Basics
Marketing is the process of creating, promoting, and delivering goods/services to satisfy customer needs.
What is the definition of "Marketing"
A specific group of consumers a business aims to reach.
What is a “target market”?
Examples: penetration pricing, skimming, discount pricing.
What is "Pricing Strategy"?
Supply = how much is available; Demand = how much consumers want.
What is supply and demand?
To showcase knowledge, skills, and career goals.
What is a portfolio?
Product, Price, Place, Promotion.
What are the 4 P's
The process of creating a unique identity for a product or company.
What is "branding?"
Product-oriented = focus on what’s made; customer-oriented = focus on consumer needs.
What is the difference between product-oriented and customer-oriented marketing?
Monopoly, oligopoly, perfect competition.
Communication, creativity, data analysis, teamwork.
What is a "marketing skill"?
Choosing retail locations, online stores, or distribution channels.
What is "Place" in Marketing
Activities that communicate a product’s value (advertising, sales, etc.).
What is "promotion?"
Because it allows direct interaction with customers and wider reach.
Why might a company use social media as a marketing strategy?
Competition between sellers/consumers determines price.
What is "Perfect competition"?
Ensures information is accurate and supports arguments.
What is market research?
It helps businesses design products and promotions that connect with customers.
What is the "target market"
The process of creating a unique identity for a product or company.
What is a “marketing mix”?
Direct = directly reaching customers (email, ads); Indirect = using channels/intermediaries.
What’s the difference between direct marketing and indirect marketing?
Can set prices higher due to lack of competition.
What is a "Monopoly"?
Possible futures and plan education/career steps.
What are "goals"?
Businesses earn profit, customers gain satisfaction and solutions to needs.
What is value in marketing
Collecting data about consumers/markets; helps guide decisions.
What is "market research"
High demand → higher prices; low demand → lower prices.
What is supply and demand's affect on marketing strategies?
If demand is elastic, price increases decrease sales; if inelastic, sales stay steady.
What is the elasticity of demand in pricing decisions?
Where to showcase portfolios in marketing display campaigns, data, and career achievements.
What is a "resume," or "job application," or "employer?"