Foundational knowledge of marketing principles as defined by the FBLA competitive events.
Topics Included:
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Which of the following is NOT considered one of the seven core marketing functions?
Production
The seven core functions of marketing are Product/Service Management, Distribution (Channel Management), Selling, Marketing-Information Management, Financing, Pricing, and Promotion. Production is considered a separate business operation.
What marketing function involves gathering, storing, and analyzing information about customers, trends, and competing products?
Marketing-Information Management
Marketing-Information Management relies on market research to gather and analyze data, which helps businesses make informed decisions.
Moving goods from the manufacturer to the final consumer falls under which marketing function?
Channel Management (Distribution)
Channel Management, also known as Distribution, involves deciding where and to whom products need to be sold in order to reach the final users.
The marketing concept primarily focuses on:
Satisfying customer needs and wants while generating a profit
The basic premise of the marketing concept is that a business must strive to satisfy consumers' needs and wants while also generating a profit for the firm.
In a global economy, why is the marketing function of pricing particularly complex for international businesses?
Tariffs, fluctuating exchange rates, and international shipping costs vary widely.
When doing business globally, pricing becomes difficult because companies must account for different currencies, foreign tariffs, and higher logistics/distribution costs.
Which marketing function helps customers afford the products they want to buy, such as a store offering credit options or layaway?
Financing
The financing function involves getting the money needed to set up and run a business, as well as providing payment options and credit to customers.
What is the primary purpose of the promotion function in marketing?
To inform, persuade, or remind customers about a product or service
Promotion encompasses advertising, personal selling, sales promotion, and public relations—all of which serve to inform, persuade, or remind a target market about a product or service.
Which function dictates how much to charge for goods and services to maximize profits?
Pricing
Pricing involves determining the value to charge for goods and services in order to make a profit while remaining competitive.
Product/Service Management involves:
Developing, maintaining, and improving a product in response to market opportunities.
Product/Service Management is the process of creating, maintaining, or improving a product mix in response to market research and trends.
How does the global marketing environment often force companies to adjust their strategies?
They must adapt their products and strategies to fit different cultural and economic landscapes.
Successful global marketing often requires customization or adaptation to align with distinct local cultures, languages, laws, and economic situations.
