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Action Plan
Market Analysis
Competitive Analysis
Goals
General Marketing Knowledge
100
What are the 4 P's?
Price, Place, Product and Promotion
100
Name three barriers to entry into a new market?
Government, regulation, location, competition....
100
What do S,W,O,T stand for in a SWOT analysis?
Strengths, Weakness, Opportunities and Threats
100
What is the purpose of an goals statement in a marketing plan?
To know what the plan hopes to accomplish
100
What is marketing?
a process by which companies create value for customers and build strong customer relationships to capture value from customers in return
200
What is an example of a added pricing strategy?
It is a strategy that adds value to a product by convince, location, or any other special feature that makes it stand out from its competition.
200
What is a target market?
It is a specific market you want to target your marketing towards.
200
Which two of a SWOT analysis focus internally on the company?
Strengths and Weakness
200
What is a SMART goal?
Specific, measurable, assignable, realistic, timely
200
What are the two ways wealth is created?
War or trade
300
What FFA district are we?
Name three promotional strategies
300
What three things does a marketing team need to consider when gaining customer insights?
Wants, needs and demands
300
What is the difference between a target market and a market segment?
Market is a specific part of a segment.
300
What is a contingency plan?
A backup plan that is clear about what will happen if you don't reach your goals.
300
___________ is the act of obtaining a desired object from someone by offering something in return
Exchange
400
______________sets a low initial price in order to penetrate the market quickly and deeply to attract a large number of buyers quickly to gain market share
Market penetration pricing
400
___________________is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
Market research
400
Why do marketing teams come up with segments?
Get’s a general population into a group with similar interests/wants/needs Similar groups have a greater tendency to buy similar things Helps increase the odds of promotional money paying off
400
Why do we want to have qualitative and quantitative goals?
So we are specific in what we are measuring.
400
Give me an example of a market penetration strategy
Anything where the price is reduced below the competition
500
What are two ways to obtain new products?
Acquisition and product development
500
What are the challenges of a focus group?
Expensive, trained moderator hard to find, hard to generalize from small group, customers not always open and honest
500
Give me one strength, weakness, opportunity and threat for your company.
Variety
500
Give me a goal for your company that isn't related to growth of sales, brand recognition or revenue.
Communication within the company, PR with customers, efficiency, new markets....
500
Why do grocery stores put milk and eggs at the back of the store?
To get customers to walk by all their products on the way to get what they really want in hopes they will impulse buy things