Principles Of Advertising - Practice Materials

Marketing 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 Marketing Mix mix of variables marketers control to influence a business' success; the four Ps: price, product, place, promotion Marketing Plan document which outlines a business's marketing problems and how they will be addressed and solved Mass Marketing marketing aimed at the masses without consideration of differences among them Market Segmentation division of the mass market based on shared characteristics Target Market specific group for which a business's products, services and marketing efforts are intended Market Research organized effort to gather and interpret information about a market Secondary Research past research which has already been performed and often already published Primary Research research done firsthand for the first time Qualitative Research exploratory, in-depth research involving flexible, open-ended questions; includes: interviews, observation and focus groups Quantitative Research structured research which uses the scientific method and standardized questions to make generalizations and predictions; includes: questionnaires, surveys and experiments Marketing Information System system for gathering and organizing marketing information used in decision-making Goals broad, long-term expectations for future achievements Objectives specific, measurable, short-term expectations Strategies statements describing the overall approach to how goals and objectives will be achieved Tactics specific actions which advance the strategy and achieve an end result Marketing, put simply, attempts to do what? Satisfy people's needs What accurately describes the difference between promotion and selling? Promotion indirectly communicates the value of a product and selling is directly communicating with customers What is not affected by marketing? The product regulations When the marketing concept is used to make all business decisions, how many functions does marketing serve? Seven What is distribution focused on when thought of as a function of marketing? Getting products to the best place for customers to locate and obtain them If you are shopping for a shirt and decide not to make a purchase because you cannot find your size, what element of the marketing mix has failed? Product The element of the marketing mix known as "place" refers to what? Where products and services are made available to customers The marketing mix can best be described as what? The variables marketers control to influence a business' success When you see an advertisement for a store and decide to shop there, what element of the marketing has succeeded? Promotion What is not one of the "four Ps"? Presentation What is not a discussed method of segmenting markets? Randomly A target market is what? The specific group for which a business' products, services, and marketing efforts are intended According to April Bell, why is it important for companies to identify their target market? Every product is not for everyone What best describes the process of market segmentation? When marketers divide the mass market based on shared characteristics When a company uses the mass marketing technique, they are doing what? Aiming marketing at everyone without consideration of the differences among people What is not a quantitative research method? A group discussion about the features group members want in a new cell phone What is not a typical time to perform market research as listed by April Bell? After a product is discontinued when a company needs to know if people want the product back According to Jeffrey Harper, why is market research important? Without research data to base decisions on, marketers are just guessing Qualitative research can be defined as what? Exploratory, in-depth research involving flexible, open-ended questions What best describes the difference between secondary and primary research? Secondary research is past research which has already been performed and often published and primary research is done firsthand for the first time What most accurately describes the difference between goals and objectives? Goals are broad, long-term expectations for future achievements and objectives are more specific, measurable, and short-term Who developed the hierarchy of needs model? Abraham Maslow A strategy is best defined by what? A statement describing the overall approach to how goals and objectives will be achieved According to Jeffrey Harper, why are goals and objectives important in marketing? To make customers understand a product's value What is not an example of a purchase which would use extended-problem solving for most people? Bread What did Jeffrey Harper give as an example of a product which is mass marketed? Coca-Cola The need for love and companionship would be included in which level of Maslow's hierarchy of needs model? Psychological needs (third level) What is an example of a tactic? Call customers to verify satisfaction For what does marketing depend on the human resources department? To hire people who are aligned with the marketing strategy What is not one of the discussed functions of marketing? Marketing information management What is a qualitative research method? Interview What would be considered part of the "product" element of the marketing mix? Whether to make a product blue or red What is an example of an objective? Increase repeat business by 15 percent over one year If a company decides to focus marketing efforts on people who love mountain climbing, what method of segmentation did they use? Psychographics What type of research did April Bell recommend for companies with a limited research budget? Secondary