Promotion
What is advertising?
Paid messages used to promote a product or business.
What is shoplifting?
When a customer steals merchandise from a store.
Two friends open a sporting goods store together and agree to share profits, losses, and responsibilities.
What is a partnership?
"What qualities are you looking for in a new pair of shoes?" is an example of this.
What is an open-ended question?
What is the marketing mix?
Product, Price, Place, and Promotion are the four parts of this marketing concept.
A company sponsors a community charity event to improve its reputation instead of promoting a specific product.
What is institutional promotion?
A cashier secretly takes money from the register at the end of the shift.
What is employee theft?
What is a sole proprietorship?
One person owns the business, keeps the profits, and is responsible for the debts.
What is prospecting?
The process of identifying potential customers before attempting to make a sale.
A company targets customers aged 13-18 with ads for a new gaming headset.
What are demographics?
What is sales promotion?
Short-term deals to increase sales.
Coupons, buy-one-get-one offers, and contests are examples of this type of promotion.
A store's records show 100 footballs in stock, but employees can only find 90.
What is shrinkage?
What is a corporation?
This type of business is legally separate from its owners and can continue even if ownership changes.
A shopper grabs a candy bar while checking out, even though they didn't plan on buying one.
What is an impulsive customer?
What are psychographics?
A business focuses on customers' interests, values, hobbies, and lifestyles.
An employee at Best Buy talks with a customer and recommends a laptop based on their needs.
What is personal selling?
What is physical inventory control?
Employees physically count every item in stock to compare the results with inventory records.
A business owner wants personal asset protection but doesn't want to create a corporation.
What is an LLC?
Before buying a laptop, this type of customer compares brands, reads reviews, and researches prices.
What is a systematic customer?
Nike sells 30 out of every 100 pairs of athletic shoes purchased in a market.
What is market share?
A company sends information about a new product launch to local newspapers hoping they will write a story about it.
What is a news release?
Inventory records automatically update every time a customer buys an item.
What is perpetual inventory control?
What is a Theory Y manager?
A manager who believes employees are self-motivated.
A sporting goods store predicts it will sell 1,000 footballs during football season.
What is a sales forecast?
A company spends $500 on advertising and uses this measurement to determine whether the profit earned was worth the cost.
What is return on investment (ROI)?