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