Competition, lower prices because of supply and demand

1. What are the economic benefits of marketing? What is a market? Discuss consumer vs. industrial market? Pages 8-9 & 13 • Competition, lower prices because of supply and demand • Added value & Utility how they satisfice a customers needs • Form: involves changing raw materials or putting parts together to make them more useful • Place: Involves having a product where customer can buy it • Time: Having product available at certain times year or times of the day • Possession: How did you obtain in. What currency? Was it payments or one time • Information: Salespeople proving information to the customer about the product/service • Consumers- for personal use • Industrial market- B2B for operation

2. What are the 7 marketing core functions and give examples of how they work. Page 6-7 • Channel management how to get goods in customers hands • Marketing Planning: data collection, • Information Management: decisions based on data and competition • Pricing: how much to charge? • Product Service management: Product Mix & opportunities • Promotion: inform persuade (commercials) • Selling

3. What is marketing: discuss marketing itself, what are product (goods and service, and ideas). Discuss how marketing is all around us in everything we do. Page 4-5 • Goods tangible value, intangible services (making hamburger/ haircuts) • Planning, pricing, promotion, selling and distributing ideas, goods, services.

4. What are the 5 Utilities and how do they add value to a product? Define Utility. Pages 9-11 • Form: involves changing raw materials or putting parts together to make them more useful • Place: Involves having a product where customer can buy it • Time: Having product available at certain times year or times of the day • Possession: How did you obtain in. What currency? Was it payments or one time • Information: Salespeople proving information to the customer about the product/service • Utility added value in economic terms Goal: satisfies customers wants and needs

5. What is market share? Describe target market, market segmentation, the difference of a consumers vs. customers, and a customer profile Pages 14-15 • Market Share • Percentage of the total sales volume (all producers/ providers) • Target/ Total Market • The group that is identified for a specific marketing program (ads) • Market Segmentation • Process of classifying customer based on needs and wants • Consumers vs. customers • Consumers: poll (data) of what people say they want. • Customers: when people actually pay to obtain the good/ service • Customer profile • List specific characteristics of the target market

6. What is the marketing mix? Discuss the 4 P’s . page 16-19 • Process of marketing • Product: What is it? • Place: Where is it being sold? • Promotion: Advertisement (why) • Price: How much?

7. What is a SWOT analysis? Discuss Internal strengths/weaknesses and external opportunities and threats. What is an environmental scan? Page 26-32 • Assessment of a companies strengthens/ weakness & threat • Company, Customers, Competition • Competitive advantages monitoring Competitors and making decision • Environmental Scan Economy, politics, social changes

8. What is a marketing plan and what are the 7 elements. Page 33-36 • Physical document directs a company • Executive summary: overview • Situation analysis (SWOT) & environmental scan • Marketing Obj.: mission, financial goals • Marketing strategies (4 P’s) • Implementation: time tables, how are we going to make it happen? • Evaluation & Control: Performance measurements & corrective action • Appendix: supplemental materials

9. Define the types of segmentation and why is it important? What are the four ways a market is segmented? What if the difference of mass marketing and segmentation? Pg 38-40 • To meet needs of different people • Demo., Geo., Psy., Behavior factors • Mass: single strategies: Segmentation: custom strategies