Introduction to Business Dersi 5. Ünite Sorularla Öğrenelim

How is marketing typically defined?

Marketing is typically defined as the creation, promotion, and delivery of goods and services directed towards consumers and businesses.

How would you define marketing with regard to customer relations?

Marketing is all about building a relationship with customers and requires a deep understanding of consumer behavior.

What is marketing strategy?

Marketing strategy is the way of doing marketing towards a certain positioning.

Which two key decisions do marketers have to make?

(1) Generic marketing strategy

(2) Segmentation and targeting

What do we mean by scale economies?

Scale economies state that a company can produce at a lower cost per unit of production if it is able to use the capacity further.

What does differentiation refer to?

Differentiation refers to offering extra value in addition to the basic features offered in the product.

What is the attitude of cost-leader companies in marketing?

Cost-leader companies try to minimize the cost, not the price. They can offer the product with low price (through which they maximize their profit margins) or with an ongoing, average price (through which they maximize their market share).

What is the reasoning behind cost leadership strategy?

The reasoning behind cost leadership strategy is that in each industry, customers are looking for a few basic things being offered in a product.

What does focus strategy refer to?

Focus strategy attempts to capture a smaller segment in the market.

Companies with a focus strategy do not focus on a specific product, but rather focus on a specific segment of customers with particular needs/ wants/desires.

What do we mean by segmentation?

Segmentation is the task of dividing this population into sub-groups in a way that can meaningfully separate consumers in terms of their consumption patterns.

What is the use of psychographics?

Psychographics enable marketers to closely “know” consumers and understand their psychological and social predispositions.

What does an ideal segmentation approach involve?

An ideal segmentation approach combines different strategies (including demographics and psychographics) to arrive at groups with the highest level of differentiation.

What does targeting refer to?

Targeting involves the careful selection of at least one segment by considering a variety of different factors.

What does marketing mix refer to?

Marketing mix, also known as the 4Ps of marketing, constitutes the set of all marketing activities a company engages itself in pursuing its marketing goals and objectives.

What is the definition of product?

Product (good or service) is the offering in the market, created and sold in order to solve a problem or satisfy a need or want.

What is the simplest pricing method?

The simplest pricing method is cost-based pricing where companies first figure out the cost of producing one item, and then add a profit margin to arrive the price to be used in the marketplace.

What does retailing refer to?

Retailing is simply the process of selling consumer goods and services to customers, also the term often refers to a physical shop with a service provider filling the small orders of a large number of individuals.

What kind of activities does promotion entail?

Promotion entails the activities that attempt to establish some sort of a relationship with target customers, and all shareholders involved, and try to win the heart and loyalty of consumers.

Why is advertising the most effective contact method?

Advertising is the most expensive but the most effective (in terms of the number of people reached with one message) contact method. It is the most well-known mass method of conveying a message.

What does public relations (PR) refer to?

Public relations (PR) involves gaining exposure in the mass media and other types of contact channels and proactively managing the dispersion of information between organizations and individuals.

What does branding refer to?

Branding involves a set of marketing and promotion activities that promote the brand, aiming to have a persistent image in consumers’ minds. Branding is the most strategic investment of the company.

What does brand equity mean?

Brand equity is a term reflecting the brand’s worth in the eyes of consumers, usually reflected in the price.

What does brand identity refer to?

Brand identity is the set of all individual components of a brand, specifically including the imagery, slogans, colors, and all other types of imagery.

What do we mean by positioning?

Positioning is how the brand is perceived by the consumers and the “position” in their minds.

What is the use of perpetual maps?

Perceptual maps are based on consumer perceptions showing the position of the product/brand so that the firm can see its position as perceived by consumers, take corrective action if necessary, compare its position with competitors, and make strategic, future-oriented decisions.

What does brand value refer to?

Brand value reflects brand equity (being a well-known brand will generate more revenue) or strength of a brand, the financial strength (the net present value of the estimated future cash flows), and/or the effective attachment consumers have with the brand due to functionally, emotionally, and experientially strong aspects.

What does brand personality refer to?

Brand personality refers to the set of human characteristics attributable to a brand.

What does “Big-data” represent?

“Big-data” in this new era represents large and complex sets of data collected through primary data collection methods and data readily available on the web.

What does content marketing refer to?

Content marketing refers to the creation, publishing, and distribution of digital content for a targeted audience online.

What does marketing ethics deal with?

Marketing ethics deals with the moral principles behind marketing activities. One of the newest eras in marketing involves the concept of societal marketing, for instance, which tries to discuss creative ways to optimize consumer satisfaction and preserve society and nature as a whole.