives, including how they spend their time and money
Lifestyle
What happens to price as demand increases?
Price also increases
What are the 4 P's of marketing?
Product, price, place, promotion
Would a new business want quantitative marketing or qualitative marketing?
Quantitative marketing.
Disconnect so we can _______
Connect
Statistics about age, gender, income, ethnicity, education, occupation, etc. are called...?
Demographics
People that a business want to sell to
Target audience
Advertising would fall under which of the four P's?
Promotion
The first action of marketing research is?
Problem Recognition
What sport does Mr. Santoro currently play?
Golf
What does STP stand for?
Segmentation, Targeting, Positioning
When a customer purchases products from one brand over another
Brand loyalty
Which of the 4 P's does distribution fall under?
Place
before starting to sell its existing goods in a new market, a business normally carries out____________
Market Research
What is Mr. Santoro's favorite hot coffee?
Black Coffee
Statistics about where people live
Geographics
What are the internal factors of a SWOT analysis?
Strengths & weaknesses
In which of the 4 P's do you consider distributors?
Place
using figures and other numerical information is an example of______________________
quantitative research
What is Mr. Santoro's favorite type of marketing?
Niche Marketing
Companies that sell similar products are all part of a _______
Market share
Which section of the marketing plan can you find a SWOT analysis?
Situation Analysis
In which of the 4 P's do you consider the life cycle?
Product
the variety of goods or services offered by a business is know as its
Product Range
What was Mr. Santoro's favorite job?
Valet at BMW