1.1/1.2
Are advertising/promotion the same thing as Marketing? Why or why not?
Advertising/promotion represent just one of many parts of marketing
Who were the first recorded people in history to use marketing concepts?
Ancient Greeks & Romans
Marketing strategies are the ________________ for how goals and objectives will be met.
Blueprint
____________ involves attempting to appeal to an entire market, rather than specific segments
Mass Marketing
This business originated on Craigslist, where the founder tested the idea by renting out his 1-bedroom apartment
Air BnB
Provide one benefit, and one potential drawback of marketing
Benefits:
Connects customers with businesses/brands
Leads to creation/improvement of products people want
Drawbacks:
Companies might try to deceive customers
Can be expensive and use up a lot of resources
Lack of data privacy
List each era in the correct order that they took place:
Sales-Orientation Era, Marketing-Orientation Era, Production-Orientation Era
Production-Orientation Era
Sales-Orientation Era
Marketing-Orientation Era
Provide a reason why a business might need to change its marketing strategy
-Government regulations
-Economic downturn
-Competition
-Changes in consumer preferences
With inflation up and wages down, Starbucks predicts fewer "casual" customers will be consuming their premium-priced coffee in 2026. Because of this, they want to focus more on their loyalty rewards members-- who are more likely to continue buying their coffee.
Which primary market segment will they use for target marketing?
Behavioral (volume & benefit)
This popular coffee chain originated from initially trying to sell coffee beans and equipment, but failed.
Starbucks
Explain the "Marketing Concept".
The idea that businesses should understand the needs and wants of consumers first, then develop a product/service for them.
What resulted from the Production-Orientation Era as it relates to business?
-Production/Supply increased
-People bought more products
-Competition grew
-Businesses had to learn new skills
If a business has an objective of increasing holiday sales by 10% in Q4, what would be a tactic to support that objective?
*answers vary*
___________ involves sorting people into groups who share characteristics
Market Segmentation
Post-It Notes
Marketing helps businesses "stand out" by building a brand.
How do consumers benefit from competition among businesses?
Competition encourages/forces businesses to:
-Keep products up to date
-Improve products
-Introduce new products
-Have competitive, fair pricing
What resulted from the Sales-Orientation Era and why?
Brands emerged due to the fact that there was increased competition due to more businesses making identical goods.
Because of this, businesses needed a way to stand out and differentiate themselves-- so they created brands!
"Place" in the 4 P's of Marketing is also referred to as:
Channel Management
Describe 1 advantage and 1 disadvantage of market segmentation
Advantage:
Easier to reach the right customers
Disadvantage:
Much more costly
The founder of this global logistics company had originally received a C in college on his proposal paper for the idea.
FedEx
List the 8 functions of Marketing.
Product
Price
Channel Management (Place)
Promotion
Marketing Information Management
Customer Service
Selling
Market Planning
How did (and does) available technology affect the way businesses use marketing?
As technology became more evolved, so did marketing
Radio --> TV/Movies --> Internet --> Social Media
Identify the 4 P's of Marketing for any business of your choosing.
Describe 1 advantage and 1 disadvantage of mass marketing
Advantages:
You can focus on making one core product with mass appeal
Promotional budget will be spent reaching everyone
Disadvantages:
Competitors might reach groups/meet needs better than youIt's likely that you won't reach everyone, so that would mean your promotional dollars go to waste
President Theodore Roosevelt was known to keep many pets in the white house-- including exotic pets.
Name one of the 3 exotic pets Roosevelt had.
Hyena
Bear
Badger