Marketing Concepts
What are the 4Ps of marketing?
Product, Price, Place, Promotion
In personal selling, the step where the salesperson asks the customer to commit to a purchase is called this.
The close
The type of ownership where one person owns and operates the business and is personally liable for debts is called this.
A Sole Proprietorship
Money a business earns from selling goods or services is called what?
Revenue
What is inventory?
The goods a business has on-hand to sell
This describes a group of customers with similar needs that a company tries to reach
A market segment
The name for a short-term incentive (discount, coupon, BOGO) used to stimulate immediate sales.
Sales promotion
What type of economy is driven by supply, demand, and competition with limited government involvement?
Market economy
What is a liability?
Something a business owes
Revenue minus expenses equals what?
Profit
The process of dividing a product’s total market into smaller groups based on attitudes, lifestyles, or values is called this.
Psychographic segmentation
The step of the selling process when a salesperson greets the customer is called this.
The approach
What is operations management?
Overseeing day-to-day business activities.
What is depreciation?
A loss in value of an asset over time
The process of turning raw materials into finished goods is known as this.
Production
The long-term strategy that positions a brand in consumers’ minds relative to competitors is known as this.
Brand positioning
What does AIDA stand for?
Attention, Interest, Desire, Action
What is scarcity?
Meeting unlimited wants with limited resources.
What is the difference between fixed and variable expenses?
Fixed expenses are costs that stay the same each month, while variable expenses are costs that change for different reasons
What does CPM measure in digital marketing?
Cost per thousand impressions
Moving finished products from manufacturers to final buyers involves this type of channel activity.
Distribution or place
Explain the difference between a feature and a benefit.
A feature is a characteristic of a product, while a benefit describes how that feature meets customers' needs.
This legal form of documentation protects artists, authors, and businesses from others stealing their creative work.
Copyright
Explain break-even point.
The level of sales where a company's total revenue equals total costs, resulting in zero profit or loss. It represents the point in sales where the business starts making a profit.
What stage of the product life cycle typically has the highest costs?
Introduction stage