Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Entrepreneurship 3
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 | Competitive-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 a 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 or service | Demand-based Pricing |
| 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 lifesyle 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:
madisonhey
Popular Business sets