Marketing Basics
What are the 4 Ps of Marketing?
Product, Price, Place, Promotion
What does AIDA stand for?
Attention, Interest, Desire, Action
What is cost-plus pricing?
Production cost plus markup.
What is personal selling?
Direct interaction between a salesperson and a customer.
What is a sponsorship?
A marketing partnership between a company and a team, athlete, event, or organization.
What is a target market?
A specific group of customers a business wants to reach.
What is an impression?
When an advertisement is viewed by a potential customer.
What pricing strategy starts with a low price to gain customers?
Penetration pricing
What is a sales lead?
A Potential Customer
What is an endorsement?
When a celebrity or athlete directly promotes a product.
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats
What is engagement?
Interaction with content such as likes, comments, shares, or clicks.
What pricing strategy starts high and lowers over time?
Price skimming
Name two qualities of successful salespeople.
Active listener, knowledgeable, adaptable, persuasive, approachable
Name two goals of sponsorships.
Brand awareness, media exposure, reaching target audiences, increasing sales, improving brand image.
Which P of marketing focuses on how products reach customers?
Place
Interaction with content such as likes, comments, shares, or clicks.
TV, radio, newspaper, billboard
What pricing strategy is based on customer perception of value?
Value-based pricing
What is licensing?
Paying for the legal right to use a brand, logo, athlete, or character.
What is event marketing?
Promoting a brand, product, or service through an event.
Explain the difference between a marketing strategy and a marketing plan.
Strategy is the overall approach; a plan is the detailed actions used to implement the strategy.
Which stage of AIDA encourages customers to purchase, attend, or click?
Action
Name two factors that influence pricing decisions.
Demand, competition, costs, customer preferences, economic conditions
Why do video games like Madden require licenses?
To legally use league logos, team identities, and player likenesses.
Name four sections of a marketing plan.
Executive Summary
Situation Analysis
Target Market
Marketing Objectives
Marketing Strategies
Action Plan/Tactics
Budget
Timeline
Metrics/Evaluation
Contingency Plan