marketing exam study guide

key to __ is making sure everyone feels they benefit from the exchange. your customer is happy with the value they get for what they pay. and you are happy with the payment you receive in exchange for your products/services.

customer saitsfaction

focus group

an interview wit a group of potential customers who provide valuable feedback

__ is much more tan a logo, nice color scheme, and trendy graphics

branding

businesses __ are the most valuable intellectual property, it represents the businesses identity

brands

list two examples of material goods

clothes, cars, house (things you physically touch)

demographics

data that describes a group of people by age, martial status, gender, etc

___ is a document that outlines the principles of conduct to be used in making decisions within the organization

code of ethics

monopolistic competition

companies offer similar products but they are clearly different for consumers

geographic data

data that helps a business determine where its potential customers live and how far they will travel to visit your business

why does competition play an important role in marketing

motivates them to improve their products, increase sales

what are 3 types of resources?

natural (oils, trees), human (labor force, employees), capital (money)

knowing and understanding your __ is an essential step in designing a successful marketing strategy

competition

list the 4 types of products

convenience, shopping, specialty, unsought

why is customer loyalty so important? list 3 ways to keep loyalty

need them to keep coming back- continuous sales: rewards programs, coupons, deals, warranty/guarantees

name 3 types of media

newspapers, tv, magazines, radio, direct-mail, billboards, transit, jingles, online

list 3 ways you can visually see marketing?

on products, trucks, billboards, magazines, trains, airplanes, malls, online

what is intellectual property?

ownership of ideas: books, movies, new invention, music

list two examples of serivces

plumber, electrician, education, hair salon, mechanic

what are the 4 p's of the marketing mix?

product, promotion, place, price

what are 2 tips to examine your competitor

research online activity (social media), look at their primary data (what are their customers happy/not happy about)

list two examples you would personally do for your business to keep lifelong customers

rewards programs, coupons, deals, warranty/guarantees

brands are extremely important to customers because once they are __ with one they are usually loyal and stick to that brand

satisfied

what are the persuasion techniques

slogan, repetition, bandwagon, testimonial, appeals to emotion, expert opinion

the obligation tat individuals or businesses have to help solve social problems is __

social responsibility

what are the 3 ways to collect primary data?

survey, observation, focus groups, experiments

marketing

the action or business of promoting and selling products or services, including market research and advertising

advertising

the activity or profession of producing advertisements for commercial products or services

product development

the creation of products with new or different characteristics that offer new or additional benefits to the customer

brand loyalty

the extent of the faithfulness of consumers to a particular brand, expressed through their repeat purchases, irrespective of the marketing pressure generated by the competing brands

branding

the marketing practice of creating a name, symbol, or design that identifies and differentiates a product from other products

intense competition

the most difficult type of competition is one where you compete with similar products

what is advertising

the public promotion of something, such as a product, service, business, or event to attract or increase interest in it

supply

the quantity of a good or service a producer is willing to produce at different prices

demand

the quantity of a good or service that consumers are willing to buy at a given price

list 2 things you need to know about your competition

their prices, the quality of their products/services, benefits offered

limited competition

this is where a business is offering a product or service with little to no competition

why would a business use advertising and promotion

to create an image for their product, to communicate with customers to let them know about the product or services businesses offer

a company's brand represents their market identity: ___, ___, quality of products, reputation, trustworthiness, etc.

who they are, what they do

list 4 question to ask to identify your target market

age, where they live, salary/income, how they spend their income

competitive advantage

a condition or circumstance tat puts a company in a favorable or superior business position

customer profile

a description of the person or company tat is likely to buy your product or service

product

a good idea, method, information, object, or service created as a result of a process and serves a need or satisfies a want

market segment

a group of similar consumers within a larger market

tarket market

a particular group of consumers at which a product or service is aimed

what is the purpose of branding in marketing and why is it essential?

deliver a clear message, prove brand's credibility in today's market, reach consumer emotionally about a product/service, motivate consumers to purchase products/service, create customer loyalty- customers need proof that brand is good

trademark

distinctive design, graphics, logo, symbols, words, or any combination thereof that uniquely identifies a firm and/or its goods or services, guarantees the item's genuineness, and gives the owner the legal rights to prevent unauthorized use

__ is all about making choices and satisfying the wants and needs of consumers

economics

needs and wants drive the __

economy

what is the difference between an enhance product and an extended product?

enhance: fancier version that comes with many additional features to try and reach a different customer/ extended: additional service to the already existing products, offering additional services to keep their customers happy

__ behavior helps employees gain the trust of the people with whom they work

ethical

businesses play an important part in supplying __ and __ to meet the demands of the consumers

goods and services

consumers

individuals who purchase products and services to satisfy needs

primary data

information collected for the very first time to fit a specific purpose

limited resources

is where no person, business, or nation has enough resources to satisfy all of their wants and needs

what is an essential step in designing a successful marketing strategy

knowing and understanding your competition

intellectual property

knowledge, creative ideas, or expressions of human mind that have commercial value and are protectable under copyright, patent, service mark, trademark, or trade secret laws from imitation, infringement, and dilution

the motive of business is to __

make profit

what is the key to customer satisfaction?

making sure everyone feels they benefit from the exchange

4 types of companies marketing affects?

manufacturers, retailers, businesses, government agencies, hospitals

to __ a product successfully, a company has to understand what people want to buy and why they want to buy it

market

marketing is one of the __ functions in companies today

most important