Basic Principles
4 P's
Hierarchy of Needs
5 Steps
Segmentation
100
What is a need?
Something necessary for life
100
What are the 4 P's?
Product, Price, Promotion, and Place
100
Name 3 basic (physiological) needs?
Food, water, air
100
Who invented the 5 steps?
John Dewey
100
What does segmentation mean?
division into separate parts or sections.
200
What is the difference between a good and a service?
a good is tangible and a service is intangible
200
What are 2 important things to recognize with the price portion?
how much revenue you want to make and ensuring your item is properly valued
200
When and who (first and last name) invented the hierarchy of needs?
Abraham Maslow in 1943
200
What is the 2nd step
Searching for information
200
How many main types of segmentation are there?
4
300
What is marketing?
Marketing is the process of developing, promoting, pricing, selling, and distributing products
300
What does promotion encompass?
Informing and reminding customers of products available to them and persuading them to purchase. Promotion consists of advertising, public relations, sales promotion, and personal selling.
300
What is the 4th tier and when do we achieve this?
The fourth level is Self-Esteem. It is achieved when individuals feel comfortable with what they have accomplished, and all prior needs are met.
300
What is the 3rd step
Evaluating alternatives
300
What two companies use all 4 types (we went over in class)?
Apple and Nike
400
What is the target market for this photo?
Children who want new toys
400
Where would the best location for this advertisement be?
Sporting goods store/Adidas store
400
Tora has been feeling like she is never included in group activities or social events. He has been feeling a bit lonely lately so according to Maslow, which category of needs has not been fulfilled?
Love and Belonging (level 3)
400
What is the 1st step and why is it crucial as marketers?
Identifying the need/problem. Without a need/problem, no one will buy anything.
400
What are the 2 most common type of segmentation?
Geographical and Demographic
500
Provide an example, used in class, of a company that provides both goods and services
Starbucks
500
What assignment did we do in class to ensure we were all familiar with the P's?
Shark Tank
500
What are the levels to the needs pyramid in order?
Physiological Needs, Safet and Security, Love and Belonging, Self-Esteem, and Self-Actualization.
500
What is the 5th step
Post purchase review/behavior
500
What are all 4 types of segmentation?
Demographic, Geographical, behavioral, and psychographic