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Marketing Essentials Flashcards
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Marketing Essentials Flashcards
Marketing Essentials Flashcards
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1
Question
What marketing term is defined as 'states of felt deprivation (physical needs: food, clothing, warmth and safety; social needs: belonging and affection; individual needs: knowledge and self expression)'?
Page 1
Answer
Needs
2
Question
What type of needs include food, clothing, warmth, and safety?
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Answer
Physical needs
3
Question
What type of needs involve belonging and affection?
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Answer
Social needs
4
Question
What type of needs encompass knowledge and self-expression?
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Answer
Individual needs
5
Question
What term describes human needs shaped by personal preferences, culture, and religion, with unlimited wants but limited resources?
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Answer
Wants
6
Question
What shapes human wants according to marketing?
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Answer
Personal preferences, culture, religion
7
Question
What limitation do people face with their wants?
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Answer
Unlimited wants but limited resources
8
Question
What is the AMA definition of marketing as the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value?
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Answer
Marketing
9
Question
What is marketing as the science and art of exploring, creating, and delivering value to satisfy needs of a target market at a profit?
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Answer
Marketing
10
Question
What does marketing identify in unfulfilled needs and desires?
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Answer
Defines, measures, and quantifies the size of the identified market and profit potential
11
Question
What does marketing pinpoint for company capability?
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Answer
Segments the company is capable of serving best
12
Question
What does marketing design and promote?
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Answer
Appropriate products and services
13
Question
What is advertising as the placement of announcements and messages by firms, nonprofits, agencies, and individuals to inform or persuade a target audience?
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Answer
Advertising
14
Question
What type of media involves paying a publisher for marketing communications like billboards, ads, and direct mail?
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Answer
Paid Media
15
Question
What are examples of paid media?
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Answer
Billboards, broadcast and print ads, search engine ads, social media ads, direct mail or email
16
Question
What type of media uses company-owned channels like websites and social accounts?
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Answer
Owned Media
17
Question
What are examples of owned media?
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Answer
Retail merchandising, websites and business blogs, brochures, corporate social accounts, press releases
18
Question
What type of media involves third-party external communications like reviews and endorsements?
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Answer
Earned Media
19
Question
What are examples of earned media?
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Answer
Online reviews, newspaper or magazine articles, social media endorsements, customer demonstrations, external publicity
20
Question
What is the marketing process focused on?
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Answer
Familiarizing brand and product with new or former customers, explaining product, solution, and price
21
Question
What must marketing teams determine after explaining the product?
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Answer
Who is most likely interested and where to find them
22
Question
What is the sales process including?
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Answer
Creating a plan with actions, tools, resources, and goals to convert aware prospects into customers
23
Question
What do sales teams do with customers?
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Answer
Interact, answer questions, provide relevant product information
24
Question
What are marketing goals centered on?
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Answer
Promoting product, company, or brand with clear communication of benefits to widest audience, generating leads
25
Question
What do sales goals base on?
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Answer
Quotas and volume goals over short-term periods like quarters or months
26
Question
How are sales goals determined?
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Answer
By business needs to generate profit for operations
27
Question
What are marketing strategies based on?
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Answer
Gathering information about target audience to test what works
28
Question
What are popular forms of marketing strategies?
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Answer
Internet marketing, print marketing, blog marketing, focus groups
29
Question
What are sales strategies focused on?
Page 2
Answer
Connecting with prospects, talking, listening, converting to paying customers via contact and pitch
30
Question
How do salespeople first contact prospects?
Page 2
Answer
Phone call, networking event, or online