What is Strength, Weaknesses, Opportunities, Threats
100
Explain the concept of scarcity?
What is the difference between wants and needs and available resources.
100
Provide an example of price and non price competition.
What is price would be like a Wal-Mart, non-price is Younkers.
100
What are objections?
What is a hestitation to buy a product.
100
What is product promotion?
What is a promotion method businesses use to convince consumers to select its products or services.
200
What are the four components of the marketing mix?
What is product, place, price, promotion
200
Describe the key phases in a business cycle?
What is expansion, recession, trough, and recovery.
200
Explain the basic theory of supply and demand.
What is supply increases when demand decreases, demand increases when supply decreases. When they meet in the middle it is equilibrium.
200
Goal of the product presentation.
What is to sell the product and to inform the customer.
200
Explain the push-pull concept.
What is Pull policy is a process that directs promotion towards consumers, the push policy is a manufacturer uses a mix of personal selling, advertising, and buying discounts to promote a product to large retailers that sell its products.
300
What are the four foundations of marketing?
What is business management and entreprenuership, communication skills and interpersonal skills, economics, and professional development.
300
Explain the US balance of trade
What is the balance of trade is that the United States exports more than it imports.
300
What are 3 major categories for classifying businesses?
What is Size and Scope, Purpose, and Industry and Markets.
300
What is suggestion selling, explain its importance.
What is selling another product with the original one. Why?
300
What are the four elements of visual merchandising?
What is storefront, store layout, interior displays, and store interior.
400
List the seven functions of marketing
What is distribution, financing, marketing information management, pricing, product service management, promotion, and selling
400
Explain the concept of economic interdependence of nations.
It is needed to have the "world go round". Basically stating, every country relies on one another becuase they do not have the possibilties of having all of thier needs.
400
What are the differences between private and public sectors?
What is Government financed agencies like these are part of the public, businesses not associated with government agencies are private.
400
What are four techniques to make the presentation become lively and effective?
What is Displaying and handling the product, demonstrating the product, using sales aids, and involving the customer.
400
Name the four basic types of interior displays.
What is architectural displays, store decorations, open and closed displays, and point of purchase displays.
500
What does utility stand mean and what are the five economic utilities discussed in class?
What is the attributes of a product or service that make it capable of satisfying consumers' wants and needs. The five utilities are form, place, time, possession, and information.
500
What are 3 basic types of trade barriers?
What is tariffs, embargoes, quotas.
500
What are business ethics, explain their importance.
What is doing the right thing, why?
500
What are the seven steps of the sales process in order?
What is approach the customer, determine needs, present the product, overcome objections, close the sale, suggestion selling, and relationship building.
500
What are the four essential elements of a print ad?