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BBl1O Chapter 6 Test

9th Grade Business

QuestionAnswer
What is a Market Segment? part of the overall market that has similar characteristics
What is a Marker Share? percentage that one businesses product takes of the total dollars spent by consumers on similar products
Describe the Competitive Market. specific types of products or businesses
What is a Gatekeeper? decision maker
What is a "value added service"? extra service to attract customers
Competition Amongst Services 1. Convenience2. Degree Of Service3. Selectiona. wide selection (bit of everything)b. deep selection (more specialized)4. Reputation5. Price (main consideration)
How do products compete? 1. Price2. Quality3. Design4. Features5. Benefits
Disposable Income vs. Discretionary Income Needs vs. Wants
Describe what a Civil Offence (fines)is? 1. Abuse of Dominant Position2. Exclusive Dealing -> must carry all products 3. Refusal ->to small businesses4. Merger -> must be approved by Competition Bureau
Describe criminal offence. -> more serious-> jail and/or finesUnfair Pricing!1. Price Fixing-> setting prices with competitors2. Bid Rigging-> unfair bids and tenders
Describe the Competition Act. -> governs business conduct in Canada-> promotes competition-> stops anticompetitive practices-> criminal & civil provisions
Describe criminal provisions. vs. crown (gov.t)-> False & Misleading Advertising-> Bait & Switch-> Double Ticketing
Describe civil provisions. A vs. B
What is Canada? a mixed economy that promotes competition
What are the benefits to consumers of competition? -lower prices- better quality- more jobs- more choice
What are the three areas to create image? 1. Brand Name-> identification2. Logo Trademark-> symbol thats associated with product/business3. Slogan-> short catchy phrase
What are the 3 forms? 1. Monogram -stylized writing or initials2. Visual Line Drawing-> people, animal, things...3. Abstract-> shapes that carry a visual message
Describe the term "image". how consumers view the Business or Products
What is the consumer market? - the buyers.A. Demographics-> obviouse characteristics1. Age2. Gender3. Family Life Cycle4. Income Level5. Ethnicity & CultureB. Lifestyle1. Introverted -> decide for themselves2. Extroverted -> rely on others
Describe "using the image". 1. Brand Identification-> exposure -> advertising2. Promotional Activities- JINGLE3. Brand Extension-> using your image on new product
Created by: 1557315433