Chapter 5: Market your Business *Chapter Overview pg.141 - 142 (1 - 25) *a.l.o

list six elements that should be addressed in a company's marketing strategy

Product (or Service) Your customer only cares about one thing: what your product or service can do for them. ... Price. Many factors go into a pricing model. ... Promotion. ... Place. ... People. Packaging. ... Process.

a new cellular phone that lets you watch television, surf the internet send and receive e-mail, take pictures, and listen to music has just been released. there are people who want this device so badly they are willing to pay any price for it. this telephone should be priced using

a) demand-based pricing

which of the following pricing techniques is often used when introducing a new product into the market with the goal of developing a strong customer base while discouraging competition

b) penetration pricing

the branding, packaging, and labeling of your product should accomplish all of the following except

b)describe the company's product mix

you own an office supply store. your purchase desk lamps at a wholesale cost of $14 each. you use a markup of 45 percent to determine the retail price? at the end of season, you offer a discount price using a markdown of 20 percent of the retail price, the discount price for desk lamps is

c) $16.24

which of the following would be a good addition to the product mix for a health club

c) fitness apparel

during late summer, Nordstrom's department store offers fall and winter clothes at a discounted price for a short period of time. after that time, the price of this clothing goes up and is not reduced again until the end-of-season clearance this is an example of

c) promotional pricing

which of the following is not a pricing objective

c) to attract customers

the different products and services as a business sells

major equipment, accessory equipment, raw materials, component parts, processed material, supplies, and business services

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

market share

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

marketing

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

marketing concept

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

marketing mix

identifies how marketing goals will be achieved

marketing plan

pricing that offers customers reduced price to encourage them to buy

pentation pricing

creating an image of a product in the customers mind

positioning

product characteristics that satisfy customer needs

product needs

pricing that is based on the belief that certain prices have an impact on how customers perceive a product

psychological pricing

amount earned as a result of an investment

investment income

a marketing strategy should be consistent with the business's

True

True or False? opening two more restaurants in other locations around the city would be an example of a short-term goal for the owner of a new restaurant

False

pricing that is determined by using the wholescale cost of an item as the basis for the price charged

cost-based pricing

to successfully use the marketing concept, a business must do which of the following

d) all of the above

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

trademark

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

willingness to pay