Bus/Econ
What is the main reason a business operates?
Profit
This is an intangible activity that is exchanged directly from the producer to the consumer and consumed at the time of production:
Service
This pricing strategy involves setting higher-than-average prices to suggest status and prestige.
Prestige
This is the process of efficiently delivering products to customers.
Channel Management
The ___________________ begins the communication process by creating the message.
Sender
Which economic system is where the government controls the businesses?
Command Economy
The unique name, symbol, or design that identifies a product, service, or company.
Brand
This is a reduction in a price given to the customer.
Discounts
A farmers’ market offers customers an opportunity to purchase products from the producer without using an intermediary. This is an example of:
Direct Distribution
This is anything that makes it difficult for the receiver to understand the message.
Noise
Which economic system includes both private and government control?
Mixed
This identifies the four stages a product goes through from the time it enters the market until it is no longer sold.
Product Life Cycle
With this pricing strategy the price will include a combination of several related services for one price.
Price Bundling
These buy in large quantities from manufacturers, store the goods, and then resell them in smaller quantities to other businesses and organizations.
Wholesalers
This is any short-term incentive that gives customers an immediate reason to buy.
Sales Promotion
What is the basic economic problem?
Scarcity (More wants then resources)
This is the legal protection of the words or symbols for use by a company.
Trademark
This is the quantity of a product that must be sold for total revenues to match total costs at a specific price.
Breakeven Point
Home Depot is a big-box retailer that is focused on one range of merchandise and offers a large selection of merchandise in that area. This is an example of a:
Category Killer
This is the combination of advertising, public relations, personal selling, and sales promotion that marketers use to reach a target market.
Promotional Mix
What are market forces?
Supply and Demand
During which stage do most products fail?
Introduction
This pricing strategy prices items at cost to attract customers into the store.
Loss Leader
Another name for all of the middlemen who help move products from the manufacturer to the final consumer:
Intermediaries
Another name for a potential customer:
Prospect