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MKT ezam 2

QuestionAnswer
What are the 4 Ps of marketing? Product, Price, Place, Promotion.
Which “P” is the most important Product
Why is product the most important P Because without a product, nothing else matters.
What is public relations (PR)? A strategic communication process that builds mutually beneficial relationships between organizations and their publics.
What are key elements of PR? Trust, reputation, feedback, events, and communication (media, social media, etc.).
What is the core product? The basic benefit or need the product satisfies.
What is the actual product? The physical item, including features, brand, design, and packaging.
What is the augmented product? Extra services or benefits (warranty, financing, customer service).
What are convenience products? Frequently purchased items with little effort (e.g., toothpaste).
What are shopping products? Products consumers compare before buying (e.g., furniture).
What are specialty products? High-involvement, expensive, infrequently purchased items (e.g., golf clubs).
What are unsought products? Products consumers don’t think about until needed (e.g., life insurance, funerals).
What are product features? Specific attributes (size, color, ingredients, specs).
What are product benefits? The value or advantage the customer gets.
What is proof? Evidence supporting claims (reviews, tests, testimonials).
What is a product item? A single specific product.
What is a product line? A group of related products within a category.
What is a product mix? All products a company offers.
What is a brand? A name, symbol, or design that identifies and differentiates a product.
What is brand equity? The value from positive customer perceptions.
Why is branding important? Helps stand out, builds loyalty, reduces price sensitivity.
What is brand extension? Using an existing brand for new products.
What is brand revitalization (rebranding)? Improving a declining brand image.
What is co-branding? Two brands collaborating on one product.
What are the 4 functions of packaging? 1.Contain & protect 2.Promote 3.Provide convenience 4.Support sustainability
What are the stages of adoption? Awareness, Interest, Evaluation, Trial, Adoption
What are adopter categories? Innovators, Early adopters, Early majority, Late majority, Laggards
Where do new product ideas come from? Employees, customers, competitors, suppliers, universities, etc.
What is test marketing? Testing a product in a limited geographic area before full launch.
What are the 3 functions of advertising? Inform, Persuade, Remind
What is sales promotion? Short-term incentives (coupons, discounts, samples).
What is the AIDA model? Attention, Interest, Desire, Action
What is digital marketing? Marketing through digital channels (social media, websites, email, etc.).
What is price? The amount exchanged for a product or service.
What is revenue? Price × quantity sold.
What is profit? Revenue − total cost.
What is profit maximization (price skimming)? Setting a high price to maximize profits.
What is penetration pricing? Setting a low price to gain market share.
What is survival pricing? Pricing to stay in business.
What is elastic demand? Demand changes a lot with price changes.
What is inelastic demand? Demand does not change much with price.
What is total cost? Fixed cost + variable cost.
What is the break-even point? When revenue equals total cost.
What is a supply chain? Flow of products, information, and money from supplier to customer.
What is upstream flow? Movement toward suppliers.
What is downstream flow? Movement toward customers.
What is a retailer? A business that sells to consumers.
What is omnichannel retailing? Integrated shopping across multiple channels (store, online, mobile).
Created by: lback21
 

 



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