Marketing Basics (Ch. 1-2)
What are the 4 Ps of marketing?
Product, Price, Place, Promotion.
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats.
What type of research determines cause-and-effect?
Causal research.
What are the five steps in the consumer decision-making process?
Need recognition → Information search → Evaluation → Purchase → Post-purchase.
Name the four main bases of segmentation.
Demographic, Psychographic, Behavioral, Geographic.
What is the difference between a need and a want?
Needs are basic requirements; wants are shaped by culture and personality.
Name the three levels of planning in an organization.
Corporate, Strategic Business Unit (SBU), Functional.
What is the difference between primary and secondary data?
Primary = newly collected; Secondary = already existing.
Define habitual decision-making.
Low-involvement, routine purchases requiring little thought.
Name the four targeting strategies.
Undifferentiated, Differentiated, Concentrated, Micromarketing.
Which type of utility is created when Starbucks offers mobile ordering?
Time utility.
What is the purpose of a mission statement?
To define the organization’s purpose and direction.
List the five steps of the marketing research process.
Define problem → Design research → Collect data → Analyze data → Present findings.
What type of influence is peer pressure in consumer behavior?
Social influence.
What is a Unique Selling Proposition (USP)?
A clear statement of how a product is different and better than competitors.
What is the lowest-risk global market entry strategy?
Exporting.
In the BCG matrix, what quadrant has high growth and high market share?
Stars.
What are the 4 Vs of Big Data?
Volume, Velocity, Variety, Veracity.
What is cognitive dissonance?
Post-purchase regret/buyer’s remorse.
What tool helps marketers visualize brand positioning relative to competitors?
Perceptual map.
Give an example of greenwashing.
Any company exaggerating sustainability claims, e.g., calling packaging “eco-friendly” without proof.
In the NFL case, what strategy did they choose to reach Gen Z?
Invest in digital/social media content.
Define Customer Lifetime Value (CLV).
The projected profitability from a customer over their relationship with a company.
What type of B2B buying situation is the most complex, involving formal processes and multiple decision-makers?
New-task buy.
In the Microsoft Adaptive Accessories case, what was the goal of the product line?
To serve people with disabilities and promote inclusivity.