Marketing Test Review

1. Marketing Test Review Get out your study guides

2. Definitions • Marketing: the process of creating, promoting, and presenting a product or service to meet the wants and needs of consumers, wherever they are • Marketing mix: The four Ps of marketing: product, place, price, and promotion

3. Definitions • Market research: the gathering and analysis of information on the size, location, and makeup of a product market • Break-even point: the point at which total sales equal total costs and expenses of making or distributing a product or service

4. Definitions • Target market: helps companies focus on the people most likely to buy their goods or services • Advertising: paid, non-personal form of communication that businesses use to promote their products and services

5. Definitions • Product: The “thing” you want people to buy • Can be a tangible item or a service • Place: how and where customers will buy their goods and services • Price: How much will you charge for your product or service? • Promotion: Making customers aware of a product

6. Definitions • Domain name: address of a particular web site • Search engine optimization (SEO): the process of selecting targeted keywords that reflect the content of a particular website to make sure it is well placed on a search engine

7. Definitions • Keyword: the term or phrase you type in on a search engine • Landing page: the web page you’re referred to from a link on another webpage, many times from an ad

8. Definitions • Pop-up ad: an ad that’s displayed in a window when you click from one web-page to another • Banner ad: an ad that’s usually placed at the top of content pages on a web site

9. Definitions • Above the fold: the content on a web page that is visible without scrolling • Blog: a web site or section of a web site where users can post a chronological e-journal of their thoughts

10. Definitions • Tweeting: telling friends and strangers what you are doing at the moment by using Twitter • Social bookmarking: sharing your favorite bookmarks, web sites, or content by submitting links to a public forum (like Digg or Reddit)

11. The Marketing MixThe 4 Ps • Product • Place • Price • Promotion Putting the right product in the right place, at the right price, at the right time.

12. Your favorite magazine • What products or services are advertised? • Who is the target market for this magazine?

13. Difference between advertising and marketing • Marketing is the process of creating, promoting, and presenting a product or service to meet the wants and needs of consumers, wherever they are. • Advertising is only the most familiar part of promotion in marketing. • There is much more to marketing a product than just buying advertisements.

14. Why is it important to learn about other countries’ business etiquette? • If you want to do business globally, you must learn how to please customers without offending them. • Other countries’ cultures may greatly vary from our own.

15. Marketing Activities • Distribute business cards at every opportunity • Hold a contest • Sponsor an event • “Wrap” your business vehicle • Join local civic organizations • Offer coupons • Give-away items with your company name/logo

16. Customer Service Customer service must be at the heart of every business. Competitors may provide the same product as your business, but customer service can make the difference as to where customers decide to buy. One of the most successful online retailers, Zappo’s, motto is “Deliver WOW through service.” Seventy five per cent of their business is from repeat customers.

17. Name and describe two ways you could promote your business using the Internet • Have a web presence (preferably more than a static web page) • Search engine optimization (SEO) • Social bookmarking • Creating a blog

18. Why is it important for a business to give back to the community? • Selfish: It is a way to promote your company • Unselfish: You must remember that your business is a part of the community as a whole. Your employees live in the community.

19. Target Marketing • If you planned to develop and market a sit-down restaurant that offered inexpensive meals, who would be your target market? Explain.