Marketing Functions Test Review The Big Six Marketing Functions Test Review

This is the function that involves deciding on the products that a business will produce or offer. It is important because a business must offer the products that customers want and need in order to be successful. Answer: Product/Service Management

The ­­­­_____ function involves determining client needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunities. This is the function of actually providing customers with the products they want. Answer: (Personal) Selling

This involves gathering, accessing, synthesizing, evaluating, and disseminating information. Answer: Marketing Information Management

______goals include the details necessary to make sure you don’t confuse them with other goals. They are purposely worded so that you know exactly what you will achieve. They are not “general ideas”. Answer: Specific

Goals that are _____ have a set time limit Goals that are _____ have a set time limit. You know when the goal begins, and you know when it ends. This means that you also know when to congratulate yourself for reaching it. Answer: Time-Bound

_______goals are able to be reached. In other words, they are realistic. A goal to become company president in your first year on the job is not realistic. Answer: Attainable

______ goals can be quantified or counted in some way ______ goals can be quantified or counted in some way. They are expressed in terms of time, distance, dollars, etc. Answer: Measurable

ESOMIE stands for Executive Summary, ___________,Objectives, Marketing Mix, Implementation, and Evaluation/Control. Answer: Situational Analysis

SWOT stands for Strengths, Weaknesses, ________, and __________ Answer: Opportunities, Threats

A good salesperson knows that features are always followed by _________________. Answer: Benefits

_________ is a specific group of consumers at which a company aims its products and services. These people are those who are most likely to buy from the company. They can (and should) be segmented as much as possible. Answer: Target Market

A __________________, also known as USP, refers to the unique benefit exhibited by a company, service, product or brand that enables it to stand out from competitors. Answer: Unique Selling Proposition

An environmental scan (PEST) is designed to assess the current environment that we live in and see what can help or hurt a company or product in terms of politics, the economy, socio-cultural trends, and ____________. Answer: Technology

_________________ is a 1 -3 page review of a longer marketing plan _________________ is a 1 -3 page review of a longer marketing plan. It is designed to provide an overview of the plan and entice people to read it in it’s entirety. Answer: Executive Summary

What is the 6x6 rule? Answer: Provide no more than 6 bullet points on each slide of a Power Point presentation. Additionally, those points should contain 6 words or less.

This marketing function is responsible for moving, storing, locating, and/or transferring ownership of goods and services. The main goal is to move products from the producer to the consumer. Answer: Distribution

The purpose of the ____________ function is to communicate information about goods, services, images, and/or ideas to achieve a desired outcome. It is designed to inform, persuade, or remind customers about a business and/or its products. Answer: Promotion

The ______ function often involves deciding how much to charge for products so customers will want to buy it and businesses will make a profit. Answer: Pricing

Remember that a logo should: Be memorable Have a good recall rate Look good in black and white as well as color Be timeless A good tagline: Is concise (5-8 words max) Communicates your product’s benefit Is simple yet memorable

In summary, what was the big 6 unit about? It explained that marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. The marketing objective of most businesses is to attract you, the target customer, to the business. To achieve this objective, businesses coordinate the six marketing functions, which are interrelated activities that must work together to get goods and services from producers to consumers. The six marketing functions are product/service management, marketing-information management, pricing, distribution, promotion, and selling. When developing a new product, brainstorm first and consider your current situation. Establish S.M.A.R.T GOALS and try to create a product that provides a UNIQUE BENEFIT that connects with your TARGET MARKET. If you do this and promote it in the correct manner then you have a good shot at being successful!

Additional Info If a contestant on Shark Tank is asking for $150,000 in exchange for a 15% equity share in her company, she is valuing her company at $___________________. Answer: 1 million dollars (150,000 x .15 = 1,000,000)