Welcome to the 2nd TEST Study Session...

- What is Marketing?

- Marketing Mix, aka the 4P’s (to reiterate: http://www.mindtools.com/pages/article/newSTR_94.htm )

- Target Market

Recap from last TEST Study Session

Today, We Will Discuss...

-Market Segmentation-Supply & Demand-Demographics-Psychographics-Marketing Channels

Market Segmentation-Market segmentation is an integral part of a company's marketing strategy. It is the process of breaking down a larger target market into smaller, more homogeneous groups of customers that you can more efficiently market to.

-Each market segment is unique and marketing managers decide on various criteria to create their target market(s).

Types of Market Segmentation:

DemographicsPsychographicsGeographic Behavioral

Supply & Demand

Supply: the amount of product a seller is willing to supplyDemand: the amount of a product that a potential customer is willing and able to buySupply=Demand (equilibrium)Supply< Demand (shortage)Supply>Demand (surplus)

Demographics

-Quantifiable attributes describing the target marketEx:Age, Gender, Race, Income,Generation, or Occupation

Psychographics-The study of the personality, values, opinions, interests, and lifestyles of a target market- Ex: eco-friendly, tech-savvy, quality-oriented,

name brand-oriented

Geographics

-Where the target market is physically located-Highly important for franchising and place utility

Marketing Channels

- the various ways in which goods and services find their way from the provider to the consumer, and the payments generated find their way back to the provider.-Main Types: -Manufacturer to customer-Retailer to customer -Wholesaler to customer

TEST TIME 1. Joan has been manager for Lydia's Dress Shop for five years, but she wants to be her own boss. Joan

has experience, cash, and a strong desire for independence. Which type of business ownership is most

appropriate for Joan?

A. Partnership C. Sole proprietorship

B. Corporation D. Franchise

2. As prices increase, the quantity supplied will generally A. vary. C. stay the same. B. decrease. D. increase.

3. Which of the following is a reason a company might organize itself under the laws of a different country than those of its "home" country:

A. To take advantage of technology B. To remain competitive

C. To build brand Value

D. To save on taxes

4. Which of the following identifies the need for capital and helps to reduce business risk:

A. Financial plan C. Marketing plan B. Information system D. Cash-flow analysis

5. Sales forecasts are used by businesses to determine

A. management policy. C. target market.

B. production quantities. D. past sales.

6. Which aspect of a business benefits the most when a company implements a customer loyalty program

that asks its participants to complete a customer questionnaire: A. Operations C. Warehousing B. Sales D. Accounting

7. Which of the following statements would be the best way for a job applicant to end an interview:

A. "Mr. Maxwell, what did you say is the reason that this job is open?" B. "Ms. Collins, if you have any more questions, please give me a call." C. "Ms. Martin, I know that I can do this job, and I would like to have it." D. "Mr. Murray, I'd be happy to have this job, if you can't find anyone else."

10. What is an external factor that can affect a business's promotional plan? A. Demographic trends C. Staffing responsibilities B. Product lines D. Pricing strategies

9. Sweepstakes and contests are examples of communications channels often used in

A. sales promotions. C. publicity programs. B. advertising campaigns. D. media commercials.

8. A business might bundle products together to sell at a lower price for a limited time in order to

A. eliminate cash shortages. C. monitor promotional activities. B. limit product returns. D. encourage future sales.

Mock Competition Workshop-When: Friday, November 21st-IT IS STRONGLY ADVISED THAT FIRST YEAR COMPETITORS PARTICIPATE IN THIS-Parker smh explain it to the members before the all caps shouting...

This Study Session was a HOLE IN ONE ;)