22 Marketing Mix

A target market is...

• The group of customers a business seeks to attract who have specific, similar needs

• The group of 5 to 10 people that a business markets to on a daily basis

• All of the customers who shop at Target

• A customer who has an unfulfilled desire and is financially able and willing to fulfill that desire

The four elements that make up the marketing mix are:

• price, product, place, purchasing
• product, place, purchasing, distribution
• product, distribution, purchasing, & price
• product, place, price, and promotion

If done well, marketing is the process of

• identifying target markets

• identifying, predicting, and satisfying customers’ wants and needs.

• segmenting the market

• developing relationships with the market

Which of the 4 P's is best described by the following statement. The location the customer can buy the product from. It must be CONVENIENT for the customer to buy the product therefore it is vital to be available in the right location at the right time.

• Price

• Product

• Place

• Promotion

Which of the 4 P's is best described by the following statement. The good or service sold by the business. These must meet the needs and wants of the customer.

• Price

• Product

• Place

• Promotion

Which of the 4 P's is best described by the following statement. Making the customer aware that the product exists AND persuading them to buy it.

• Price

• Product

• Place

• Promotion

Market research gathers information to find out...

• What consumers want
• How much consumers are paying for a product
• Where products are being sold
• All of these choices

____________ research uses information which is already available.

• Primary

• Secondary

The group of people most likely to become customers, identified for a specific marketing program, are __________________.

• Groups

• target markets

• segmented markets

• markets

The process of classifying people who form a given market into even smaller groups is __________________.

• targeting

• market segmentation

• isolating

• target markets