2.1 & 2.2
What is Marketing?
Marketing is the steps a business takes in order to sell and promote its products or service.
What is ecommerce?
The buying and selling of goods & services online.
What is quality based advertising?
Focusing on creativity and call-to-action
What is a service?
Non physical products, such as acts and performances.
What provides social security and public education?
Government
What will competition force upon two company's similar products?
Unique value proposition
What is considered a good?
A physical product from a company.
What kind of organization is "A food bank distributing meals", an example of?
Non-Profit
What effect does focusing on unmet needs have?
An expanded target market.
What is one way Marketing builds customer demand?
Create Awareness/Persuade Customers/Build a relationship
What are the four P's?
Product, Place, Price, Promotion
Name one of the pricing strategies for competitors.
Price wars, Premium pricing, Predatory pricing
What are the five key components of a marketing plan?
Executive summary, Market analysis, Marketing strategies, Budget & resources, Action plan.
What is the order in which a product travels in a B2B organization?
Manufacturer>Wholesaler>Retailer
What three effects of competitive advantage does market competition impose?
Customer loyalty, Cost efficiency, Determining Market position