Multiple 1
From a marketing point of view, a(n) _________ is a group of customers who share common wants and needs:
Market
The process of getting goods and services to customers is called _________.
Distribution
Deciding how much to charge for a product or service so that a business can make a profit is called _______.
Pricing
The four Ps associated with the marketing mix are product, __________, price, and promotion.
Place
The gathering and analysis of information on the size location, and makeup of a market is called market ______.
research.
Getting the money that is necessary for setting up and running a business is called________________.
Financing
there are ________ functions of marketing
seven
Facts about the populations are called __________.
demographics
The people who are most likely to buy a company’s service are called the ________ market.
Target
The first step of product development is to ____________.
generate ideas
The ___________ point is the pint at which total revenues, or sales, equal total costs and expenses of developing and offering a product
Breakeven
Companies take ________ steps in developing a new product.
seven
A prototype is a ____________ of the actual product
model
___________ is/are the main advertising medium in the US.
TV
___________ is the public promotion of something such as a product, service, business, or event, to attract or increase in it.
Advertising
When talking about the functions of marketing, any effort to inform, persuade, or remind potential customers about a business’s products or services is part of the _________ function.
Promotion
A medium is a _________ or system of communication.
channel
Which one is NOT a common persuasive technique used in advertising.
A. Slogan
B. repetition
C. expert opinion
D. Word of mouth
word of mouth
What is a catchy phrase or statement often used to sell a service or a product called?
Slogan
A statement suggesting that everyone is using a specific product, so you should too.
Bandwagon
Why would companies pay more to advertise their product on TV during a special event show, aka superbowl?
Target audience is much higher, stronger presence of people watching at the same time
When people record a TV show they skip the ads. What do you think this means to the advertisers?
Advertisers have to be quick in getting attention before they skip the ad, think of other ways to advertise besides TV to capture the audience
Companies use many types of promotions to attract customers besides advertising. Which types of promotions work best at persuading you to buy? Explain why
Bandwagon, testimonial, expert - because the experts tell you it works so you are more apt to believe it.
Evaluating customer acceptance is __________ in product development.
last step
What are the seven functions of marketing?
Distribution, financing, market research, pricing, product/service management, promotion, selling