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Entrep. 1 - Unit 3
Marketing the Business
| Question | Answer |
|---|---|
| A paid form of communication sent out by a business about a product or service. | Advertising |
| The name, symbol, or design used to identify your product. | Branding |
| Routes that products and services take from the time they are produced to the time they are consumed. | Channels of distribution |
| ________ is determined by considering what competitors charge for the same product. | Competition-based pricing |
| Comparing the strengths and weaknesses of your competition. | Competitive analysis |
| ________ is determined by using the wholesale cost of an item as the basis for the price charged. | Cost-based pricing |
| Description of the characteristics of the person or company that is likely to purchase a product or service. | Customer profile |
| People who buy the products and services companies offer. | Customers |
| _______ is determined by how much customers are willing to pay for a product/service. | Demand-based pricing |
| Data that describes a group of people in terms of their age, maritial status, family size, ethnicity, gender, profession, education, and income. | Demographics |
| Competition from a business that makes most of its money selling similar products or services as another business. | Direct competition |
| Product characteristics that satisfy customer needs. | Features |
| Interview with groups of target customers who provide valuable ideas on products or services. | Focus group |
| Competition by a business that makes only a small amount of money selling the same or similar products or services as another business. | Indirect competition |
| _______ is determined by subtracting an amount from the trail price of an item. | Markdown price |
| A system for collecting, recording, and analyzing information about customers, competitiors, goods, and services. | Market research |
| Groups of customers who share common characterisitics. | Market segments |
| Percentage of a market owned by a business. | Market share |
| Uses the needs of the customers as the primary focus during the planning, production, distribution, and promotion of a product. | Marketing concept |
| Bledning the four marketing elements to satisfy a target market. | Marketing mix |
| _______ is determined by adding an amount to the wholesale cost of an item. | Markup price |
| Establishing informal ties with people who can help a business grow. | Networking |
| Placing a product in a certain market to get a desired customer response. | Positioning |
| Information collected for the first time to fit a specific purpose. | Primary data |
| Different products and services a business sells. | Product mix |
| Data that describes a group of people in terms of their tastes, opinions, personality traits, and lifestyle habits. | Psychographics |
| The act of establishing a favorable relationship with customers and the general public. | Public relations |
| The act of offering an incentive to customers to increase sales. | Sales promotion |
| Information found in already published sources. | Secondary data |
| Individuals or companies interested in a particular product or service and willing and able to pay for it. | Target market |
| Using the phone to market a product or service. | Telemarketing |
Created by:
tpotte01
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