Use the accompanying list of terms to fill in the blanks. All terms are used, and one of the terms is used twice.
1. __________________ is the process of meeting the needs and demands of consumers.
2. A market is all the people that buy or could buy a certain product. The people in the market, or the _________________, must have the ability to buy, the authority to buy and the willingness to buy.
3. The ____________________ is when a company believes that it has a good product that will sell itself.
4. The _____________________ is when a company believes that proper advertising will sell the product.
5. The _____________________ is when a company believes the best way to sell its product is to tailor the product and advertising to a section of the market that the company believes is most likely to buy.
6. Companies usually find success using the ________________ orientation.
7. The ________________ is the market a company believes is most likely to buy its product. The company tailors its product and advertising to this part of the market.
8. A __________________ balances incoming data about the market with a company’s goals and resources.
9. The _________________ relates the company to the consumer and is usually a descriptive way of defining the company’s mission.
10. A ____________________ is a specific goal a company hopes to achieve through marketing.
11. ____________________ is how much of the market the company controls.
12. __________________ are changes in sales or market share over time.
13. A _________________ examines the opportunities and threats part of the SWOT method data.
14. A _________________ examines a company’s product and its place in the market, as well as the products and positions of competitors.
15. My favorite part of SDTV Marketing is ______________ .
|1. If you have ever thrown away a mailing from a credit card company without opening it, you’re not alone. Marketers know many people are resistant to the letters they send out. That’s why they’ll spend weeks working on every detail of the envelope, such as the teaser (e.g., “Free gift inside!”), to increase their chances that you will open the envelope. What unsolicited mail have you open recently? What was it about the envelope that persuaded you to open it?2. How far should state governments go in marketing lotteries? Should they be allowed to advertise on television? What about sending a mailing only to the state’s poorest residents?
3. Under the product orientation, manufacturers believe that consumers will buy their product if it is clearly the best product on the market. As a result, manufacturers will try to generate more sales by changing their product regularly (e.g., “New and Improved!”). What products can you think of that have recently changed? Do you think the product’s change is a real improvement or superficial? Some good areas to consider are computers, cars, shampoos, and frozen food.
4. Many supermarkets and convenience stores have their own brand of common household products (e.g., shampoo, lotion, aspirin, soda). Compare the packaging of these items with similar brand-name items. How are they similar? How are they different?
5. A fiscal year is a twelve-month period that a company chooses to be its financial year. Most companies choose to start their fiscal year in September. Why do you think they choose to start it in September?