General Business
An effective Unique Value Proposition (UVP) understands and focuses on the wants and needs of its:
What is target market
When sellers offer one-size-fits-all products that will appeal to most buyers, they are using ________ marketing.
What is mass marketing
Potential customers are also referred to as:
What are leads
What is the term for the point where supply and demand intersect, and the quantity supplied equals the quantity demanded?
What is equilibrium
What term describes the amount of money a company makes on each unit sold, after all expenses are deducted?
What is profit margin
What type of business has multiple owners, benefits from individuals combining resources, but whose liability isn’t limited to the amount of their investment?
What is a general partnership
What is the term for the process of using paid advertising, public relations, and other marketing tactics to create awareness and interest in a product or service?
What is promotion
What is the term for the process of closing a sale, or getting a customer to agree to purchase a product or service?
What is closing
A _______________ buys products from a manufacturer, distributor, and/or wholesaler and sells directly to the consuming public.
What is a retailer?
This is another term for an income statement
What is a profit and loss statement
What is the term for the management of the day-to-day activities of a business in order to produce goods or services?
What is operations or operations management
What is the term for the practice of using social media, search engines, and other digital channels to promote a product or service?
What is digital marketing
How much a consumer is willing to pay for a product depends partly on the consumer’s opinion of the product’s
What is value
What is the term for the path that a product or service takes from the manufacturer or producer to the customer?
What is the supply chain
What is the term for the amount of money that a company's owners or shareholders have invested in the company?
What is owner's equity
Which marketing function involves determining where products will be sold?
What is channel management
What is the process of collecting and analyzing information about customers and competitors to help a company make informed decisions about its products or services?
What is market research
Closing the sale usually includes handling customers’ concerns about the product, which is known as overcoming __________.
What are objections
When supply is greater than demand, a __________ market often develops.
What is a buyer's market
What is the financial statement that summarizes a company's assets, liabilities, and equity at a specific point in time?
What is a balance sheet
This is a "light" version or "visual representation" of a business plan
What is the term for the set of visual and non-visual elements that represent a company and its products or services, and help to create a distinct image in the minds of customers?
What is a brand identity
The process of sorting people into groups who share one or more common or similar characteristics, lumped together for target marketing purposes, is called:
What is market segmentation
What is the term for the situation where there is excess demand for a product or service, and suppliers may raise prices in order to take advantage of the increased demand?
What is a shortage
What is the term for the measure of a company's ability to generate profits relative to its invested capital?
What is ROI