Study Guide for Marketing

Vocabulary

Marketing yourself, a representation of you as an individual:

Personal Branding

Marketing has moved from problems to _________________ where marketing strategies are focused on identifying and improving company’s offerings.

Marketing

Typically, a consumer will usually choose which option?

Most satisfaction at the best value

Improper and misleading marketing can:

Cause harm to customers

The ______________ is a business protection organization sponsored by consumer organizations that handles customer complaints and supports businesses.

Better Business Bureau

Today, there is a greater expectation for businesses to be _________________ and to aid in solving issues facing society.

Socially responsible

Organizations and industries often develop a _______________ to punish dishonest and improper conduct.

Code of ethics

Businesses that do not use the marketing concept:

Are not concerned about understanding customer needs

**Organized actions of groups of consumers seeking to increase their influence on business practices is referred to as:**

Consumerism

Effective and ethical marketing results in

Higher sales in the long run

The long-term results of poor and unethical marketing can include:

Dissatisfied customers

Studying and having marketing skills helps individuals

Understand their purchasing decisions

Keeping customers satisfied in terms of relationship marketing:

Is important because they are more likely to continue to purchase from the business

Relationship marketing focus on:

Developing loyal customers who repeatedly purchase form the business

Which of these activities must a business accomplish in order to use the marketing concept successfully?

Identify customer needs

Central markets back in history were usually located:

Where people frequently traveled

At the very end of an advertisement, make sure your words:

ask for action

Trending Social Media stars who have power over what people may buy are called:

Influencers

**The practice of marketing oneself through an established image**

Personal branding

This is any online platform that allows people to share ideas, content, thoughts, and develop relationships.

Social Media

This social media channel allows users (predominately female) to visually share and discover new interests by posting images or videos to their own or others' boards and browsing what other users have posted.

Pinterest

When you receive an advertisement on your Smart Phone, it is called:

Mobile Marketing

This allows people to share their creations, express their thoughts, and voice their opinions online

Mobile Marketing

This allows people to share their creations, express their thoughts, and voice their opinions online

Social Media

**Which of these would be considered types of ¨traditional media¨**

Newspaper

Usually funny ideas or pictures shared widely online.

memes

Picture of yourself.

selfie

Primary Data in Market Research

Information collected for the very first time to fit a specific purpose.

Strengths in the SWOT analysis

Areas of competitive advantage. Positive factors contributing to success which come from within the business itself.

Consumer

Person who uses the product

How do social media platforms target users with ads?

Content you post is used to match you to relevant ads.

Posting something on social media is most like:

Announcing something in a public place

Saying something on Twitter.

tweet

Where you can watch videos and create your own channel.

YouTube

Focuses on sharing photos and short videos between friends.

Snapchat

What might motivate people to post on social media sites?

Post gets feedback, which people naturally crave.

How do social media platforms target users with ads?

Content you post is used to match you to relevant ads.

Email marketing is not as successful as other marketing because

People don't always read emails

Digital Media Marketing uses___________________________to reach their customers

online ads

Call-To-Action Hashtag…

Encourages the online community to perform a specific task involving a brand

This is by far the largest social media channel and leader in advertising revenue. This channel also reaches large numbers of baby boomers and millennials.

Facebook

This is a social media channel for business professionals who typical have higher than average incomes.

LinkedIn

This is a regularly updated website or web page, typically one run by an individual or a small group that is written in an informal or conversational style.

blog

Which of the following is the number one social media for teenagers?

Snap Chat

This social media site is the most trusted platform amongst working professionals.

LinkedIn

Which of the following is an example of photo-based networking site?

Instagram

The percentage of users who visited one page of a website and then left without taking action

Bounce rate

Using carefully crafted content, such as blogs, videos, and images, that appeal to the target audience, is of value to them, and is high quality in nature

Content marketing

The estimate number of people an advertisement reaches

Impression

The process of making a website more attractive to search engines

Search engine optimization (SEO)

Inexpensive or free images

clipart

Space in an ad where there is no writing or graphics.

white space

Which is not a form of print media?

TV commercials

This is the oldest advertising forms

Print Media

A painting of Nestle Sweet Success Healthy Shake on a brick wall.

illustration

The phrase or sentence that captures the readers' attention and generates interest.

headline

A catchy phrase or words that identify a product or company.

slogan

A photograph, drawing, or other graphic elements that is used in an advertisement.

illustration

The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern

Marketing research

An organized way of continuously gathering, sorting, analyzing, evaluating, and distributing marketing information

Marketing-information management system (MkIS)

The general directions in which people or events are moving

Trends

Facts and figures collected by a company and located inside the company

Internal data

A set of written questions designed to gather information

Questionnaire

A marketing-research method that involves asking consumers questions to learn their opinions and the reasons behind those opinions

Survey

Facts and figures collected specifically for the problem or project at hand (more up to date)

Primary data

A face-to-face conversation in which a researcher surveys an individual to obtain research data

Personal interview

Geographic Data

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

Target Market

Individuals or companies that are interested in a product or services and are willing to pay for it.

Demographics, Psychographics, Use-Base Data, and Geographic Data

4 types of data you need to collect to understand your market

Competitive Analysis

Identifying and examining the characteristics of a competing firm.

Demographics

Data that describes a group of people by age, marital status, gender, etc.

This is a small group of people who provide opinions under the directions of a discussion leader.

Focus Group

Which is not a source of secondary data?

Social media

What are the two main sources of data during market research?

Primary / Secondary

Which question is an example of quantitative market research?

How many times did you buy this product?

Segmenting the market based on the way people buy is

behavioral

A unique name, symbol, or design that identifies a product, service or company

brand

The descriptive characteristics of a market which includes income, age, race, religion, gender and marital status

demographics

Lifestyle, opinions, interests, and beliefs are examples of

psychographics

A clearly defined group of people with similar needs and wants to which a business wants to appeal

Target market

Brand

All the combined impressions and experiences associated with a particular company, good, or service

Strengths, Weaknesses, Opportunities, Threats

A written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action programs, and projected

Goals use the SMART approach, they should be:

Specific, Measurable, Achievable, Relevant, Time-bound

Geographic

Characteristics where customers live and make purchase decisions such as climate and location.

Psychographics

Concerned with lifestyle characteristics such as attitudes, beliefs, values, and lifestyle

Demographics

Defining personal attributes of the customer such as age, gender, ethnicity, income, and occupation

Weaknesses

Areas of competitive disadvantage. These must be constantly assessed to ensure competitors don't capitalize on these weaknesses.

The four characteristics evaluated by completing a SWOT analysis

Strengths, Weaknesses, Opportunities & Threats

SWOT analysis

Strengths, Weaknesses, Opportunities, Threats

Opportunities

Characteristics of the external environment that could be positive to the business if exploited. Must constantly assess to "out-maneuver" the competition

Target market

a group of people who identified as those most likely to become customers and the purchase product

Customer

the person who pays for the good or service

Marketing concept

idea that a business should strive to satisfy customers' needs and wants while generating a profit for the firm

Why is competition important?

It keeps prices lower and gives customers more choices

What is the main goal of company’s promotions?

To get the product stuck in the customers head

Where is the best place to put your headline for your advertisement?

Across the top of the ad

How many colors should you include in a logo?

No more than 3

What does an entrepreneur do?

They start their own business based off of a product or service they created.

How can you make your logo more effective?

Keep it simple

Which kind of advertising is the most effective?

It depends on the target market (who is buying it) and what the product is