What mass merchandiser targets to rural and semi-rural markets? (Hint: look in book)
Wal-Mart
200
What is promotion?
The use of advertising and publicity to get your message to customers
200
Name 3 different pricing strategies
Meet or Beat Competition
Follow the Leader
Personalized
Variable
Price Lining
Keystoning
Value
Prestige
Cost-Plus
Mark Up
Penetration
Skimming
200
What are names and logos used for in branding?
Physical reminders of your product
300
What are the tangible aspect of a product?
Size, color, weight, shape
300
T/F: The internet is considered a location?
True
300
What is the collection of various strategic and tactical components of the marketing effort?
Marketing Analysis
300
What is price skimming?
Set a high price to begin with then slowly lower it
300
What is cause related marketing?
Linking your product to a cause
400
What are some intangible aspects of a product?
Speed, strength, efficiency, durability
400
T/F: The type of business you are running will influence your choice of location?
True
400
T/F: Goodwill is not considered to have promotional value
False
400
What is price penetration?
When the price is set at a lower amount than the market value to attract new customers
400
What is the first step in brand dominance?
Provide a quality product
500
Give an example of a product
(We'll be the judge)
500
What has Wal-Mart done a good job of that is ideal for attracting its potential customers?
Choosing Locations
500
T/F: Hardly any philanthropic organizations in the US were established by entrepreneurs.
False
500
What is market clearing price?
Price when supply = demand
500
Name all 7 of the steps to brand dominance
Provide Quality Product
Maintain Ethical Standards
Define Your Product
Treat Employees Well
Positive Advertisements
Associate With Charity/Cause
Active Within Communities