Unit 1
What are the 2 types of products?
Goods and Services
This part of the 4 P's or marketing includes advertisements, commercials, and branding for the company.
Promotion!
A product that doesn't need ads to sell as generally most people need/use this item. (Ex: Water)
What is the first part of the research process when you are coming up with something to solve?
Initial Question
This is when the amount of money you made is equal to the amount of money it costs to make the product.
Break Even Point
Competitive Advantage
What does the T stand for in SWOT analysis?
Threats
This is a specific group of people that are advertised towards based on who the company thinks will buy their product the most
What are 2 ways that we talked about in class to collect primary data when you are conducting research?
Surveys, Observations, Experiments, Interviews, Focus Groups, Polls/Rankings, Research study
If the price of my product goes up and down depending on the time of year or how excited people are about the product, I would likely be using this pricing policy....
Demand Oriented Pricing
What is it called if two or more people own a business and share liablity?
Partnership
What are the 4 P's of marketing?
Price, Product, Promotion, Place
Age, income, and education levels are all parts of what section of marketed segmentation?
Demographics!
What are the two types of data you can collect based on the questions you ask and the type of answers you receive?
Qualitative and Quantitative Data
This is a pricing strategy where a company comes in with a very low price in order to gain market share and collect new customers.
Penetration Pricing
A company is considered a "small business" if it has under how many people working for it?
100 or less
What are the two parts of the SWOT analysis that are considered "internal analysis"?
Strengths and Weaknesses (what's happening inside the company)
When talking about customer profiles, if a parent buys a new bike for their kid, what is term for the person who actually uses the product (bike in this case)?
The consumer (person who uses it). The customer is the person who buys the product.
If I go to google and find an old batch of data from some research that was did by another company, this would be considered ________ data.
Secondary Data since its already been collected
What are the 3 goals of pricing?
Return on Investment, Market Share, Meet the Competition
What are the 4 business classifications that we talked about in class that define a company?
Size, Profit, Market served, Kinds of products
This is part of the 7 functions of marketing and focuses on how the company will budget money/use money to create, promote and sell their products to consumers.
Financing!
What are the 4 types of market segmentation used to create your target market?
Demographics, Psychographics, Geographics, Product benefits
If I was conducting a survey in which I was asking people to give feedback on a scale of 1-5 about how much they liked Pineapple on pizza, would this be Quantitative or Qualitative data?
Quantitative Data
What stage in the product life cycle is when the company generally makes the most amount of money?
Maturity - 3rd stage of the product life cycle