Marketing Concepts
What is the term for the percentage of the product price not used for costs?
Margin
Costs that remain constant regardless of production are called ________
Fixed Costs
IKEA is an example of which distribution channel?
Integrated distribution
The first stage of the product life cycle is ________.
introduction
Market potential is calculated using the formula ________.
MP = total market size × market share
What is the systematic collection of information for marketing strategy development called?
Marketing research
Costs that vary with the level of production or service provided are called ________.
Variable Costs
Wholesalers buy products and resell them to ________.
Retail Stores
Items that quickly rise in popularity and fade just as fast are known as ________.
Fads
What form of data collection involves watching people without interaction?
observation
The 4Ps of marketing include product, price, place, and ________.
Promotion
The formula for inventory turnover rate includes dividing the cost of inventory sold by ________.
Average inventory investment
Walmart is an example of which type of business?
Retail
The product life cycle stage when sales and profits peak is called ________.
Maturity
Which transportation method is most cost-effective for moving goods internationally by sea?
Ships/Boats
Which pricing strategy involves setting a low introductory price to gain market share quickly?
Penetration Pricing
What is the term for the number of times inventory is sold in one year?
turnover
Name the five types of transportation for goods.
trucks, trains, planes, ships, and pipelines
Which stage comes after decline in the product life cycle?
Decision point
The five types of utility are form, place, time, possession, and ________.
Information
Free markets are defined by permitting profit, competition, and ?
Private Property
What are the two main strategies to deal with shrinkage?
Preventing it from happening and recording it when it happens
What is the role of a gatekeeper in the buying process?
A person who oversees the care or decision-making for another
The five stages of the product life cycle are: introduction, ________ , maturity, decline, and decision point.
growth
What is the term for research focused on understanding why customers make specific purchasing decisions?
motivational research