Marketing Concept

What are the types of market segmentation?

Demographic, psychographic, geographic, behavioral, target market.

What is the difference between goods and services?

Goods = tangible; Services = intangible, perishable, require involvement.

What is the role of distributors and retailers?

Move products to customers and provide service/info.

What is a warranty?

Written promise about product quality.

What is a guarantee?

Promise product meets expectations or is refunded.

What are the stages of the product life cycle?

Introduction, Growth, Maturity, Decline.

Why is product knowledge important?

Helps customers make decisions and increases sales confidence.

What is a product mix?

Total assortment of products a company offers.

Why choose different types of promotion?

To reach different audiences and meet specific goals.

What are the elements of the promotional mix?

Advertising, publicity, personal selling, sales promotion, visual merchandising.

What are the steps in the advertising planning process?

Set objectives → identify audience → message → media → budget → evaluate.

What are the types of advertising media?

Print, broadcast, digital, outdoor, social media, direct mail.

What is visual merchandising?

Displays that attract customers and increase sales.

What is receiving?

Checking incoming shipments for accuracy.

What is warehousing?

Storing goods until needed.

What is transportation in marketing?

Moving products through the supply chain.

What are the types of inventory systems?

FIFO, LIFO, perpetual, periodic.

What are pricing strategies?

Penetration, skimming, competitive, psychological, cost-plus.

What factors influence price?

Costs, demand, competition, customer perception.

What math is used to determine selling price?

Markup, markdown, discounts, sales tax.

What are the steps of the personal selling process?

Prospect → Approach → Presentation → Objections → Close → Follow-up.

What motivational theories are involved in buying behavior?

Maslow, rational vs. emotional motives.

What are the pros and cons of sales promotion?

Pros: quick sales, new customers. Cons: short-term, may reduce loyalty.

Why is branding important?

Builds recognition, trust, loyalty.

What are the functions of product packaging?

Protect, inform, promote, convenience.

What are the seven marketing functions?

marketing info management, financing, pricing, promotion, product/service management, distribution, selling.

Difference between consumer and organizational markets?

Consumer = personal use; Organizational = business/operational use.

What is market saturation?

When most potential customers already own the product.This leads to reduced sales opportunities and increased competition for market share.

Types of e‑commerce?

B2B, B2C, C2C, C2B.

how are online transactions secured?

SSL certificates, encryption, secure gateways.

SSL certificates, encryption, secure gateways.

Contracts = agreements; Torts = civil wrongs.

Types of intellectual property?

Trademarks, copyrights, patents, trade secrets.

Steps of the marketing research process?

Define problem → design research → collect data → analyze → report.