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The Marketing Concept

The Basic Idea

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To Market To Market to Marketto Market

Break It Break It DownDown

Make a Make a PlanPlan

WhateverWhatever

Question: The ______ states that businesses must do certain things in order to make a profit.

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Topic 1 for 1

Answer: marketing concept

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Topic 1 for 1

Question: The marketing concept states that businesses must do what in order to make a profit?

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Topic 1 for 2

Answer: satisfy customers wants and needs

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Topic 1 for 2

Question: _________ buy the product.

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Topic 1 for 3

Answer: customers

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Topic 1 for 3

Question: Who uses the product?

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Topic 1 for 4

Answer: consumers

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Topic 1 for 4

Question: A market is________.

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Topic 1 for 5

Answer: All the potential customers that have common wants and needs and are willing and able to buy.

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Topic 1 for 5

Question: The word market has two definitions. The second one describes it as __________.

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Topic 2 for 1

Answer: Total sales of a product category. Ex: soft drink market.

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Topic 2 for 1

Question: What is target marketing?

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Topic 2 for 2

Answer: Focusing all marketing decisions on a very specific group of people you want to reach.

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Topic 2 for 2

Question: Companies develop a ________ ________ in order to identify their target market.

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Topic 2 for 3

Answer: customer profile

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Topic 2 for 3

Question: What is the process of companies investigating and gathering information about their potential target market called?

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Topic 2 for 4

Answer: market research

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Topic 2 for 4

Question: What are 2 methods of market research that you are familiar with from class?

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Topic 2 for 5

Answer: surveys and questionnaires

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Topic 2 for 5

Question: Analyzing a market by specific characteristics in order to create a target market is called _______.

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Topic 3 for 1

Answer: market segmentation

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Topic 3 for 1

Question: What are the four ways to segment a market?

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Topic 3 for 2

Answer: demographics, psychographics, geographics and product benefits

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Topic 3 for 2

Question: Statistics about the physical characteristics of a population are called ______, and the four main categories are____,____,____ and ____.

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Topic 3 for 3

Answer: demographics and age, gender, income, ethnic background.

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Topic 3 for 3

Question: What people value, their attitudes and life-styles are known as _________.

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Topic 3 for 4

Answer: psychographics

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Topic 3 for 4

Question: What do geographics, demographics, product benefits and psychographics have in common?

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Topic 3 for 5

Answer: They are methods to segment a market.

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Topic 3 for 5

Question: Your strategy for marketing a product is called the ______ _______.

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Topic 4 for 1

Answer: marketing mix

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Topic 4 for 1

Question: The marketing mix is known as the _____ _____.

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Topic 4 for 2

Answer: The four P’s

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Topic 4 for 2

Question: Name the 4 P’s.

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Topic 4 for 3

Answer: product, price, place, promotion

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Topic 4 for 3

Question: T or F

Selecting an appropriate name for a new snack food is a product strategy.

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Topic 4 for 4

Answer: true

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Topic 4 for 4

Question: Deciding how you will advertise a product is a _______ strategy.

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Topic 4 for 5

Answer: promotion

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Topic 4 for 5

Question: What is disposable income?

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Topic 5 for 1

Answer: What’s left of the money you’ve earned after taxes.

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Topic 5 for 1

Question: What is discretionary income?

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Topic 5 for 2

Answer: What’s left of the money you’ve earned after you have paid for life’s necessities. (Fun Money!)

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Topic 5 for 2

Question: Product, price, place and promotion strategies:

a. comprise the marketing mix

b. are known as the 4 P’s

c. Must all be directed at a target market in order to achieve success

d. All of the above

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Topic 5 for 3

Answer: d

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Topic 5 for 3

Question: Baby Boomers were born from _____ to _____ and are the _______ category of consumers.

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Topic 5 for 4

Answer: 1948-1964 , the largest category

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Topic 5 for 4

Question: Daily Double!

The owner of a store decides what items will be carried and how they will be advertised. The manager plans the other two strategies. What are they?

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Topic 5 for 5

Answer: price and place

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Topic 5 for 5