9th Grade Business
Help!
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| What is a Market Segment? | part of the overall market that has similar characteristics
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| What is a Marker Share? | percentage that one businesses product takes of the total dollars spent by consumers on similar products
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| Describe the Competitive Market. | specific types of products or businesses
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| What is a Gatekeeper? | decision maker
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| What is a "value added service"? | extra service to attract customers
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| Competition Amongst Services | 1. Convenience2. Degree Of Service3. Selectiona. wide selection (bit of everything)b. deep selection (more specialized)4. Reputation5. Price (main consideration)
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| How do products compete? | 1. Price2. Quality3. Design4. Features5. Benefits
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| Disposable Income vs. Discretionary Income | Needs vs. Wants
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| Describe what a Civil Offence (fines)is? | 1. Abuse of Dominant Position2. Exclusive Dealing -> must carry all products 3. Refusal ->to small businesses4. Merger -> must be approved by Competition Bureau
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| Describe criminal offence. | -> more serious-> jail and/or finesUnfair Pricing!1. Price Fixing-> setting prices with competitors2. Bid Rigging-> unfair bids and tenders
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| Describe the Competition Act. | -> governs business conduct in Canada-> promotes competition-> stops anticompetitive practices-> criminal & civil provisions
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| Describe criminal provisions. | vs. crown (gov.t)-> False & Misleading Advertising-> Bait & Switch-> Double Ticketing
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| Describe civil provisions. | A vs. B
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| What is Canada? | a mixed economy that promotes competition
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| What are the benefits to consumers of competition? | -lower prices- better quality- more jobs- more choice
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| What are the three areas to create image? | 1. Brand Name-> identification2. Logo Trademark-> symbol thats associated with product/business3. Slogan-> short catchy phrase
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| What are the 3 forms? | 1. Monogram -stylized writing or initials2. Visual Line Drawing-> people, animal, things...3. Abstract-> shapes that carry a visual message
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| Describe the term "image". | how consumers view the Business or Products
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| What is the consumer market? | - the buyers.A. Demographics-> obviouse characteristics1. Age2. Gender3. Family Life Cycle4. Income Level5. Ethnicity & CultureB. Lifestyle1. Introverted -> decide for themselves2. Extroverted -> rely on others
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| Describe "using the image". | 1. Brand Identification-> exposure -> advertising2. Promotional Activities- JINGLE3. Brand Extension-> using your image on new product
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