Vocabulary
What are the four components of the marketing mix?
Product, price, place, promotion
What function involves adding, deleting, or adjusting products to customer needs?
Product/Service Management
Place utility
Name the four main types of market segmentation
Data collected directly from sources for a specific purpose.
What is primary data?
What is the following vocabulary word: dividing the market into smaller groups with shared characteristics
Segmentation
What is the process of deciding how to get goods into customers' hands
channel management/distribution
Match this example to a utility: "Target extends hours for Black Friday shopping"
Time utility
Match this with the correct type of segmentation: A company may market snow blowers primarily in colder regions where snowfall is common. This is useful because it targets areas with a higher demand for the product.
Geographic
What is the first step in the marketing research process?
Defining the problem
Characteristics like age, income, gender, ethnic background, education, and marital status are examples of what kind of segmentation?
Demographics
What function of marketing gathers, analyzes, and uses data to improve decision making?
Marketing Information Management
Match this example to a utility: A car salesman explains the new features to a customer
Information utility
Why is market segmentation important?
To ensure the product/service is reaching the correct people and not missing consumers who would use it
Sanvi uses research data from a Washington Post article to track trends. What type of marketing research is this?
A strategy to appeal to a broad audience with a single marketing message?
Mass Marketing
To align strategies with available resources and financial goals.
What utility is the following: the value added when customers can acquire products in different ways, such as paying with cash, credit, or financing
Possession
What type of segmentation is on how people act?
Behavioral
Secondary
Businesses taking actions to benefit society beyond making a profit.
Social responsibility
What function of marketing involves determining how much to charge for goods or services to maximize profits while staying competitive?
Pricing
Name the four types of economic resourses.
Land, Labor, Capital, Entrepreneurship
What type of segmentation focuses on people's interests, hobbies, and lifestyles?
Chick-fil-A interviews customers on their new product for spicy chicken nuggets. Is this considered primary or secondary data?
Primary