Marketing Things youre missing

Market penetration involves

increasing sales of existing products to existing customer without changing the product itself

market development is

Taking your EXISTING product and selling it to a NEW market/audience.

Product development is

Creating a NEW product for you EXISTING customers

Product Concept is

companies focus on improving product so customers will chose it

selling concept is most used with goods that customers…

dont usually think of purchasing

Consumers are exposed to thousands of advertisements a day, but a consumer might only notice ads related to a 'laptop' they are currently considering buying, while completely ignoring the rest. What is this human perception process called?

selective attention

________ are business units that require heavy investment to sustain rapid growth and attract new customers.

Cash cows

Question marks

Stars *

Dogs

Which of the following is NOT an accurate description of modern marketing?

It is about creating value for customers.

It is about managing profitable customer relationships.

It focuses exclusively on selling and advertising.

It is about satisfying customer needs.

It focuses exclusively on selling and advertising.

What are the two dimensions (axes) used in the BCG matrix to evaluate a company's business portfolio? hint its the title of the box

Reletive Market Share & Market Growth Rate

A university education is best classified as which type of market offering?

• Physical product

• Experience

• Service

• Demand

Service

Riding the Seoul City Tour Bus is best classified as which type of market offering?

• Physical product

• Service

• Experience

• Demand

Experience