Wants and Needs
Business Activities
Marketing Essentials
Market Research
Advertising
100
Wants that are shared by many people are __________.
Public Wants
100
True or False: Competition among businesses hurts the consumer.
False
100
This is the act of gathering and analyzing information about the wants and needs of your costumers in a certain market.
Market research
100
True or False: Brainstorming occurs when workers get together to generate ideas and think of new products.
True
100
True or False: Magazine ads have a longer life than newspaper ads.
True
200
These are items that people can use to make or obtain what they need or want.
Resources
200
This is the biggest motivation for businesses.
Profit
200
This is the difference between market and marketing.
A group of people and promotion of a product/service.
200
THIS involves determining the wants and needs of customers and providing them more efficiently and effectively than competitors.
Marketing concept
200
Name five mediums businesses use to advertise their product.
Newspapers, magazines, radio, TV, direct mail, directory, billboards, transit, and online
300
True or False: Resources do not limit the number of needs and wants people can satisfy.
False
300
Give two other reasons that businesses supply goods and services besides the number one reason of generating a profit.
To make life easier and better To provide consumers with the necessities of food, water, shelter, clothing...etc.
300
Distribution, Financing, Marketing information management, Pricing, Product/service management, Promotion, and Selling are all a part of THIS.
The Functions of Marketing
300
These are the facts about the population.
Demographics
300
The type of medium the advertiser uses depends on THIS.
The consumers they are trying to reach.
400
You can use THIS process to help you make good choices.
Decision-Making Process
400
The result of competition among businesses is THIS.
Lower Prices
400
The Marketing Mix consists of these four P's.
Product, Price, Promotion, Place
400
This is a model of the actual product.
Prototype
400
Name two factors of media costs.
the size, number of people it will reach, how often it appears, when it appears, and where it is places.
500
These are the five steps in the decision-making process.
Identify the situation Identify the possible courses of action Determine pros and cons Make a decision Evaluate the decision
500
Name four of the six business activities listed in Chapter 1.
Identify opportunities Evaluate the demand obtain start-up manage production market the goods and services keep records
500
THIS is the point at which total revenues, or sales, equal total costs and expenses of developing an offering a product or service.
Break-even point
500
List the first three steps in the seven step process of product development.
Generate ideas Screen ideas Develop a business plan
500
This company is the biggest collector of information on TV ratings and viewer data.
Nielsen Media Research
M
e
n
u