Written Questions
Think of a business and please explain how they effectively use one of the 4 P's from the Marketing Mix.
Must contain and explanation of a business and one of the 4 P's (Product, price, promotion, place)
True or False. Marketing is the art of communicating Value.
True
Which goes first, targeting or segmentation?
Segmentation
Decision Journey Step 1
Need recognition
This is a tool marketers use. It's a paid promotion to draw public attention. It is one of the 3 sectors that make up marketing.
Advertising
Please provide an example of a high - involvement decision. Please explain why it is a high - involvement decision.
High - involvement decision = tied to ego / self - image. Big purchase decision. Requires thought, reassurance, and detailed information
List the 4 P's of the Marketing Mix.
Product, Price, Promotion, Place
What is segmentation?
The process of dividing up potential customers into groups to better understand them
Decision Journey Step 2
Information search
This type of marketing has high penetration within specialized segments.
Niche - marketing
Please provide an example of a low - involvement decision. Please explain why it is a low - involvement decision.
Low - involvement decision = straightforward, repeating, habit forming. Requires less thought and planning compared to a high involvement decision.
Which concept does the following definition match.
Doing better than competitors at understanding, creating, and delivering, and communicating value to the target customers
Marketing Concept
What is targeting?
Determining which segments are most likely to become customers and directing marketing efforts to satisfy them.
Decision Journey Step 5
Post purchase behavior. Potential buyers remorse
This is an outcome of good marketing. It's the unique image of the business created in the customer's mind. It is one of the three sectors that make up marketing.
Branding
Please describe the term differentiation and why it is important to businesses.
Differentiation = distinguishing a product, service or brand from competitors. The goal is to use differentiation to make the product or service more attractive to their target customers.
This concept focuses on creating the best and most innovative product.
Product concept
Social class structure plays a large role in how consumers act. Which social class structure is largest in terms of percentage of the population?
Middle class
Decision Journey Step 3
Evaluation of alternatives
This is one of the two strategies used by marketers. This strategy can be characterized by intense focus on a certain group. This strategy is also considered high risk because if demand in that group decreases, it could pose problems for that business. Which of the two is this referring to?
Concentration strategy. The other strategy is multi-segment strategy which has a higher reach compared to the concentration strategy. However, they experience higher costs for distribution and promotion
Think of a business and please explain which Targeting Strategy they use.
Response must contain a real business and either undifferentiated, differentiated, niche, micro-marketing
Advertising, branding, sales
This topic covers psychological factors and motivation. Includes motivation, perception, learning, Maslow's Hierarchy of needs
Internal Drivers
Decision Journey Step 4
Purchase decision
What is the difference between undifferentiated marketing and differentiatied marketing?
Undifferentiated = everyone, everywhere
Differentiated = broken up into large groups within a market. still markets to a large population, just not as much as undifferentiated