Basic Marketing & economic systems Flashcards
1
Q
Odd pricing such as $19.95
A
Conveys an image of value independent of actual price
2
Q
Even pricing such as $50
A
Conveys an image of status
3
Q
Tools used for promotion (communication)
A
- Personal selling
- Product promotion
- Public relations
- Advertising
4
Q
Value=
A
Value= benefits + cost
5
Q
What is the basis of capitalism?
A
- Self interest
- Competition
- Private ownership
6
Q
Who is Adam Smith?
A
The father of economics and capitalism
7
Q
What kinds of things would we not have under a pure capitalist economy?
A
- Social security
- Child labor laws
- Minimum wage
8
Q
What are the four p’s of marketing?
A
- Product
- Price
- Place
- Promotion
9
Q
What are the four C’s of marketing?
A
- Customer
- Cost
- Convenience
- Communication
10
Q
What are the stages of the product life cycle?
A
- Development
- Introductory
- Growth
- Maturity
- Decline
11
Q
What are the characteristics of the introductory stage?
A
- Low sales
- Possible losses
- Few competitors
12
Q
What are the characteristics of the growth stage?
A
- Rapidly rising sales
- Very high profits
- Growing number of competitors
13
Q
What are the characteristics of the maturity stage?
A
- Peak sales
- Declining profits
- Stable number of competitors followed by a decline
14
Q
What are the characteristics of the decline stage?
A
- Falling sales
- Profits may fall to become losses
- Declining number of competitors
15
Q
What life cycle stage has declining profits?
A
Maturity
