BBI / MARKETING CONCEPT REVIEW
Using your knowledge from class discussions, your work on the project, and internet
research if needed, complete the following chart below in point-form. These are the
terms and concepts you’ll be expected to know for your quiz on Wednesday.
Term/Concept
Marketing
Definition/Explanation/Significance
-Marketing is usually a division or
department of a company
-Marketing is about increasing the sales of
a product and managing the company’s
brand
-Marketing is the process of determining
what the consumer/customer wants and
delivering it to them at the right price, the
right place, the right time and with the
right features
Example
Advertising would be an
example of one part of
marketing (promotion)
Marketing
activities
-All of the things done to increase sales of
a product and promote awareness of a
company’s brand
Research, pricing,
distribution, advertising,
customer service,
contests, website
design, etc.
Marketing mix or The 4P’s and 2C’s
Marketing Plan
Product, Price, Place, Promotion
Consumer, Competition
-All the elements should fit together and
reinforce the brand message
Core Benefit
-What the customer is actually buying
when spending their money (prestige,
convenience, image, value, cool factor,
etc.)
Place
Where the product is actually sold or
distributed
Promotion
Getting the message out to the consumer
in various forms
Price
Very important, what the consumer is
willing to pay for the product
The core benefit of
cosmetic products is
“beauty”
The core benefit of a
luxury car might be
prestige, status
Could be a store, online,
door to door, vending
machine, phone
Advertising is the main
form of promotion but
could also be a website,
a contest, a sale, an
event, etc.
Mercedes-Benz is a
“high-end” car product
Important because it often conveys a
sense of the quality of the product
(image) AND it determines company
profit
Consumer
The person using the product
Could be different from the actual
customer (buys the product)
Can be defined by age, sex, income,
education, geography, etc.
Important for a company to narrow the
market down and specifically target
certain groups
Children’s toy: Parent is
the customer and the
child is the consumer
Competition
Companies selling a similar product
-the competition includes all those who
are a threat, not just in the same business
Sales Promotion
Any activity designed to increase sales in
the short term (e.g. sale, couponing,
contests, giveaways, sampling)
Media
A way of communicating that reaches a
mass audience (many people)
e.g. McDonald’s and the
Keg are both
restaurants but they
aren’t necessarily
competitors
Roll up the rim
Friends and Family
Events
McDonald’s Monopoly
Newspapers, TV, Radio,
Internet
Advertising
Paid use of the media to promote a
product
Placing a television
commercial
Promotional
message
What are you trying to “say” in all of your
marketing activities?
What you want the consumer to
remember about your product
Walmart’s messages:
we have the lowest
prices
Brand
A recognizable name/slogan/logo, which
represents an image for a product or
service
In general, the greater the brand identity,
the more the company can charge for its
products
Advantages of
different media
See previous chart
Disadvantages of See previous chart
different media
Print Advertising Paid use of magazine, newspaper,
TV allows the advertiser
the have the most
impact and has the
most “reach”
TV is the most
expensive media
A full page ad in a
Calculating a
percentage
billboard, transit advertising, etc.
-can be seen, touched, etc.97
In a survey, for example, allows the
reader to understand the proportion of
responses, rather than just an absolute
number
magazine
e.g.
90 people LOVED our
product (wow?)
OR
90/10,0000 = .9% of
people loved our
product (not so wow?)