Entrepreneurship Chapter 5

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True

A written marketing plan can help you define your market and identify your customers.

Markdown

A(n) _____ price is a price determined by subtracting a percentage amount from the retail price of an item.

Strategy

A(n) marketing _____ is a plan that identifies how your marketing goals will be achieved.

Marketing

All of the processes - planning, pricing, promoting, distributing, and selling - used to determine and satisfy the needs of customers and the company

Positioning

Creating an image for a product in the customer's mind

positioning

Creating an image for a product in the customer's mind is called

Marketing Plan

Defines the market, identifies customers and competitors, outlines a strategy for attracting and keeping customers, and identifies and anticipates change

Product Mix

Different products and services a business sells

True

Establishing short-, medium-, and long-term marketing goals ensures that the marketing you do today fits the vision you have for your business tomorrow.

Psychological Pricing

Pricing strategy based on the belief that certain prices have an impact on how customers perceive a product

Competition-Based Pricing

Pricing that is determined by considering what competitors charge for the same good or service

Demand-Based Pricing

Pricing that is determined by how much customers are willing to pay for a product or service

Features

Product characteristics that will satisfy customer needs are called _____.

True

Product features include such things as color, size, quality, hours, warranties, delivery, and installation.

Marketing

The four elements of the _____ mix are product, distribution, price, and promotion.

True

The marketing concept is the belief that the wants and needs of customers are the most important consideration when developing any product or marketing effort.

Brand

The name, symbol, or design used to identify a product

True

The price is the actual amount a customer pays for a product or service.

it is trying to serve different customer needs

When a company offers different products and services within the same category,

False

With competition-based pricing, the price charged is the same as the price charged by competitors.

False

Your market share rarely depends on the level of competition in your market.

product introduction or innovation, pricing and market share

Your marketing strategy should address

Psychological Pricing

_____ is based on the belief that certain prices have an impact on how a customer perceives a product.

Discount Pricing

_____ offers customers a reduced price.

competition-based pricing, cost-based pricing, and demand-based pricing

A business may set its prices for products or services using

share

A business's market _____ will depend on the level of competition in its market.

1)identify your overall market strategy, 2) include your specific strategies for price, product, distribution, and 3) promotion, and identify and anticipate change

A marketing plan should do all of the following except

Return on Investment

Amount earned as a result of the investment, usually expressed as a percentage

Marketing Mix

Blending of the product, price, distribution, and promotion used to reach a target market

True

Branding is the name, symbol, or design used to identify your product.

Market Share

Business's percentage of the total sales generated by all companies in the same market

high enough to make a profit

Businesses should always set their prices

select a product mix that will most appeal to their target customers

Companies that use the marketing concept will

False

Long-term goals are what you want your business to achieve in the next two or three years.

in two to five years

Medium-term goals describe what you want your business to achieve

Discount Pricing

Offers customers a reduced price, encouraging them to buy

Marketing Strategy

Plan that identifies how marketing goals will be achieved

The Marketing Mix

Price is one of the elements of

Cost-Based Pricing

Pricing determined by using the wholesale cost of an item as the basis for the price charged

Features

Product characteristics that will satisfy customer needs

False

Return on investment is the amount earned as a result of the investment and is expressed in fractions.

number of customers, level of profits and level of sales

Short-term goals can be stated in terms of

brand

The Nike "swoosh" is an example of a product

Package

The _____ is the box, container, or wrapper in which the product is placed.

Product

The _____ mix of a business is made up of the different products and services it sells.

market share

The total market for a product must be known in order to determine

devote half of its profits toward marketing

To use the marketing concept, businesses must do all of the following except

Marketing Concept

Uses the needs of customers as the primary focus during the planning, production, distribution, and promotion of a product or service

Cost-based

When a business uses a set percentage to determine a retail price, it is using _____ pricing.

using the wholesale cost of an item

With cost-based pricing, a price is determined by


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