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Entre. Ch. 10 Review

QuestionAnswer
Marketing is the satisfying of customer needs at a profit.
An entrepreneur’s market is the group of people who are current and possible future customers.
A product has brand recognition when it distinguishes a business or product in the minds of customers.
Marketing is the business function that identifies customer needs and responds to them.
Nike recognized that customers wanted sneakers because they knew they should exercise.
Which of the following is not an example of brand recognition? customers aren’t sure which of several products to buy.
The “Four P’s” of marketing are product, price, place, and promotion.
Mindshare or brand awareness in the mind of consumers is created by advertising.
Ray Kroc, who founded McDonald’s, invented a new way to market hamburgers.
Business cards usually contain the name of a person and the business’s name, as well as contact information. T/F True
Making sure that customers’ needs are met discourages new customers. T/F False
Packaging is part of the product, even if it’s thrown away. T/F True
A brand is a name that distinguishes a business’s product from that of its competitors. T/F True
Selling higher-priced luxury products in discount stores is a good placement strategy. T/F False
Created by: thanser
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