Marketing quiz 1

What do the 4 PS stand for

Product Price Place Promotion

What is the definition of a product

tangible or non tangible product services or designs or features

what is price examples

competitive pricing , discount offers , profit margins , recommended prices

what is place

supply chain management and distribution

what is promotion

marketing communications activities , delivering messages about new products and services

what is marketing

marketing is the process of planning and executing the conception, pricing, distribution and promotion of ideas, goods and services to create exchanges that satisfies the perceived needs and wants and objectives of individuals and organizations

what is advertising

the structured and composed nonpersonal communication of information, usually paid for and persuasive in nature about products by identified sponsors through various media

what is a marketing plan

a written document that acts as a guidebook of marketing activities for the marketing manager

what are the 5 components of a marketing plan

business mission statement, situation analysis, objectives , strategies ( (target market strategy and 4 ps ) and tactics

what are micro environment factors

very specific set of 6 factors which influence the marketing decisions directly

what are macro environment factors

external factors that influence the company overall business decisions and also influence microenvironment factors first

what are the 6 micro environment factors

Customers , Suppliers , marketing intermediaries (wholesalers) , the company , competitors, publics(news)

what are the 6 macro environment factors

Demographic (pop size) , economic(income distribution), natural , technological(new devices) , political(government) , cultural (core beliefs)

what is a SWOT analysis

summary of your secondary and primary research data based on situational analysis

what does SWOT stand for

Strengths Weaknesses (inside market) Opportunities and Threats (outside market)

what is a marketing objective

a statement of what is to be accomplished through marketing activities to be useful they need to be realistic, measurable, time specific

what is primary data

information collected for the first time used for solving the particular problem

what is secondary data

data that is from sources other than the person collecting the research

what is the difference between primary and secondary data

secondary data isnt collected by the person doing the research for the first time

what is the difference between probability and non probability sampling

In probability sampling the participants have an equal chance of being chosen in non probability sampling the participants are chosen based on convenience or other factors

what is the purpose of marketing research for managers

helps managers trace problems, serve customers make marketing decisions and understand current market environment

how to write a target consumer profile

describe detailed criteria, including demographic and brand attitudes and preferences with photos

what is the first step of the marketing research plan

defining the problem and research objectives

what is the second step of the marketing research process

developing the research plan for collecting information

what is the third step of the marketing research process

implementing the research plan, collecting and analyzing the data

what is the last step of the marketing research process

interpreting and reporting the findings

what are the different types of research

survey , observation, ethnographic, experiments

what are the different types of survey research

interviews , mail and online surveys ,focus groups

what are the four types of observation research methods

people watching people, people watching an activity , machines watching people , machines watching an activity (eye tracking

what is ethnographic research

a research method similar to observation that gathers qualitative data like consumer values , cultures , attitudes and overall lifestyles

what is experiment research

research used to gather primary data such as price , design and advertising information

what are some examples of tools used in observation research

what are the characteristics of focus group

6-10 people , trained moderator , challenges ,

what is a scale response question

part of a close ended question that involves a scale and asks users to rank things based on the scale

what are closed ended questions

the responses have a limited number of options , often multiple choice or ranking

what are open ended questions

a interview question that encourages an answer phrased in the respondents own words

what are 3 types of leading questions

based on assumption , interlinked (2 in one ) , forceful or negative tagging

what is the research report format

1, concise statement of the research objectives 2, explanation of research design 3, summary of major findings 4, conclusion with recom

what are issues in quantitative research

validity and reliability , sample methods and size, questionnaire design , data analysis

what do the five ws stand for

Who why when where what

what are the stages of the product life cycle

introductory , growth , maturity ,decline

what is market penetration

an existing product in an existing market

what is an line extension

an existing product category in an existing brand name

what is a consumer product

products or services that are purchased for consumers personal use.

what is an industrial product

any organization that is buying the same product for their business use