Business Marketing Test

  1. 4P's 2C's
    • Product
    • Price
    • Place
    • Promotion 
    • Consumer
    • Competition
  2. Products
    • 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
  3. Product Life Cycle
    • 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
    • Image Upload 1
  4. Non-Traditional Product Life Cycle
    • Fad - Extremely popular for a short period of time 
    • Image Upload 2
    • 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
  5. Marketing
    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
  6. Marketing research
    • the collection /analysis of information that is relevant to the marketing strategy
    • Types include consumer market motivation, pricing, competition and product research
  7. Types of Data
    • 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
  8. Target Marketing
    Identifies the person most likely to buy your good or service.
  9. Demographics
    • The Study of the obvious characteristics that categorize humans beings such as:
    • Age, Gender, Family Life Cycle, Income Level, Ethnicity/Culture
  10. Lifestyle
    • The way people live including their values, beliefs, and motivations.
    • This is also called psycographics
  11. Price
    Most consumers are price sensitive
  12. Channels of Distribution
    • 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
  13. Promotion
    Any attempt to sell a product
  14. Sales Promotion
    • 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
  15. Publicity
    • 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
  16. Personaly Selling
    Is oral communication with potential buyers for the purpose of making a sale
  17. Advertising
    The paid for promotion of a business' good and services over a variety of mass media to a target market
  18. Creating Good Advertising...Branding
    • 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"
  19. Creating Good advertising...Design AIDA
    • Attract Attention
    • Gain their Interest
    • Build Desire
    • Get Action
  20. Types of Advertising
    • Radio
    • Direct to home
    • Out of home
    • Newspaper
    • Magazine
    • The Internet
    • Websites
    • Banner Advertising 
    • Email Advertising
    • Television
    • Product Placement
  21. Competition
    The competitive market consists of all the sellers of a specific product, and is expressed often in terms of the total dollars spent ______.
  22. Market Share
    • The percentage that a company or brand has is called Market Share
    • Image Upload 3
  23. Market Segment
    A Market Segment is a portion of the overall market that has similar characteristics

    • Personal Care Graph
    • Image Upload 4
  24. Indirect Competition
    • 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
  25. Direct Competition
    • 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
Card Set
Business Marketing Test
This is for Mr. Randall's Business test