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Review Questions

QuestionAnswer
What is the definition of marketing research? Systematic gathering, recording, and analysis of data about issues relating to marketing products and services
What are the ways to gather primary data? Surveys, Observation, Experiment
What are the ways to gather secondary data? Internal Company Records, Internet Sources, Government Reports, Professional & Trade Organizations
True or False. A marketing plan is a formal written letter that monitors a company's activities for an amount of time to secure financing. False
Which economic law says that when the price of a good/service increases the demand decreases? Law of Demand
True or False. The definition of a market position is the rank of a particular business in a specific market or a relative standing a competitor has in a given market in comparison to its other competitors. True
What is product bundling? Combining 2 or more products/services together creating differentiation, greater value, and therefore enhancing the offering to the customer.
True or False. Mind mapping is a creative thinking technique that involves ideas from a few people by associations? True
What method of distribution is a pattern where producers sell a product through a middleman in a geographic area? Exclusive
What is channel management? Processes by which marketers ensure that products are distributed to customers efficiently and effectively
What is a sales channel? a way of bringing products/services to market so they can be purchased by consumers
What are the three methods of distribution? Exclusive, Selective, and Intensive
What are the three options to choose from while a product is in the declining stage of sales? Maintain, Harvest, or Discontinue
What does the law of supply state? As a price of a good/service increases so does the quantity supplied
What is the breakeven point? The point at which sales revenue equals the cost/expenses of making/distributing a product
Created by: taylor.deem
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