Marketing
Define 'A market'
is any situation that brings buyers and sellers together to exchange goods and services.
Reasons why customers purchase products-2 reasons
Brand loyalty
Religion
Taste
is the exchange of goods for goods without the use of money.
Barter
A ............. .................. is an industry that is dependent upon another industry for survival.
A linkage industry
Producing just enough for your family
Producing for the country.
Producing for outside the country. Remember any?
Well?
Packaging is very important because -2 reasons
·it’s what the customer sees.
·protects the product.
·makes it easy to transport.
·Informs
4 qualities of a successful sales man
Be familiar with the product. Make the customer feel respected. Persistent, They must be enthusiastic
Give assurance Must be able to communicate
Allow discounts for customers.
The franchisee must pay a fee called ................. to the franchiser yearly for using their name, reputation and brand.
royalties
a. This is legally registered words, a symbol or logo associated with a product.
b. This is done for legal ownership of work, example lyrics of song or a textbook.
B. Copyright
is something you own (car, house) that can be taken by the bank if the loan cannot be repaid within a certain time.
Collateral
Distribution refers to
the flow of goods and services from the producer or manufacturer to the consumer.
Consignment is ??
Consignment: is a business arrangement where goods are left in the possession of another party, who sell the goods and keep a percentage of the sales.
(Laissez-faire, Democratic, Authoritarian) leaders has absolute authority (control) in decision making.
Authoritarian
*Third-party insurance: OR *Fully Comprehensive:
*Third-party insurance: covers the other person's vehicle only.
*Fully Comprehensive: Covers both vehicles.
Complete the Distribution chain
Manufacturers----Wholesalers----Retailers------Customers
Price skimming is
when a product is initially offered at a high price, and then gradually lowered over time.
IS set up by governments to ensure the laws are being followed by businesses.
The Consumer Affairs Division
Definition of an entrepreneur.
Creates and runs a business, dealing with the risks and rewards
The payments made to an insurance company for coverage is called..........................
premiums
Price Discrimination
The business charges different prices to different groups of people for the same product.
Cost-plus pricing-
The business adds a mark-up to the cost of producing the product.
- an independent, non-political institution dedicated to investigating complaints by the public and make recommendations to correct wrongdoing of state agencies.
The Office of the Ombudsman
Give 3 factors that determine the location of a business.
Water, close to a hospital, customers, WIFI
A contract is
is selling your product as the same price as your competitors.....this pricing?
Market based pricing