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Must know the definition of marketing and the 4 Ps!! (computer section with true of false, mcqs, and matching; open notes section, free response NO notes section
Product
If a company chooses red packaging, which of the 4 Ps does that fall under?
Price
Ralph Lauren's Polo brand does not allow its retailers to put their items on clearance. Which of the 4 Ps does that fall under?
ROMI
Return on Marketing Investment; the profitability returned to the business based on funds spent on marketing.
Conversion Rate
The percentage of users who have completed a desired action
Demographics
Statistics that describe a population in terms of personal characteristics. (age, race, gender, etc.)
Promotion
Any form of communication a business or organization uses to REMIND, INFORM, OR PERSUADE people about its products and/or improve its public image
Price
the amount customers are WILLING AND ABLE TO PAY, or the value in money or its equivalent placed on a good or service
Product
all the decisions a business makes in the production of it's products including what to make, naming, packaging, labeling, and image
Place
if a company decides to sell in retailers as well as decides to offer free 2 day shipping on their products, which of the 4 Ps are they using?
Niche Marketing
Extremely precise and focused marketing on a small segment
The 4 types of promotion
Advertising, Sales Promotion, Selling, Publicity
The 4 Ps are also known as...
The Marketing Mix
Market Share
A company's percentage of total product sales as a percentage of all companies in a given market
Goods
Physical objects such as clothes or shoes
Services
Activities that are consumed at the same time they are produced
Place
A company decides to sell their product at novelty stores and online. Which of the 4 Ps does that decision fall under.
Publicity
DC Oakes is offering a fund raising night for the National Honor Society. What type of promotion are they using?
Marketing Plan
A formal, written document that directs a company's activities for a specific period of time.
Geographics
Based on where the customer is located and how their location could contribute to their purchases. (Living in a colder area = seeing jackets or boots)
Why SWOT analysis?
Prepares a company for competition for a changing market place and provides guidance and direction for future marketing strategies.
Promotion
If a company decides to rent a billboard which one of the 4P's is this?
What SWOT stands for
Strengths
Weaknesses
Opportunities
Threats
Place
HOW and WHERE you distribute a product and the distribution channels used to get it to the customer
Target Marketing
Group of customers/people with shared demographics who have been identified as the most likely buyers of a company's product or service. Ex:(children's toy marketed toward boys ages 9-11)
7 Functions of Marketing
Product/service management, Channel Management, Marketing Information Management, Pricing, Promotion, Selling, Market Planning
Product Line
A collection of related products marketed under a single brand
Product Width
The number of different product lines a business sells
Product Depth
The number of variations within each product line
Prestige Pricing
A pricing strategy that uses higher prices to suggest quality & exclusivity
Loss Leader
A marketing strategy that prices products lower than the cost to produce them in order to attract new customers or to sell additional products to customers
Penetration Pricing
A pricing strategy in which a business enters the marketplace at an extremely low price in an effort to gain market share
Distribution Channel
The network of interdependent companies through which a product passes from producer until it reaches end userdepth
Marketing Segmentation
Analyzing a market by specific characteristics in order to create a target market. (Example: Demographics, Psychographics, Geographic, Behavioral)
Psychographics
Study on which personality traits, social characteristics, and attitudes consumers base their purchasing decisions on.
(Personality, Interests, Lifestyle, Beliefs, Opinions)
Behavioral
Grouping customers based on what they bought in the past or patterns when making purchasing patterns
Discretionary Income
The money that remains after paying for basic living expenses/necessities
Disposable Income
Income that remains after paying taxes, usually spent on non-necessities
Mass marketing
Using a single marketing strategy to reach all customers
Marketing
the process of developing, promoting, and distributing products to satisfy customer's needs and wants
Customers vs. Consumers
BUY the product, USE the product
Product/ Service management
Developing, improving and maintaining a product mix in response to marketing opportunities (over time)
Channel management
Delivering products to buyers; making decisions about how/where products will be moved, stored, or located
Marketing information management
Gathering, using, and storing customer trends, info, and competition to improve other marketing functions and facilitate critical business decisions
Pricing
Setting the price for a product or service to maximize profit and keep the view of customers, rather than competitors
Selling
Motivating customers to buy a product or service by telling them about fulfilling their needs
Market Planning
Helps qualify customers of product/service and serve them more personalized marketing campaigns that cater to their unique needs
Product, price, place, promotion
What are the 4 Ps?
Note 
Flashcard (45)