Business Marketing Test

• Product
• Price
• Place
• Promotion 
• Consumer
• Competition

• Quality
• Design
• - 4 purpose of packaging
•    Protect
•    Sell
•    Inform
•    Ease of Use
• Features
• -can include materials used,scent, size, or taste
• Benefits 
• -Towels for drying
• -Microwave for Speed
• - Furnaces for warmth
• Service and Support
• -Delivery
• -Advice
• -installation
• -carry-outs
• -gift wrapping
• -free parking
• -extended warranties 
• -alteration

• Early Adopters - customers who have to be the first to own new products
• Competition fuels the growth stage - product is heavily marketed
• Cash Cows - all major costs of production are paid for which means profits are large
• 

• Fad - Extremely popular for a short period of time 
• 
• Niche - a selection of the market where they dominate and into which few competitors
• Seasonal - Products that are only popular during a specific time or season

The term used to describe all the activities involved in getting goods and services from the businesses that produce them to the consumer that wish to purchase them

• the collection /analysis of information that is relevant to the marketing strategy
• Types include consumer market motivation, pricing, competition and product research

• Primary - Information that researcher collect for a specific purpose 
• i.e. Survey, Observations, Focus Groups
• Secondary - Information that others have collected 
• i.e. websites, database, books, census

Identifies the person most likely to buy your good or service.

• The Study of the obvious characteristics that categorize humans beings such as:
• Age, Gender, Family Life Cycle, Income Level, Ethnicity/Culture

• The way people live including their values, beliefs, and motivations.
• This is also called psycographics

Most consumers are price sensitive

• They are the paths of ownership that goods follows as they pass from producer to consumer
• Direct Channel- E.g farmers Market
• Indirect Channel- E.g Walmart
• Specialty Channel E.g E-commerce, Telemarketing, Catalog, Vending Machine

Any attempt to sell a product

• Premiums 
• Something the customer gets with free with purchase
• Customer loyalty card are also considered premiums
• Special Event
• Purpose is to excite customers
• Samples
• a very expensive, but effective method

• Media information about a business that the business does not pay for 
• Can be positive or negative
• Public Relations firms actively pursue by writing stores for the media

Is oral communication with potential buyers for the purpose of making a sale

The paid for promotion of a business' good and services over a variety of mass media to a target market

• Brand Name
• A word or group or words that a business uses to distinguish itself from competitors'  products
• e.g. Nike
• Logo (Trademark)
• A special symbol that is associated with a product
• i.e Nike's Check mark
• Slogan
• A short catchy phrase that is usually attached to a companies name and logo
• e.g. "Just do it"

• Attract Attention
• Gain their Interest
• Build Desire
• Get Action

• Radio
• Direct to home
• Out of home
• Newspaper
• Magazine
• The Internet
• Websites
• Banner Advertising 
• Email Advertising
• Television
• Product Placement

The competitive market consists of all the sellers of a specific product, and is expressed often in terms of the total dollars spent ______.

• The percentage that a company or brand has is called Market Share
• 

A Market Segment is a portion of the overall market that has similar characteristics

• Personal Care Graph
• 

• If you need to be entertained, you could spend this $50 on Digital Music, a movie, a book or even a concert
• So...indirectly BMG Music, Paramount Studios, and the Smashing Pumpkins all compete

• Products that are very similar compete directly 
• For example there really is not a very large difference between two brands of sunscreen - they compete mainly on image