chapter 1
Define industrial goods.
Industrial goods are products used in business to make other products or to assist in business operations.
What is positioning?
Creating an image of a product in the consumers mind.
Define the following terms:Consumer & Gatekeeper.
Consumer is a person who uses a product.
Gatekeeper is someone who buys something for someone.
What does each letter in the AIDA formula stand for?
A= attention
I= inerest
D= desire
A= action
What are consumer goods?
Consumer goods are nonindustrial products intended for personal use by the general public.
what are the 5 types of positioning that a business might use?
Benefit,Target,Price,distribution or service.
Differentiate between wants and needs.
Wants are things that are not necessary.
Needs are things that are necessary for survival.
what does each letter of SWOT analysis stand for?
S= strengths
W= weaknesses
O= opportunities
T= threats
What is the value equation?
Benefits - cost
What is a brand?
A brand consist of all the features that make up a products image.
What are consumer profiles?
A customer profile is a description of a business' customers based on their demographics, backgrounds, hobbies, and interests.
What is the purpose of SWOT analysis?
to determine the marketing direction of a product or service
what is marketing?
marketing is the sum of all the activities involved in the planning, pricing, promotion, distributing, and selling of goods and services to satisfy consumers needs and wants.
What is an unbranded product called?give an example of an unbranded product that a farmer may use.
unbranded products are called commodities
e.g wheat,carrots,eggs
List two reasons that explain changes in consumer demand.
Economical shifts and availability of a new product.
What are the 5 goals of advertising?
Brand awareness and positioning.
brand trial.
brand preference.
brand reminder.
brand positioning.