Chapter 1&2
Define Markting
Creation and maintenance of exchange relationships.
What is contingency planning?
Discover and define the problem.
What is a markup?
Amount added to a product or service to cover operating expenses.
What is media
Channels of communications used to send a message to the target market.
What are the goals of a economic market?
What the customers wants and how much they are willing to pay.
Give a example of utility
Watching a movie through streaming servics.
What is a Blue Chip Athlete?
A athlete who shows Exceptional on the field and who shows good behavior off the field.
What is a in-concert movie?
A movie a performer plays during a movie.
What does PR stand for?
Public Relations
What are the 4 elements of the marketing mix?
Product, Distribution, Price, and Promotion.
What popular game has turned their league into a "traditional sports league"
Overwatch
Why are trademarks important?
It makes it illegal for other companies to steal your logo.
Why would studying the competiton be good for pricing a product?
Its good because you can study what the competition is putting out.
PetCo
What does "FAST" stand for?
Focus,Action,Search,Tenacity.
What are the buyers on shark tank called?
Venture capitalists.
Skimming is introducing a product at a high price and emphasizes qualities to justify the price while Penetration is introducing a product at a low price to help it gain a large market early.
When price goes up, demand goes down. When price goes down, demand goes up.
Obtain the highest possible GRP at the lowest possible cost.
Why is social media valuable to marketers?
It can allow to keep up with the trends that are popular so they can market accordingly.
What was Title IX
A law prohibiting discrimination in school sports on the basis of gender
What is customer estimated value?
Its the calculation of the estimated profit the business will earn from a customer.
What is a example of a amphitheater?
What does AIDA stand for?
Attraction , interest, desire, action