business
What is the main factor to consider when classifying products?
Why the product is being purchased
What type of economic utility is Nutrition data?
information
What is business buying behavior?
More likely to negotiate on price and has more frequent contact with the seller
What is the term for a document that lays out the details for how to focus marketing efforts on
meeting the customers' needs and wants?
Marketing Plan
What is the main reason why generic products can be sold at a reduced price?
Less money is spent to promote them
Using misleading product images is an example of what type of deceptive advertising?
Deceptive descriptions
Wages, salary and commission are examples of what type of income?v
Earned
The top salary you can make is called?
Earning potential
What is the term that refers to a product's identity, as represented by its name
and/or mark?
Brand
What are goods? (An exapmle0
items that satisfy human wants, provide utility or usefulness, and are scarce, ex. New tires
Why do you think a business would set the price of their product above the
competition?
A higher price often indicates higher quality to many customers.
What is a sales promotion?
A short-term incentive used to get people to buy a product
Agents, wholesalers, and retailers are examples of _______.
Channels of distribution
Is debt-to-income a factor when a lender is assessing whether to loan a
borrower money?
Yes
Credit allows you to?
Purchase an item right now and pay for it later.
What are both psycho-graphic and behavioral factors? (an example)
Amateur photographers who prefer first-rate equipment to capture quality images
What is a product?
Anything offered to a market that might satisfy a want or need
A secured loan is backed by __________________.
collateral or something of value, posted by the borrower.
What is an interest rate?
The rate lenders charge borrowers for money.
Publicity is?
notice or attention given to someone or something by the media, a public campaign
Education, training, and experience are some factors that influence earned income.
True
Money you earn from assets you have purchased or created. Generally recurring income.
Passive
Sandy earns $25 per hour. This is an example of:
Wages
It's important for all elements of the marketing mix to work together. In good marketing
strategy, what's at the center of all the efforts?
The customer
What is the term for any form of communication that a business uses to inform, persuade, or
remind potential customers about their products?
Promotion