Business ch 10

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Services

A business that carries out activities that are consumed by consumers

Marketing strategy

A company that indicates how it'll use marketing to achieve its goals

Merchandising

A set of promotional activities designed to obtain sales in retail setting

Target market

A specific group of customers that have similar wants and needs

Promotion

Any form of communication used to inform persuade or remind

Advertising

Any paid form of communicating through mass media

A unique identification for a company's products

Brand name

Personal selling

Direct individualized communication with prospective customers to assist their needs

Does a focus group involve observing the actions of customers

False

Does personal selling always involve face to face contact with the consumer

False

Is it easier to control the quality of a service than the quality of a product

False

Is marketing non paid promotional communication presented by the media

False

It's a products route from the producer to the consumer it's stream of revenue

False

Retailer

Final business organization in an indirect channel of distribution for consumer products

Marketing research

Finding solutions to problems through carefully designed studies involving customers

What are emotional buying motives

Life insurance Baby monitor Birthday cake Hawaiian vacation

An amount added to the cost of a product to establish the selling price

Mark up

Price

Money customer must pay off for a product or service

What are rational buying motives

New fridge New hybrid car Mortgage lender

Setting and communicating the value of products and services

Pricing

Marketing mix (The blending of 4 marketing elements)

Products Distribution Price Promotion

Communication used to inform persuade or remind

Promotion

An activity consumed at the same time it is produced

Service

A specific group of consumers with similar wants and needs

Target market

Marketing

The action of business of promoting and selling products or services

Distribution

The locations and methods used to make a product or service available to the target market

Buying motives

The reasons consumers decide what products and services to purchase

Channel of distribution

The route a product follows and the business involved in moving a product from the producer to the costumer

Costumer decision making

The specific sequence of step costumers follow to make a purchase

Does convenience affect the price consumers are willing to pay for the product

True

Is marketing mix the blending of product. distribution, price and promotion

True

Is mass production less expensive than personalized promotion

True


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