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Marketing II REVIEW
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What type of economy lets supply and demand control everything with no government involvement?
Market
In a traditional economy, how are goods typically produced and distributed?
Based on customs and traditions—like farming, hunting, or bartering passed down through generations.
What type of economy is best described as “run by the government with little to no personal choice”?
Command
What is a brand?
A brand is a name, term, symbol, design, or combination that identifies a business or product and sets it apart from competitors.
What does "utility" mean in marketing?
A: It means the added value a product or service provides to satisfy customer needs and wants.
What is Market Share?
A: It’s the percentage of total sales a company has in a particular market compared to its competitors.
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats
Name the four types of economies.
Traditional, Command, Market, Mixed
What is “the market”?
The market is anywhere money, goods, and services are exchanged. In the U.S., that’s basically everywhere—stores, online platforms, events, etc.
What’s the difference between product and promotion?
Product is what you're selling; Promotion is how you communicate about it.
: You offer your handmade candles for sale on Etsy and Instagram. Which "P" are you focusing on?
Place
True or False? Geographics looks at customer income and age.
False
A company adds wheels and a built-in charger to their backpack. Which economic utility is this?
Form Utility
What P of the Marketing Mix is most affected by shipping costs and store location?
Place
You design a limited-edition hoodie and release it just before winter. Which utility are you using?
Time Utility
A local coffee shop focuses only on people who work from home in the downtown area. What kind of segmentation is that?
Geographic
You're advertising on Instagram, TikTok, and YouTube. Which "P" are you focusing on?
Promotion
Which economic utility is being used when a store offers multiple payment options like Apple Pay or Klarna?
Possession Utility
You love buying from a brand that donates 10% to animal shelters. Which type of segmentation does that relate to?
Psychographic
This utility is all about making sure customers can buy something when they want it (like pumpkin spice in October!)
Time Utility
You're a toy company creating a new line for 3–5-year-olds. What kind of segmentation are you using?
Demographic segmentation
True or False? A brand is only the name of a product.
False – A brand includes the name, logo, slogan, personality, and customer experience.
You're launching a new bubble tea shop. What "P" would involve setting the drink at $5.99?
Price
What are the 4 Ps of Marketing
Product, Price, Place, Promotion.
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