| A | B |
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| Marketing Mix | The specific combination of tools used by a marketing program to promote a certain product to its market. |
| Four Marketing Mix Components | Product Mix, Distribution Mix, Communication Mix and Service Mix |
| What is a copyright? | Government grants exclusive right to an individual to produce or sell a product during a given time period. |
| Do copyrights protect concepts, facts or processes? | No |
| What is a trademark? | It is a name or symbol placed on a product that identifies it and forbids other companies from copying it. |
| What is a patent? | It is a right granted by the government to certain individuals to be the sole producers and distributors of some good or service that the individual has invented. |
| What is Market Segmentation? | When marketing executives market to only an exclusive portion of the population. |
| How can Market Segmentation be dangerous for a business? | Any shocks to the larger market can devastate a business that trades in a limited portion of that market. |
| What are the two phases of Marketing? | Market Research & Products introduced to Public at the proper time, place and price. |
| What are the three types of customers? | Industrial buyers, Commercial buyers, Governments |
| What do industrial buyers purchase? | Goods with the intent to resell them. |
| What do commercial buyers purchase? | Buyers that don't alter the goods before resale. |
| What do governments purchase? | Anything from office supplies to nuclear warheads. |
| Who is an example of Industrial Buyers? | Book sellers |
| Who is an example of Commercial Buyers? | Hotels, Offices, Banks, Schools, Hospitals and Theaters |
| What three (3) ways does Marketing Research determine what the customer wants? | Study Consumer , Determine Customer Life Improvements, Test Markets |
| What do Intermediate Purchasers do? | They purchase in order to resell items |
| What are the characteristics of an Intermediate Purchaser? | Value supply source, buy in large bulk, receive a discount |
| What notification do marketers use to motivate consumers to buy? | Satisfaction, Fear, Accomplishment, Change the way customers feel about themselves |
| What is Personal Selling? | Face-to Face Encounter |
| What are the two main types of personal selling? | Retail Sales & Industrial Sales |
| What is Retail Sales? | Sales in retail store or by selling door-to-door |
| What is Industrial Sales? | Products sold to another business |
| What are the two types of Selling Processes? | Customers scouted out & Salesperson approaches customer |
| What are Direct Sales? | When an individual makes sales through a personal encounter (phone solicitation) |
| Do sales Managers have a difficult job (why)? | Yes, because they have to keep the sales force energetic and successful |
| What types of media can advertising take? | Television, radio, print media, direct mailings, billboards, public display and social marketing |
| What is market power based on? | Consumer Preference |
| Do businesses have to compete for the consumer's attention? | Yes |
| What the Pros of Newspaper Advertising? | Popular, Flexible, Know who receives ad, Has Prestige, Easy to connect local with TV and Magazines |
| What are the Cons of Newspaper Advertising? | Short life span, Re-run every day, Read hastily, Photos don't show up well |
| What are the Pros of Radio Advertising? | Immediately available, Low cost, Promoting Events and Sales, Know audience - Can hit target audience |
| What are the Cons of Radio Advertising? | Easy to miss, Hear part of an ad, Temporary, Quickly forgotten |
| What are the Pros of Magazine Advertising? | Large companies, Select audience, Glamorous, Longer life than newspaper |
| What are the Cons of Advertising? | Inflexible, When ad ineffective can't be removed, Expensive |
| What are the Pros of Outdoor Advertising? | Quickly communicates simple ideas, Repeats company slogan |
| What are the Cons of Outdoor Advertising? | Public may not like this type of advertising, Message may be forgettable |
| What are the Pros of Television Advertising? | Most successful, narrative about product, Large audience, Ads run repeatedly, Easy to add or take ads from air, Prestige with TV ads |
| What are the Cons of Television Advertising? | Ads are quick, High cost, Public distrusts, Viewers don't always watch ads |
| What are the Pros of Direct Mail Advertising? | Know who will see adds, Flexible, Sent a short period of time, Shows great detail about their products |
| What are the Cons of Direct Mail Advertising? | Only as good as the mailing listing, Public distrusts "Junk Mail", High cost per customer |
| What are Advertising Agencies hired to do? | Create and develop ad campaigns |
| What departments are there in Ad Agencies? | Creative Dept, Artwork, Jingles, Ad Copy, Hiring, Campaign Development |
| What do Account Managers do? | They act as a liaison between the agency and the client |
| What might Sales Promotions include? | Distributing Samples, Planning contests, Developing Store Displays, Designing Product Deals, Point-of-Purchase Display Units, Coupons, T-Shirts, Pens and items with the Company Name |
