Marketing Concepts and Strategies

Mr. Evans summarizes Unit 5 on marketing, covering key concepts such as market definition, market research, segmentation, and the marketing mix. He explains the importance of understanding market size and share, conducting market research, and using segmentation to target customers effectively. The video also discusses the marketing mix's four Ps: product, price, promotion, and place, along with strategies for managing product portfolios and pricing. The importance of an integrated marketing mix is highlighted using the BMW i8 as an example.

What is the primary goal of marketing?

• To create a brand image

• To increase employee satisfaction

• To develop new products

• To identify and satisfy customer needs for profit

How is market share calculated?

• By adding a company's sales to the total market size

• By dividing total market size by the number of companies

• By multiplying a company's sales by the number of competitors

• By dividing a company's sales by the total market size

What is the difference between primary and secondary market research?

• Primary research is cheaper than secondary research

• Primary research is conducted by the company itself, while secondary research uses existing data

• Secondary research is more accurate than primary research

• Secondary research is conducted by the company itself, while primary research uses existing data

Why do businesses use market segmentation?

• To expand into international markets

• To increase production costs

• To target specific groups of customers with tailored products

• To reduce the number of competitors

What is the purpose of a product portfolio?

• To display all products in a single advertisement

• To analyze and manage a range of products for different target markets

• To reduce the number of products a company offers

• To increase the price of all products

What does the product life cycle model help businesses to do?

• Change marketing strategies as products mature

• Eliminate competition

• Increase the number of products in the market

• Reduce the cost of product development

What is price skimming?

• Setting a low price initially and increasing it later

• Setting a high price initially and lowering it later

• Setting the same price as competitors

• Setting a price based on production costs

Which of the following is NOT a promotional strategy?

• Public relations

• Product development

• Advertising

• Sponsorship

How does e-commerce benefit customers?

• By increasing the complexity of transactions

• By reducing the variety of products available

• By lowering the price of products

• By increasing the number of retailers

What is an integrated marketing mix?

• A mix that excludes promotion

• A mix that focuses only on product and price

• A mix where all elements of the marketing mix work together

• A mix where all elements work independently