The World of Marketing
What term describes a business’s obligation to protect and enhance the society in which it operates?
Social responsibility
What analysis method looks at a company's internal strengths and weaknesses and external opportunities and threats?
SWOT analysis
What are the Four P’s of the marketing mix?
Product, price, place and promotion
What are the five major promotional tools?
advertising, personal selling, sales promotion, public relations, and direct marketing
What is the term for all the products a company sells, grouped together?
Product Mix
This streaming service introduced an ad-supported tier to attract more subscribers.
Netflix
This fast-food chain frequently uses humor and chaotic social media posts to connect with Gen Z.
Wendy's
What is the main goal of marketing?
To create value and build long-term customer relationships
What term is used for a specific group of customers a company aims to reach?
Target Market
What "P" involves decisions about the brand name, warranty, service, and product design?
Product
What is integrated marketing communications (IMC)?
The coordination of all promotional messages to ensure consistency across all audiences
What type of consumer product requires a strong brand preference and buyers are willing to search extensively for it, like luxury goods?
Specialty Product
This trend involves brands taking public stances on social or political issues.
Purpose-driven marketing
This language-learning app became famous for its “unhinged” TikTok presence featuring its owl mascot.
Duolingo
What term describes the activity of creating, communicating, delivering, and exchanging offerings that have value?
Marketing
What type of research gathers preliminary information to help define problems and suggest hypotheses?
Exploratory research
What "P" involves decisions about where and how a product will be distributed?
Place
What is the promotional mix?
The combination of promotional tools used to reach the target market and fulfill the organization's goals.
What is the difference between intensive, selective, and exclusive distribution strategies?
Intensive places products in as many outlets as possible; selective uses a few intermediaries; exclusive grants rights to one or very few dealers
This retail giant has heavily invested in private labels and fast delivery logistics.
Amazon
This brand rebranded from Facebook and is investing heavily in the metaverse.
Meta
What is the difference between a need and a want in marketing
A need is a basic necessity; a want is shaped by culture and personality
What is the difference between primary data and secondary data in marketing research?
Primary data is collected firsthand for a specific purpose; secondary data already exists and was collected for another reason
What pricing strategy sets a high price initially to recover costs quickly before competitors enter the market?
Price skimming
What is the difference between earned media and paid media in a promotional strategy?
Earned media is free publicity gained through PR efforts or customer word-of-mouth, while paid media involves paying for advertising space or promotion?
What is product line extension, and why might a company use it?
Adding new products to an existing product line to meet customer needs and capture more market share
What term describes the move by companies to heavily promote eco-friendly products and practices?
Green Marketing
This beverage company built a cult following by marketing water in tallboy cans with edgy, anti-marketing messaging.
Liquid Death
What term describes the idea that a business should aim to satisfy customer needs while also preserving or enhancing individual and societal well-being?
Societal Marketing Concept
What is market segmentation?
The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups
What role does "promotion" play in the marketing mix?
Informing, persuading, and reminding potential buyers about a product to influence their opinion or elicit a response.
What type of promotion is used for new products to build primary demand?
Informative promotion
What type of distribution channel is used when a company sells directly to consumers without using intermediaries?
Direct distribution
This growing concern is causing brands to emphasize transparency and ethical data use.
This brand’s “Dream Crazy” campaign featuring Colin Kaepernick sparked both praise and controversy.
Nike