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2-Larreau MKTG1
Marketing Practice
| Question | Answer |
|---|---|
| What are the 4 P's Of marketing | Price, Product, Place, and Promotion |
| What are the two types of products a business Can offer? | Service or good |
| What kind of economy does the US operate under? | Mixed |
| What is a monopoly? | When one business has a hold of an entire market |
| What is surplus? | When you have too much of something |
| Name the 6 steps to making a sale. | Approach, Demonstrate, Overcome objections, close, Suggestions, Follow-up |
| What are some common objections to buying a product? | Not enough money, Don't need, Not enough time. |
| what kinds of benefits are people looking for in a product? | Features, Time saving, Convenience |
| What is good to have on hand when trying to make a sell? | Samples of the product |
| What three things do you want to do to the customer when advertising? | Convince, Remind, Reassure |
| What is primary data? | Data you have collected first hand |
| What is secondary data? | Data collected by other people |
| What is a target market? | The consumers you want to buy your product or service |
| What is equilibrium pricing? | When the supply and demand are the same |
| What are the three types of brands? | Manufacture, Private, and General |
Created by:
Louie05
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