Marketing Basics
The three Cs of marketing are Company, Consumer, and ________.
What is Competition?
Friends, family, and peers are examples of this factor affecting consumer decisions.
What is a Social Factor?
This segmentation category focuses on where consumers live.
What is Geographic Segmentation?
Research that is collected directly from consumers.
What is Primary Research?
Which "P" refers to advertising and communication with customers?
What is Promotion?
This term refers to something a person must have to survive.
What is a Need?
This is the first step in the consumer decision-making process.
What is Problem Recognition?
This segmentation category includes age, income, gender, and occupation.
What is Demographic Segmentation?
Research gathered from existing sources is called this.
What is Secondary Research?
A store offers a 25% discount for one weekend only. This "P" is being adjusted.
What is Price?
Product, Price, Place, and Promotion are known as the ________.
What is the Marketing Mix (4 Ps)?
According to Maslow, these needs must be satisfied first.
What are Physiological Needs?
Personality, interests, and values are part of this segmentation category.
What is Psychographic Segmentation?
A short-lived craze that becomes popular very quickly is called this.
What is a Fad?
A company sponsors a local sports tournament to build awareness. Which P is being used?
What is Promotion?
A haircut is an example of this type of offering.
What is a Service?
A movie theatre raises ticket prices from $10 to $15 and notices fewer tickets are sold. This economic principle explains the decrease in sales.
What is the Law of Demand?
A gaming company markets directly to people who play online video games several hours per week. This type of segmentation is being used.
What is behavioural segmentation?
This occurs when a product decreases in size while the price remains the same.
What is Shrinkflation?
Give one reason a company segments a market rather than marketing to everyone.
Better targeting, improved sales, lower costs, more effective advertising, etc.
This is the primary goal of marketing.
What is satisfying customer needs and wants while achieving business goals?
Name two factors that influence consumer purchasing decisions.
Social, Psychological, Economic, Cultural, Situational, etc.
A company sells baby formula. This group is its target market.
Who are parents of infants (or caregivers of infants)?
This occurs when prices increase and consumers' purchasing power decreases.
What is Inflation?
A company sells premium athletic shoes through Instagram and targets 15-25 year-old fitness enthusiasts. Describe TWO segmentation types being used.
Demographic (age) and Psychographic (fitness lifestyle)