Marketing
#1 marketing strategy is selecting the right...
target market
The 4 P's of marketing are...
product, price, place, promotion
__________ likely uses E-business and digital marketing more than anyone.
Amazon
_________ is the number of products businesses are willing to sell at a specific time.
Supply
___________ is the purchasing of goods and services from foreign sources
Importing
____________ segmentation groups customers by location.
Geographic
3 types of consumer products:
________ - will buy anywhere
S_______ - clothing trip
S_______ - luxury brand
convenience, shopping, specialty
3 ways to use discount pricing strategy
Demand is the number of goods and services that ___________ are willing to ____ at a specific time
consumers, buy
Exporting consists of _________ goods and services to foreign markets
Marketing research is a process of getting information about potential customers to guide marketing decisions. What are 3 things we're looking for?
age (birthday), gender, income, likes/dislikes, location, email/#
Price __________ is charging the highest possible price that buyers who want the product will pay. This is for ________ items.
skimming, luxury
The 4 steps in a product life cycle
intro, growth, maturity, decline
As demand for a good or service goes up (we want it more), price goes ____. 3 reasons demand increases?
up; trend, fad, new brand, social media (viral), dupe, celebs
The US imports more than it exports, so we have a __________ balance of trade. This is also called a trade _________.
negative, deficit
__________ data is marketing information that is observed or collected directly from respondents.
__________ data is information compiled within an organization.
Give an example of each
Primary - survey
Secondary - sales report
____________ price is a low price designed to help a product enter the market and ______ rapidly.
Example we used in class?
Penetration, grow, Netflix
Great Value uses _________ _________ as their pricing strategy. How does this help them?
reference pricing; cheaper -> more sales
If demand suddenly drops (supply remains the same), what are 3 things that happen?
People aren't buying, prices drop, shelves are full, might offer sale
A trade surplus means the country _________ more than they __________. Why is this good?
exports, import; making money
__________ is the process of naming and identifying products. They should be recognizable by a _______, _________, or __________.
Branding; logo, symbol, color, design, term
____________ distribution makes a product available in as many outlets as possible.
____________ distribution uses a select number of all available outlets to expose products.
____________ distribution is awarding one place the right to sell a product in a specific territory.
Intensive, selective, exclusive
Name 7 companies easily recognized by a LOGO.
apple, nike, John Deere, target, Starbucks, McDonalds, etc.
Production costs, high demand, tariffs, shortages, pandemic
Calculate TOTAL cost:
$15 book, 7% tariff.
$30,000 car, 12% tariff.
$1.60 gas, 15% tariff, 10 gallons
$16.50
$33,600
$18.40