Entrepreneurship Chapter 5
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
