Marketing final review

What are the potential customers who share common desires and willingness to buy a product called

Market

A company's part of all the sales made by the competitors in the same Feild is called their whst

Market share

What is the idea of fulfilling the needs of customers at a profile is called

Marketing concept

Your job is to survey the area around individual stores to determine local unemployment rates, the level of community involvement in sports, and the presence of possible store competitors. What marketing function do you perform

Marketing information management

The economic resource that is a gift of nature is called

Natural

What type of economic risk that involves tornadoes,fires and food that spoils

Natural

This type of competition is when businesses choose to compete on the basis of factors that are not related to price. Examples of which would be offering high quality, new features, additional services and updated facilities and large assortments

Non price

The expenses necessary to keep the business running on a day to day basis are called WgAt

Operating expenses

To compute net profit, what is subtracted from gross profit

Operating expenses

Yard signs billboards walls are all examples of what media

Outdoor

Advantages =most flexible and most individualized device available to business Disadvantage =cost per person is relatively high sales person can only help one person at a time

Personal selling

The only type of promotion that involves communicating with customers through direct contact of an oral sales presentation is what

Personal selling

How a product will be distributed is part of which marketing mix decisions

Place

What utility is usefulness added through location? Is known as?

Place

A company that offers layaway and credit to its customers allows marketers to aid customers in owning certain goods. What utility is being added?

Possession

WgAt marketing mix decisions determine how customers will pay for a product

Price

When businesses compete by using prices to attract scarce or limited customer dollars by offering coupons have a sale price matching or offering a rebate they are using what type of competition

Price competition

List the four categories of advertising media

Print broadcast speciality internet

Deciding whst product to make, what quality it will be, and how to package it are all part of which marketing mix

Product

What type of segmentation is based on how the product will be used by the consumer

Product benefit

Positive communication targeted at consumers about specific goods or services is considered what role of promotion

Product promotion

WgAt are the four elements of an effective marketing mix

Product, place, promotion and price

Your job is to select new merchandise for resale. Whst marketing function do you perform

Product/service planning

WgAt is the monetary reward an individual receives for taking the risk of investing in business

Profit

Any form of communication a business or organization used to inform, persuade, or remind people about its products and improve its public image is known as what

Promotion

What part of the marketing mix that determines how customers will be told about the product

Promotion

Your job requires you to create additional customer demand for your company's products. Your job is directly involved with which marketing function

Promotion

The combination of different types of promotion a business used to persuade a customer to buy its products called WgAt

Promotional mix

Segmenting a market based on an individuals interests or hobbies is what type of segmentation

Psychographics

Advantages =sources that produce or held in high esteem by the public free in terms of placement Disadvantage=give up control over content time and how message presented so it may not always be positive

Publicity

News presentation that create an impression about a business would be considered WgAt type of promotion

Publicity

The possibility of loss or failure is what

Risk

Short term activities designed to increase consumer purchases by offering a buying incentive are called what

Sales promotion

Is the best time for producer to sell characterized by large demand small supply in high price and example of this would be sellers of tickets for the Super Bowl

Sellers market

Relatively inexpensive novelty items with an advertisers name printed on them

Specialty

The quantity of a good or service that sellers are able and willing to offer for sales at a specified price in a given time period is called what

Supply

Having a pumpkin patch open in early October is increasing usefulness by making pumpkins available to the customer at the right timd of year. This is adding which utility

Time

What is another name for business to business magazines

Trade publication

Used public transportation to bring it advertising message

Transit

Whst is the rivalry between two or more business to attract customer dollars called

competition

Advantages= promotion is unique and has a special appeal to potential customers gives customers something of value and helps maintain product loyalty Disadvantage =only designed to supplement other promotional efforts often hard to end without customers becoming dissatisfied or disappointed

Advantage of sales promotion

Advantages= can choose most appropriate media to reach target market, cost per potential customers is usually lower than other forms Disadvantages= cannot focus well on individual needs because the message is the same for all customers most often be brief can be wasteful and efficient and too expensive for many businesses

Advertising

Which type of promotion allows business to choose variety of media in which to present its message a message that can be repeated several times

Advertising

Agencies means or instruments used to convey message is known as whst

Advertising media

The production process can add form utility to a product. Form utility is defined as the increased usefulness of a product to a consumer because of a change in whst

Because of a change in the basic materials

Radio and television make up WgAt type of media

Broadcast

This is considered the best time for consumers to buy characterized by large supply small demand and low prices and example of this would be when winter coats are marked down 75% off in April

Buyers

A major economic resource that is man made and is used to produce and sell other Economic goods and services is referred to as what

Capital

America's economic system in which resources and businesses are owned by private individuals or groups is called what

Capitalism

Advertising media= the channel of whst

Communication

The money business must pay for the goods they sell or raw materials from which they make goods to sell is an expense called Whar

Cost of merchandise

The ability and desire of consumers to own products/services is called what

Demand

What type of segmentation is based on factors such as age,gender, ethnicity or income level

Demographics

This type of competition occurs between or among businesses which offer similar types of products or services and example would be McDonald's versus Burger King

Direct

Newsletters catalogs and coupons sent to perspective customers

Direct mail

The Yellow Pages an example of what type of media

Directory

Which major marketing function is involved in determining how various products will be shipped

Distribution

Your job description calls for you to receive and Check new merchandise and to store the merchandise safety for future sales. Whst major marketing functions do you perform?

Dristrobution

The economic risk that involves fluctuations in consumer demand government regulations and rising unemployment rates is called what

Economic

An economic principles of which state that the quantity of a good or service that people will buy there is inversely with the price of goods or services this principle type of demand is illustrated when a price increase decrease demand or when a price decrease increased demand

Elastic demand

Segmenting a market based on location is what type of segmentation

Geographical

What is the money left after cost of merchandise is subtracted from total income called

Gross profit

What type of economic risk tgat involves employee error, customer dishonesty and employer incompetence

Human

Which economic resources refers to the people who contribute skills and talents to production

Human Resources

This type of competition that occurs among businesses which offer dissimilar products or services. An example of this would be worlds of fun Vs. Outback Steakhouse

InDirect

This type of competition thst occurs among businesses which offer dissimilar products or services an example of

Indirect

The demand that exists if the demand for a good is constant even if the products price changes the this is found with goods and services that are considered necessities and will be purchased regardless of their cost

Inelastic clause

The instruction/installation manual that comes with a product adds utility. This usefulness added through communications is called what?

Information utility

What role of promotion is positive communication about a business designed to enhance its image is considered to be?

Institutional

The economic principle that states the supply of a good or service will increase when demand is great and will fail when demand is low and what

Law of supply and demand