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Intro to Marketing Flashcards | StudBud
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Intro to Marketing
The 4 "P"s of Marketing are...
Pricing is important for businesses becuase
Intro to Marketing
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1
Pricing is important for businesses becuase
It determines how much you charge in order to be profitable
You should always sell as high as you can no matter what
There is no strategy to pricing things
2
The 4 "P"s of Marketing are...
Price, Pain, Pleasure, Panic
Product, Person, Possession, Place
Product, Price, Place, Promotion
People, Products, Place, Pets
3
Market Planning is important so that a business can...
understand what price you should have your products at
understand the difference between goods and services
understnd marketing concepts & strategies to reach customers
4
Marketing Information Management is...
Info about which social media is best to advertise on
Info about where your store should be located
Info about customers, trends and competing products
5
Promotion is the...
effort to inform & persuade customers about a business
placement of a product on the shelf to be seen easily
decision of how to get goods in the customers hands
6
Promotion refers to...
How companies price their products
Which products a company sells
How marketers tell potential customers about a company
Activities related to advertising, selling and publicity
7
What does "Place" refer to in the 4 P's?
It's the internet sales only of a company
It's where a company manufactures their products
How and where a product will be distributed by a company
It's the physical store location of a company
8
Why is Price Strategy important for a business?
Companies should constantly change their prices on products
Companies should price their products as high as possible
Companies should price items as low as possible
It's what customers will pay and how companies profit
9
In the 4 p's, Product means
What the company sells to the consumer
How much something costs
Where the item gets sold
Something the customer sells to the business
10
In the seven functions of core marketing, cchannel management is...
How to best sell your product
Deciding how to get goods into the customer's hands
Which TV channel to advertise on
11
What is selling?
It provides the customers with the goods they want
It means the customer is always right
It provides marketing to the customers
12
Product/Service Management is...
The customer is always right mentality
Keeping your product the same regardless of changing markets
Changing your product in response to market opportunities
