7 Functions of Marketing
Visa, Coke, and McDonalds have been sponsors of the Olympic games for years now.
Promotion
Costco marks gas up by only ten cents a gallon
Pricing
the activity or business of promoting and selling products or services, including market research and advertising is...
Marketing
What is a "new" product
a product is functionally different from an existing product
What are 3 of the 6 pricing factors?
Supply and Demand
Uniqueness
Age
Season
Complexity
Convenience
A consumer answers survey questions online after browsing Amazon.com
Marketing Information Management
A company looks at sales figures for the past five years to predict staffing needs for the upcoming month.
Financing or Marketing Information Management
A group of customers likely to buy product/service
Age, gender, income level, education, hobbies, likes, location
Target Market
There are 6 components of a product. What are 3?
Basic Product, Product Features, Options, Brand Name, Packaging, Guarantee or Warranty
Buy one get one free, seasonal deals, sales, coupons are all examples of what Psychological Pricing?
Promotional
Warm coats are in storage until the appropriate time of year to sell them
Distribution
NASCAR considers holding races in the New York City area and attract teenagers as new fans
Distribution or Promotion
What are the 4 P's
Product, Place, Promotion, Price
Finding solutions to problems through carefully designed studies involving consumers is...
Marketing Research
Include several complementary products in a package sold for one price. EX: Travel service: hotel, airfare, rental car
Bundle Pricing
Apple released the new iPhone 15 on September 22, 2023 with a better camera, durable color-infused glass, and an aluminum design.
Product/service management
Creating new products, services, images, or ideas that will influence consumer buying behavior is an example of
Product/Service Management
Reasons to purchase based on feelings, beliefs, and attitudes is what kind of buying motive?
Emotional
What are the steps in market research
1. Define the question
2. Determine needed data
3. Collect data
4. Analyze data
5. Implement data
6. Evaluate action
Pricing in multiples is better for selling more. EX: 3/$1.00
Multiple Unit Pricing
A server at Sagebrush answers questions about the menu for diners at their table.
Selling
Trey hangs posters advertising the school play in local businesses. What marketing function did Trey implement?
Promotion
What buying motive is it if guided by facts and logic
What is the difference between primary research and secondary research?
Primary- Data you have collected first hand. New information. EX: surveys
Secondary- Analyzing existing information. EX: reports or articles
Low prices are set on a consistent basis with no intention of raising them or offering discounts is what Psychological Pricing
Every Day Low Prices