Marketing Unit 1.0

In Marketing, what is the difference between a short-term and long-term goal?

A short-term goal is a year or less. A long-term goal is something you wish to accomplish in a timeframe that exceeds a year.

What is Mass Marketing?

A single marketing strategy used to appeal to all customers within an entire market.

What are demographics?

A way to segment a market based on statistical data about the people within a population. Factors included in this segmentation variable: Age, gender, income, education level, family size, marital status, & race

Behavioral

A way to segment a market based on the way people act as a consumer. Factors included in this segmentation variable: Shopping patterns/preferences, benefits sought from the purchase of a product, desired features of a product; as well as, how a product will be used & how often it is utilized.

Psychographics

A way to segment a market based on what people with similar lifestyles. Factors included in this segmentation variable: Interests, activities, hobbies, opinions, & attitudes

What are geographics?

A way to segment a market based on where people live. Factors included in this segmentation variable: Climate, population size & density, physical location, and market size.

Why are marketing strategies implemented?

To achieve planned goals

Marketing Mix Element: Place

Getting the product to the customer at the appropriate location and at the most opportune time.

What is Market Segmentation?

The process of identifying a target (specific) market by dividing the market into segments according to customer needs and characteristics.

Public Relations

A Marketing career that is responsible for building the business' image by maintaining positive relationships with the community

How long does it take to accomplish a Bachelors Degree & What does it result in?

A bachelors degree typically takes 4 years to obtain and results in at least 120 credits completed. A bachelors degree is earned in a specific area of study and is a pre-requisite for those that wish to obtain a masters degree.

Advertising Career

A career where employees attempt to catch customers' attention, inform them of products and persuade them to buy

Marketing Research Career

A career where employees examine customer behavior and analyze their decision-making. As a result of their efforts companies are able to determine what motivates consumers and determine their buying preferences.

How long does it take to accomplish a Doctorate Degree?

A doctorate degree usually takes a total of 8 years to achieve. It is known as a terminal degree because it is the highest level of education that can be obtained. Two types of doctorates are Ph.D & Ed.D. A Ph.D is generally a medical doctor. A Ed.D is earned for education purposes and is commonly obtained by people wishing to conduct research &/or teach at a college/university.

SMART Goals

A goal that includes the following aspects: Specific Measurable Achievable Realistic Timely

Entry Level Employment

A job that typically requires little to no experiences and involves limited decision-making. Typically this type of job is obtained by people wishing to work as an assistant.

How long does it take to accomplish a Masters Degree?

A masters degree is an advanced degree that is achieved after a bachelors degree is earned and typically takes an additional 2 years to accomplish.

What is a prediction?

A prediction is a statement or claim that something will occur in the future. Usually predictions are based off of events that have occurred in the past. Prediction: The Denver Bronco's will once again be in the super bowl.

What is a valuable resource for obtaining information about customers and their preferences?

A sales invoice

How long does it take to accomplish an Associates Degree & what does it result in?

An Associates Degree typically takes 2 years to complete. Results in a specialty certificate that allows students to pursue an occupational field.

What is an estimate?

An estimate occurs when a company attempts to approximate a result. Usually a company infers a value for something based on data they have already collected. Estimate: It will cost $3.5 million for a :30 second commercial in the 2015 NFL Super Bowl

Marketing Mix Element: Pricing

Balancing value of a product with customer satisfaction. Charging the appropriate price so that customers are willing to buy it and company's can make a profit.

What is the purpose of the 7 Functions?

Basis of all marketing activities. At least one function will be used to complete any marketing activity.

What is at the center of all marketing activities?

Communication

What does the Company Goals element of the marketing concept accomplish?

Company goals is aimed at doing things with success in mind. Companies will set goals based on sales, market share, community involvement, & other aspects of their company in order to maintain their purpose and pursue their company mission statement.

What are the 3 elements of the Marketing Concept?

Customer Orientation, Company Goals, & Company Commitment

What is the difference between a customer and a consumer?

Customer purchases a product Consumer uses the product.

What are the two requirements a customer must meet in order for them to be included in a market for a product?

Customers must be Interested in a product and able to afford it.

What does the Channel Management Function of Marketing accomplish?

Get the product into the customers hands at the right time and place.

Marketing Mix Element: Promotion

Decisions a company makes to advertise a product; as well as, sales promotions they choose to offer, the level of personal selling they choose to provide, and how they publicize the information & products they wish to make customers aware of.

What does the Product/Service Management Function entail?

Developing & Improving Existing products.

Pricing Function of Marketing

Establishes the value of a product and is used to determine how much to charge for products in order for a company to earn a profit.

What are three common types of data used to guide a company in its decision-making?

Facts, predictions, & estimates

Allowing companies to open a store credit card & use it for in-store purchases represents which marketing function?

Financing

What is the difference between a goal, strategy & a tactic?

Goal: What you want to accomplish. A strategy is the approach you take to accomplish a goal. A tactic is a measurable step you take to accomplish the strategy. Goal: Be ranked the #1 television manufacturer in the world. Strategy: Persuade buyers that are television is #1 by selling it at more locations than all other television manufacturers. Tactic: Contact as many retailers (both brick & mortar and online) to see if they would be willing to carry your product in their inventory.

What does the Company Commitment element of the marketing concept aim to achieve?

If a company is committed to being the best they will invest money into research & development to improve products, train employees to be the best they can be, and show a continued commitment to being better than the competition.

What are the three intended outcomes of a promotion?

Inform, Remind, or Persuade customers.

What information can a company obtain from its sales force?

Information on current and potential customers & how sales are going

Marketing Mix Element: Product

Involves decisions about what a company will offer its customers

Retail Employee

Marketing career where employees are responsible for displaying, pricing, and stocking merchandise for sale. Employees work in a store environment

Customer-Service Specialists

Must possess strong communication skills because they commonly answer questions and handle complaints.

What are the benefits of marketing?

New & Improved Products, Lower prices for customers, increase in global business to expand product offerings.

What does the Marketing Information Management (MIM) Function of Marketing accomplish?

Occurs when companies gather & analyze data so that they can make recommendations about a product and set company goals.

What does the Customer Orientation of the marketing concept aim to achieve?

Offer products based on customer needs and wants.

Which of the 4 Ps is considered the most important because without it the other 3 elements cannot occur?

Product

What are the Seven Functions of Marketing?

Product/Service Management, Financing, Pricing, Promotion, Marketing Information Management, Selling, & Channel Management

The goods & services a company provides are known as what?

Products

What are the five main sources a company uses to obtain information about the marketplace?

Salespeople, customers, competitors, Vendors & Distributors, and industry specific trade/news journals

What does the selling function of marketing accomplish?

Selling is planned, personalized communication between employees and perspective customers. It is valuable because it is how companies engage in 2-way communication with customers which allows employees to gain feedback and better serve patrons.

What is a fact?

Something that can be proven to be true. Example: Mr. Switzer is the principal at Ardrey Kell High School.

The marketing mix includes which 4 elements?

The 4 P's: Product, Place, Price, & Promotion