Marketing Flashcard

Front

What involves using the needs of customers as the primary focus during the planning, production, pricing, distribution, and promotions of a product or service?

Back

Marketing Concept

Front

What is a specific group of consumers at which a company aims its products and services?

Back

Target Market

Front

What is the public promotion of something, such as a product, service, business, or event, to attract or increase interest in it?

Back

Advertising

Front

What is the process of dividing a broad consumer or business market into sub-groups of consumers based on some type of shared characteristics?

Back

Market Segmentation

Front

What are the 4 P's that make up the Marketing Mix?

Back

Product, Promotion, Place, Price

Front

Which of the following is NOT a question to identify your target market?

• What needs or wants will my product or service fulfill?
• How many customers live in the area I want to operate?
• What is the weather like in the area?
• What price are they willing to pay?

Back

What is the weather like in the area?

Front

What must a business be able to identify in the sports and entertainment industry?

Back

Customer needs

Front

What are two ways to collect primary data?

Back

Survey and Observation

Front

What is a method to gather feedback from potential customers?

Back

Focus Groups

Front

What is a carefully designed and controlled situation in which all important factors are the same except the one being studied?

Back

Experiment