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Entrepreneurship
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 goods | Competition-based pricing |
| Comparing the strengths and weaknesses of your competition | Competetive analysis |
| Is determined by using the wholesale cost of an item as the basis for the price charged | Cost-based pricing |
| People who buy the products and services companies offer | Customers |
| Data that describe a group of people in terms of their age, marital 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 retail price of an item | Markdown price |
| A system for collecting, recording, and analyzing information about customers, competitors, goods, and services | Market research |
| Groups of customers who share common characteristics | 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 |
| Blending 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 describe 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 |
| Description of the characteristics of the person or company that is likely to purchase a product or a service | Customer profile |
| Is determined by how much customers are willing to pay for a product or service | Demand-based pricing |
Created by:
myawn01
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