Vocab
Any paid form of communication through mass media directed at identified consumers to provide information and influence their actions.
Promotion
When purchasing a product, what type is based on facts and logic?
Rational buying motives
Providing repairs, replacements, or refunds for a product that breaks or does not meet consumer needs is called a(n) _____________________________.
Guarantee/Warranty
__________ Which of the following is NOT a pricing factor of a product.
Value
Complexity/Uniqueness
Supply and Demand
Age
Value
Communicating directly with each customer is called
Personalized Promotion
The money a customer must pay for a product or service
Price
When purchasing a product, what type is based on feelings, beliefs, and attitudes?
Emotional Buying Motives
What provides protection and security for the product before it is used?
Packaging
What is the term for the amount added to the cost of a product to set the selling price?
Mark UP
Non-paid promotional communication presented by the media rather than the organization is known as ____________________________.
Advertising
Publicity
Any form of communication used to inform, persuade, or remind
Promotion
Designing, developing, maintaining, improving, and acquiring products and services that meet consumer needs can describe which marketing function?
Product and service management
A small group in which a product is introduced in order to see if the product will be successful is known as ________________________.
Test Market
What is the term for the amount of money available to the business after all costs and expenses have been paid?
Profit
4 P's
A framework used to evaluate a company's competitive position and to develop strategic planning.
SWOT Analysis
Obtaining, managing, and using market information to improve business decision-making and the performance of marketing activities can describe which of
Marketing-information management
A small number of consumers that take part in a group discussion is called a(n) _________________________.
Focus Group
Product Cost + Operating Expense + Profit =
???
Selling Price
Includes activities and materials designed to reinforce a company’s brand and image
Sales Promotions
The route a product follows and the businesses involved in moving a product from the producer to the final consumer.
Channel of Distribution
Successful businesses start with the needs of the ________________________.
Consumers
What is the name for the method in which businesses gather information from people using a carefully planned set of questions?
Surveys
Costs to produce the product aka
Product Costs
What is the best advertisement for business
Word of mouth