4 P's of Marketing
What are the 4 Ps of Marketing?
Product, Price, Place, Promotion
Name 2 ways a target market canbe divided
Demographics, psychographics, geography, behavior, Age, Traits, Hobbies,etc.
What is branding?
process of creating a unique name/image for a product in consumers’ minds
What is promotion in marketing?
Activities to inform, persuade, and remind customers about a product
What is market research?
process of gathering, analyzing, and interpreting information about a market
Which "P" involves how much a product costs?
Price
What is a target market?
A specific group of consumers a business aims to reach
What is brand loyalty?
When customers continue to buy from the same brand repeatedly
Name 2 types of promotion.
Advertising, personal selling, sales promotion, public relations
What is a SWOT analysis?
Strengths, Weaknesses, Opportunities, Threats
Which "P" includes advertising and sales strategies?
Promotion
What’s the difference between mass marketing and niche marketing?
Mass targets everyone; niche focuses on a specific group
What does a logo do for a brand?
Visually represents the brand, helps recognition
What is the goal of a promotional campaign?
Increase sales/brand awareness
What makes your product or service special compared to others?
Unique Selling Proposition or USP
Give an example of a “Place” decision in marketing
Online store vs. retail location, distribution methods, etc.
Give an example of a company and its target market.
Example: Nike – athletes/active individuals
Give an example of a known brand. Explain why it's known.
Apple – consistent image, high quality, loyal customers
What is the difference between advertising and public relations?
Ads are paid; PR is earned media or publicity
How do companies try to make people think their product is better or different than others?
Product positioning — how a product is seen in people’s minds compared to competitors
A company changes its packaging to attract teens. Which "P" is this?
Product
Why is identifying a target market important?
Helps businesses focus their marketing efforts effectively
What’s the difference between a brand and a product?
Product is the item/service; brand is the identity around it
Give an example of a successful promotional campaign and explain why it worked
Ex: A highly successful promotional campaign is Coca-Cola's "Share a Coke" campaign.
What’s the difference between direct and indirect competition?
Direct sells the same product; indirect satisfies the same need