Unit 1-2
The amount a customer pays for something
What is price
The amount of money remaining from income after all expenses are paid
What is profit
Statistics gathered through valid research
What is hard data
When the price is raised on a product to cover operating expenses
What is a markup
Positive feelings a customer has towards a company
What is goodwill
The term for the minimum sales required to cover all expenses of running an event
What is Breakeven point
Being held responsible for damages and medical costs of an injured person
What is being liable
A panel of people who answer questions related to their opinions on a product or service
What is a focus group
The process of planning, organizing, and managing the distribution of products
What is Logistics
Extra commission paid to employees to sell a certain product
What is push money
Influencing how people choose to spend their time and money on entertainment
What is entertainment marketing
The act of altering media that is considered objectionable
What is censorship
Having the quality and uniqueness justify a products high price
What is Skimming price strategy
When businesses conspire to charge high prices
What is price fixing
The first step in developing a promotional plan
What is identifying the target customers
This method of market segmentation focuses on a customer's attitude toward a product
What is behavioral-based segmentation
The education law that prohibits discrimination based on gender in schools
What is title IX
A strategy used to differentiate a companies products or service from a competitors
What is positioning
Reducing the price of a product below the stores cost to create more customer traffic
A television commercial with Patrick Mahomes and Andy Reid is called?
What is a celebrity endorsement
Buying a product based on loyalty to a particular brand
What is patronage purchases
A destination that plans to satisfy several generations of family
The process of organizing data from multiple sources into usable information
What is convergence analytics
The requirement for Internet services providers to treat all Internet traffic the same
What is Net neutrality
The cost of each exposure to an ad divided by its reach in thousands
What is cost-per-thousand(CPM)