Marketing Fundamentals Flashcard

Front

Which of the following best defines "Marketing"? Options: The process of only selling products to customers, The act of advertising products on television, The process of manufacturing goods in a factory

Back

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

Front

What are the four Ps included in the Marketing Mix?

Back

Product, Price, Place, Promotion

Front

How does market segmentation benefit a business?

Back

By dividing the mass market based on shared characteristics

Front

A company wants to understand its customers by conducting interviews and focus groups. What type of research is this?

Back

Qualitative Research

Front

A business is trying to solve its marketing problems by outlining them in a document and planning solutions. What is this document called?

Back

Marketing Plan

Front

Which of the following best defines Quantitative Research in marketing? Research that uses creative brainstorming to generate ideas, Structured research using the scientific method and standardized questions to make generalizations and predictions, Research based on personal opinions and experiences, Informal discussions with customers

Back

Structured research using the scientific method and standardized questions to make generalizations and predictions

Front

What is the primary purpose of a Marketing Information System?

Back

To gather and organize marketing information used in decision-making

Front

Which of the following statements best describes the difference between goals and objectives in marketing? Goals are specific and short-term, while objectives are broad and long-term, Goals are broad and long-term, while objectives are specific and short-term, Goals and objectives mean the same thing, Goals are only used in advertising, while objectives are used in sales

Back

Goals are broad and long-term, while objectives are specific and short-term

Front

A company wants to achieve a long-term increase in market share. Which of the following would be considered a strategy?
Options:
Launching a new product next month,
Describing the overall approach to increasing market share over several years,
Sending out a customer survey,
Hiring a new marketing manager

Back

Describing the overall approach to increasing market share over several years

Front

If a marketing team decides to run a specific advertising campaign to support their overall strategy, what is this action called?

Back

Tactic