Marketing Fundamentals
What is marketing?
The process of creating, communicating, and delivering value to customers.
Name one force in the external marketing environment.
Political, Sociocultural, Technological, Economic, or Competitive.
Name the 4 Ps of the marketing mix.
Product, Price, Place, Promotion.
What is personal selling?
One-on-one interaction between a salesperson and a customer.
What is a target market?
A group of consumers likely to buy a product.
Define value.
A product’s benefits relative to its cost.
What is data warehousing?
Collecting and storing customer data electronically.
What is a marketing plan?
A strategy for focusing marketing efforts on consumer needs.
What is sales promotion?
Coupons, discounts, contests—used to entice purchases.
Define market segmentation.
Dividing a market based on customer needs and characteristics.
What are consumer goods?
Products bought for personal use.
What is data mining used for?
To analyze customer data to predict behavior or marketing trends.
What is advertising?
Paid, non-personal promotion of products.
Name one advantage of personal selling.
Customizable, builds personal connection.
What is geographic segmentation?
Segmenting based on location.
What is utility, and name two types.
Utility is the product’s ability to satisfy wants. Examples: Time and Place.
What is the sociocultural environment?
Social values, customs, and demographics that affect marketing.
What is public relations?
Building favorable public attitudes toward a business.
Give one disadvantage of advertising.
Can be expensive and impersonal.
What are psychographics?
Lifestyle, values, interests used in segmentation.
What is relationship marketing?
Strategy focused on long-term customer relationships and loyalty.
Give one advantage and one disadvantage of brand competition.
Advantage: More choices; Disadvantage: Overwhelms consumer or reduces loyalty.
Define integrated marketing strategy.
Ensuring the 4 Ps and company actions work together smoothly.
What is the purpose of a promotion strategy?
To communicate product benefits and persuade customers to buy.
What is product positioning?
Communicating how a product is different and better than competitors.