Marketing

How is marketing different than advertising?

• It is the same thing.

• Advertising is one component of marketing.

• Marketing is one component of advertising.

• Advertising is for products, marketing is for services.

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True or False: The Marketing Mix is also called the Four P's.

• True

• False

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A target market can be described as the

• direction the market is headed

• group of customers the business seeks to attract

• way a business draws its customers

• sample of the market

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Identifying your target market makes it easier and more cost effective to ______.

• appeal to everyone

• sell your products to the masses

• reach your potential customers

• push away unnecessary customers

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Items that don’t wear out quickly; they last a long time (i.e. three years as a rule of thumb), like trains, planes and cars, TVs, smartphones, and soccer balls.

• Durable Goods

• Non-durable Goods

• Services

• Private enterprise system

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Items that are quickly consumed; they only last a short period of time, like fast food, coffee, shampoo, and deodorant.

• Private Enterprise System

• Services

• Durable Goods

• Non-durable Goods

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Informing potential customers that a product or service exists, and the results they should expect from using it

• Promotion

• Information

• Experiences

• Price

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One in which businesses are privately owned and run by people rather than the government.

• Public

• Government

• Private Enterprise System

• Competition

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Help sustain a business’ operations, and enable it to grow, and pursue its mission and achieve its vision

• Loss

• Profit

• Marketing

• Events

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A company intends to analyze and identify the needs and wants of customers, build products, solutions, and strategies to satisfy those needs and wants, better and more effectively than its competitors, and to achieve the goals of the organization itself.

• Marketing concept

• Price

• Product

• 1. Marketing-Information Management

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