Decision making to improve marketing decisions

• What is the primary function of marketing?

  To meet customer needs profitably
• How has the internet impacted marketing?

  It has changed the 7Ps to meet demands
• What does "clicks and bricks" refer to in marketing?

  • Combination of online (clicks) and physical (bricks) presence
  • Examples: PC World, Argos, Tesco
• Name three social media platforms used for marketing.

  YouTube, Instagram, Facebook
• What is viral advertising?

  Ads shared from person to person online
• Why is social media advertising growing in importance?

  Young people prefer online content over traditional media
• What does M-commerce stand for?

  Mobile commerce
• What is a key feature of M-commerce?

  It allows 24/7 customer access
• How do consumers use M-commerce?

  To compare prices and research purchases
• How has technology affected marketing decisions?

  It has sped up information gathering and reach
• What is digital marketing?

  Using the web to reach customers
• What are the characteristics of social media in marketing?

  Authentic, measurable, lacks control
• What is relationship marketing?

  Developing long-term connections with customers
• What is dynamic pricing?

  Changing prices based on demand
• Give an example of dynamic pricing.

  Uber's pricing model
• Why might not all products need technology to sell?

  Some may require a multi-channel approach
• What are ethical decisions based on?

  Moral grounds
• What do environmental decisions consider?

  Impact on climate and clean air access
• What should businesses consider in marketing decisions?

  Ethical and environmental objectives
• What are the interrelated factors in marketing decisions?

  • Corporate objectives
  • Financial situation
  • Operational situation
  • Human resources
• What are the 7Ps of marketing?

  Price, product, promotion, place, people, process, physical environment
• What is the definition of digital marketing?

  Using the internet to reach customers
• What is dynamic pricing also known as?

  Real-time pricing
• What does ethics refer to in marketing?

  A moral stance on an issue
• What should longer answer questions in marketing consider?

  Changing customer nature and business reactions
• What are businesses trying to persuade customers to do?

  Buy their product over competitors
• What is the key method in the persuading process?

  Branding
• How does strong branding benefit a product?

  Associates benefits in customers' minds