7 Functions
Define Selling
Personal communications with the customer
The 4 P's are Product, Price, Profit, Promotion
(T or F)
False
Define Demographic Segmentation
Dividing the market by personal statistics
Selling Price is the amount of money a company spends to manufacture, promote, and sell a product
(T or F)
False
Gathering data about customers and the industry
Marketing Research
Define Pricing
The amount of money requested or exchanged for a product
Define Customer Profile
A detailed description of the typical consumer in a market segment
Define Break-even Point
The point at which the revenue from sales equals the cost
Define Distribution
Physically getting the product from the producer to the consumer
Advertisements are a part of which of the 4 P's
Promotion
What are the 3 types of marketing segmentations
Demographic, Geographic, Psychographic
What are the stages of the product life cycle
Introduction, Growth, Maturity, Decline, (Extension)
List 4 types of promotional techniques
Advertising, Sales on products, Coupons, Sweepstakes, Giveaways, Promotional items
A cereal company chooses to put their cereal on the lower shelves at a grocery store so that kids are more likely to see their product. This is an example of
Place
List 5 different ways to segment a market based on demographics
Age, gender, income, ethnicity, education level, occupation, marital status, family size
Define Psychological Pricing
Techniques that create an image of a product and entice customers to buy it
What are the 7 functions of marketing
Distribution, Marketing research, Market planning, Pricing, Product/Service management, Promotion, Selling
A canned food company lists their product's nutritional facts on their cans. This is an example of
Product
Define Psychographic Segmentation
Dividing the market based on individual values, attitudes, activities, and interests
List 4 types of unfair pricing practices
Bait and switch, Price fixing, Price discrimination, Deceptive pricing, Predatory pricing, Loss leader, Price gouging