BBl1O Chapter 6 Test Word Scramble
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| Question | Answer |
| What is a Market Segment? | part of the overall market that has similar characteristics |
| What is a Marker Share? | percentage that one businesses product takes of the total dollars spent by consumers on similar products |
| Describe the Competitive Market. | specific types of products or businesses |
| What is a Gatekeeper? | decision maker |
| What is a "value added service"? | extra service to attract customers |
| Competition Amongst Services | 1. Convenience2. Degree Of Service3. Selectiona. wide selection (bit of everything)b. deep selection (more specialized)4. Reputation5. Price (main consideration) |
| How do products compete? | 1. Price2. Quality3. Design4. Features5. Benefits |
| Disposable Income vs. Discretionary Income | Needs vs. Wants |
| 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 |
| Describe criminal offence. | -> more serious-> jail and/or finesUnfair Pricing!1. Price Fixing-> setting prices with competitors2. Bid Rigging-> unfair bids and tenders |
| Describe the Competition Act. | -> governs business conduct in Canada-> promotes competition-> stops anticompetitive practices-> criminal & civil provisions |
| Describe criminal provisions. | vs. crown (gov.t)-> False & Misleading Advertising-> Bait & Switch-> Double Ticketing |
| Describe civil provisions. | A vs. B |
| What is Canada? | a mixed economy that promotes competition |
| What are the benefits to consumers of competition? | -lower prices- better quality- more jobs- more choice |
| What are the three areas to create image? | 1. Brand Name-> identification2. Logo Trademark-> symbol thats associated with product/business3. Slogan-> short catchy phrase |
| 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 |
| Describe the term "image". | how consumers view the Business or Products |
| 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 |
| Describe "using the image". | 1. Brand Identification-> exposure -> advertising2. Promotional Activities- JINGLE3. Brand Extension-> using your image on new product |
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