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What is the marketing concept focused on?
Identifying and satisfying customer needs to achieve organizational goals.
What are the benefits of marketing?
Economic growth, customer satisfaction, product awareness, and enhanced quality of life.
What is product/service management in marketing?
Developing and managing products that meet customer needs.
What constitutes the marketing mix?
Product, Price, Place, and Promotion.
What is the first stage in the new product development process?
Idea Generation.
What is one rationale for extending a product line?
Diversification reduces business risk by offering a range of products.
What are the roles of packaging in marketing?
Protection, Promotion, Information, and Convenience.
What factors do marketers use to position products?
Features, Benefits, Price, Quality, Competition, and Brand Loyalty.
What influences a product's price?
Cost, Quality, Competition, and Brand Loyalty.
What is a target audience in advertising?
The specific group of consumers a campaign aims to reach.
What are the steps in the sales process?
Generate leads, Approach customers, Determine customer needs, Present the product, Overcome objections, Close the sale, Follow up.
Why are sales promotions needed?
To influence consumer decisions, encourage trials of new products, and strengthen brand loyalty.
What are the advantages of radio advertising?
Wide reach and cost-effectiveness.
What is the primary focus of direct mail advertising?
Targeted and personalized communication.
What is transit advertising?
Ads placed on public transportation like buses and subways.
What technological advancement has changed advertising?
The internet has transformed reach with digital targeting.
What is the importance of branding to business success?
Establishes identity, builds trust, adds value, enhances marketing effectiveness, and supports business growth.
What is the promotional mix?
A combination of promotional tools used to achieve marketing goals.
What is consumer behavior?
It studies how individuals, groups, or organizations make decisions about purchasing goods and services.
What are the stages of the consumer decision-making process?
Problem recognition, Information search, Evaluation of alternatives, Purchase decision, and Post-purchase evaluation.
What is digital marketing?
Promoting products or services through online platforms using SEO, social media marketing, and digital advertisements.
What are the types of consumer purchases?
Routine purchases, Limited decision-making purchases, Extensive decision-making purchases, and Impulse purchases.
What are primary market research methods?
Surveys, interviews, and focus groups.
Why is marketing research important?
It aids in informed decision-making and reduces risk.
What does a sales promotion strategy include?
Tactics like coupons, price deals, rebates, and loyalty marketing programs.
What is the role of the FTC in advertising?
Ensure truthful claims and prevent deceptive advertising.
What is the importance of self-regulation in advertising?
Voluntary industry efforts to monitor and enforce ethical standards.
What are the characteristics necessary for a successful career in advertising?
Creativity, adaptability, collaboration, and resilience.
How does cultural diversity impact advertising?
Inclusive representation fosters connection and trust with diverse audiences.
What is the significance of the translation process in global marketing?
It ensures accurate messaging and prevents miscommunication.
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