Marketing Study Guide: Spring Semester Final Exam | Summaries Marketing

StudyGuide:MarketingSpringSemesterFinal

Name:_____________Level:___



Eachstudentisassignedanumber:Level1,2,or3.Nomatteryourassignedlevel,you

shouldattempttoanswereveryquestiononthetest.



● StudentsneveremployedattheDenmustknowinformationatalllevels:1,2,and3.

● StudentsemployedparttimeattheDenmustknowinformationatlevels1and2.

● StudentsemployedfulltimeatTheDenmustknowinformationatlevel1.



TERM

DEFINITION

LEVEL

FoundationsOfMarketing

Goods,Services

&Products

Goods:Thingsforsaleasaproduct.Example:Shoes.

Services:Actionsorbehaviorsforsaleasaproduct.Example:Babysitting.

Aproductisanygoodorserviceavailableforsale.

1

Consumervs.

Customer

Consumer:Someonewhousesaproduct.(“Enduser.”)

Customer:Someonewhobuysaproduct.(Ex:Couldbeareseller.)

*Ifthepersonwhobuysalsousestheproduct,sheisconsumerandcustomer.

2

Market

Agroupofpotentialbuyerswhomightexchangemoneyforgoodsorservices.

Businesstobusiness:Thesebusinessesselltootherbusinesses.

Businesstoconsumer:Thesebusinessesselldirectlytotheenduser.

1

The7Functions

ofMarketing



Studyat:

bit.ly/mktg

lemonade



Distribution:Themethodofgettingproductsfrommanufacturertocustomer.

Financing:Themoneyneededtosupportabusiness’sinvestments.

MarketingInformationManagement:Thesystemthatorganizesdataabout

customersormarkets(possiblecustomers.)

ProductManagement:Theefforttoproduceproductsthatmatchwhatmarketswant.

Pricing:Thedecisionofhowmuchmoneytochargeforproducts.

Promotion:Informing,persuading,orremindingpotentialcustomersaboutproducts.

Selling:Determiningcustomerneedsandprovidingproductsthatmatchthoseneeds.

2

MarketingMix:

The4P’s

Price:Answers“Howmuchshouldwechargeforwhatwesell?”

Product:Answers“Whatgoods/servicesshouldwesell?”

Place:Answers“Whereshouldwemakeourproductsavailable?”

Promotion:Answers“Howcanwedrawattentiontoourproducts?”

2

TheMarketingPlan

Market

Segmentation

Theprocessofbreakingamarketintoanumberofsmallercategoriesbasedon

certaintraits,inordertoidentifyatargetmarket.Marketscanbesegmentedby

demographics(whatpeopleare),psychographics(whatpeoplebelieve),and

purchasingbehaviors(whatpeoplebuy.)

2

TargetMarket

Theportion(“segment”)ofthemarketthatabusinessbelievesisbestsuitedtobuyits

products.Thebusinessspendsthemostefforttoattractcustomersfromthisgroup.

1

SWOT

Analysis

Strengths:Goodthings/advantagesaboutthecompany(Internal,positive.)

Weaknesses:Badthings/disadvantagesaboutthecompany(Internal,negative.)

Opportunities:Goodthings/advantagesabouttheenvironment(External,positive.)

Threats:Badthings/disadvantagesabouttheenvironment(External,negative.)

1



Partial preview of the text

Download Marketing Study Guide: Spring Semester Final Exam and more Summaries Marketing in PDF only on Docsity!

Study Guide : Marketing Spring Semester Final

Name: _____________ Level: ___

Each student is assigned a number: Level 1, 2, or 3. No matter your assigned level, you

should attempt to answer every question on the test.

● Students never employed at the Den must know information at all levels: 1, 2, and 3.

● Students employed parttime at the Den must know information at levels 1 and 2.

● Students employed fulltime at The Den must know information at level 1.

TERM DEFINITION LEVEL

Foundations Of Marketing

Goods, Services

& Products

Goods: Things for sale as a product. Example : Shoes. Services: Actions or behaviors for sale as a product. Example : Babysitting. A product is any good or service available for sale.

Consumer vs.

Customer

Consumer: Someone who uses a product. (“End user.”) Customer: Someone who buys a product. (Ex: Could be a reseller.)

If the person who buys also uses the product, she is consumer and customer.

Market A group of potential buyers who might exchange money for goods or services.

Business to business: These businesses sell to other businesses. Business to consumer: These businesses sell directly to the end user.

The 7 Functions

of Marketing

Study at: bit.ly/ mktg lemonade

Distribution : The method of getting products from manufacturer to customer. Financing : The money needed to support a business’s investments. Marketing Information Management : The system that organizes data about customers or markets (possible customers.) Product Management : The effort to produce products that match what markets want. Pricing : The decision of how much money to charge for products. Promotion : Informing, persuading, or reminding potential customers about products. Selling : Determining customer needs and providing products that match those needs.

Marketing Mix:

The 4 P’s

Price : Answers “How much should we charge for what we sell?” Product : Answers “What goods/services should we sell?” Place : Answers “Where should we make our products available?” Promotion : Answers “How can we draw attention to our products?”

The Marketing Plan

Market

Segmentation

The process of breaking a market into a number of smaller categories based on certain traits, in order to identify a target market. Markets can be segmented by demographics (what people are ), psychographics (what people believe ), and purchasing behaviors (what people buy .)

Target Market The portion (“segment”) of the market that a business believes is best suited to buy its

products. The business spends the most effort to attract customers from this group.

SWOT

Analysis

Strengths : Good things / advantages about the company (Internal, positive .) Weaknesses : Bad things / disadvantages about the company (Internal, negative.) Opportunities : Good things / advantages about the environment (External, positive .) Threats : Bad things / disadvantages about the environment (External, negative.)

Study Guide : Marketing Spring Semester Final continued:

S.M.A.R.T.

Goals &

Objectives

S : Specific

M : Measureable

A : Achievable

R : Relevant

T : Timed

Weak goal : I want to start eating better.

Strong goal : I will eat two bananas

before each track meet this season.

Market Research

Qualitative

Research

Results in a story, answering “why” or “how” questions. Usually focused on a

small group of people.

Quantitative

Research

Results in a set of numbers, answering “how much” or “how many.” Usually

focused on a large group of people.

Social Media Marketing

Flashcards at: bit.ly/ social quizlet

Marketing Study Guide: Spring Semester Final Exam, Summaries of Marketing

Related documents

Partial preview of the text

Download Marketing Study Guide: Spring Semester Final Exam and more Summaries Marketing in PDF only on Docsity!

Study Guide : Marketing Spring Semester Final

Each student is assigned a number: Level 1, 2, or 3. No matter your assigned level, you

should attempt to answer every question on the test.

● Students never employed at the Den must know information at all levels: 1, 2, and 3.

● Students employed parttime at the Den must know information at levels 1 and 2.

● Students employed fulltime at The Den must know information at level 1.

TERM DEFINITION LEVEL

Foundations Of Marketing

Goods, Services

& Products

Consumer vs.

Customer

Market A group of potential buyers who might exchange money for goods or services.

The 7 Functions

of Marketing

Marketing Mix:

The 4 P’s

The Marketing Plan

Market

Segmentation

Target Market The portion (“segment”) of the market that a business believes is best suited to buy its

SWOT

Analysis

Study Guide : Marketing Spring Semester Final continued:

S.M.A.R.T.

Goals &

Objectives

S : Specific

M : Measureable

A : Achievable

R : Relevant

T : Timed

Weak goal : I want to start eating better.

Strong goal : I will eat two bananas

before each track meet this season.

Market Research

Qualitative

Research

Results in a story, answering “why” or “how” questions. Usually focused on a

small group of people.

Quantitative

Research

Results in a set of numbers, answering “how much” or “how many.” Usually

focused on a large group of people.

Social Media Marketing

TERM DEFINITION LEVEL

Organic Any social media interaction that happens without paid promotion. 1

Content What a user (either business or individual) shares online. This typically

includes text, image, and/or video. Remember: The content of a ham

sandwich is ham!

Promotion Content that a business pays to have appear in users' social media news

feeds. This is a form of advertising, but can look similar to unpaid posts.

Platform (or)

Channel

Any social media outlet, such as Facebook, Instagram, or Twitter. 1

R.O.I. “ Return On Investment .” Answers the question: "For each dollar I spent, how

much did I make in profit?" Calculated as:

(Revenue minus costs) / Investment. x100 to express the answer as a percent.

Impressions Number of times a post is SEEN by users. Also called "eyeballs." 1

Engagements Number of times a post is LIKED, SHARED, or COMMENTED ON.^1

Conversions Audience members who complete a specific marketing objective, such as

making a purchase.

Revenue Total dollars in sales from an activity (such as sales from a promoted post)^1