Chapter 2 Marketing - Quiz 2024

Strategy on how potential customers will be informed about the product, online, tv, newspaper, social media

The group of all potential customers who share common needs and wants

Money left over after all your needs and bills have been paid. You can use this income to buy wants

Are features of a product that appeal to specific consumers of that product

The people who buy the product

The four P's of the Marketing Mix are - Product, Place, Price and Promotion

Dividing the total marketing into smaller groups of people what share specific needs and characteristics

Statistics that describe a population in terms of personal characteristics

Strategy that determines what customers are willing and able to pay for the product

When products have universal appeal and few differences from their competitors this type of marketing can be used

Focusing all marketing decisions on a specific group of people your want to reach

The people who actually use the product

The combination of the four P's of marketing, product, place, price, promotion

Business's must satisfy a customers needs and wants to make a profit

Money left after taxes are taken out, pays for needs

Strategy to determine how and where to sell the product and when to sell it

Based on a person's lifestyle, interests, and values

Refers to a segmentation of where people live

Information about the target market with regards to age, income, buying habits, attitude, residency(Giant Eagle card)

Strategy that includes what product to make, how to package, how to brand it, and what image to project

Companies will follow this to know what to sell