Vocabulary
The physical goods or services sold to make a profit for a business.
What is Product?
A combination of factors that can be controlled by a company to influence customers to purchase its products or services.
What is the Marketing Mix?
What is the most effective and cost-efficient type of advertising?
Social Media Advertising
The activity of electronically buying or selling products on online services or over the Internet.
List the 4 Ps of the Marketing Mix.
Product, Place, Price, and Promotion
A billboard is what kind of advertising?
Outdoor/Transit Advertising
Detailed research on markets that may want to buy a company's product or service
What is target market?
Creating a brand for your business falls under which of the 4 Ps?
Product
Give 1 reason why selling online can reduce Cost of Goods Sold.
1. Warehouse spaces are less expensive than retail spaces
2. You don't need to have staff for every hour of the day
3. You may only have to produce goods when they are ordered
Other answers as approved by Mrs. DeVylder
The total amount of money a business pays for costs directly related to the sale of specific products.
Offering a military discount falls under which of the 4 Ps of the Marketing Mix?
Price (everyday discount, whereas a 40% coupon would be a sale under Promotion)
List 2 ways that advertisements have changed over the years.
1. More sophisticated
2. Better quality
3. Less words
4. Bigger emphasis on the Why instead of the What
Other answers approved by Mrs. DeVylder
The professional maintenance of a favorable public image by a company or other organization.
What is public relations?
List the channel members involved in the Wholesale channel.
Producer, Wholesaler/Distributor, Retailer, Consumer
List 1 benefit of having only an online store and 1 benefit of having both a physical storefront and an online store.
Answers as approved by Mrs. DeVylder.
ONLINE - COGS could be lower which lowers the price for the customer, More options, Convenience, Customization options
BOTH - Can return things to the store that you buy online, Can try things on/see them in person, Convenience