Business quiz 2 material

Question 1

What are the 4 P’s

Answer 1

Product, Place, Price, Promotion.

Question 2

Describe the right product

Answer 2

functionable, use, packaging, etc

Question 3

Describe the right place

Answer 3

Where, when, and how the product gets to the customer

Question 4

Whats Direct and Indirect distribution

Answer 4

DD- Selling directly to the customer
ID- selling through a middleman

Question 5

What two types of prices are there?

Answer 5

Penetration Pricing- Start at low price, increase as demand increases
Skimming- Start at high price to excite customer, gradually lower price.

Question 6

What is Promotion

Answer 6

Visual Merchandising, Advertising, Public Affairs, Personal Selling, Sales, and Direct Marketing

Question 7

What is Visual Merchandising

Answer 7

Having products that are visually appealing to get customers attention

Question 8

What is Advertising

Answer 8

Paid messages to promote business and products

Question 9

What is Public Affairs

Answer 9

Any sort of “free press” that helps to improve the image and goodwill of the business

Question 10

What is Personal Selling

Answer 10

Phone calls and emails to directly try and sell a product to a customer

Question 11

What is Sales

Answer 11

Offering discounts and promotions to attract customers

Question 12

What is Direct Marketing

Answer 12

Direct methods of communications with your customers, including newsletters and social media

Question 13

What are the 3 phases of the Marketing Cycle

Answer 13

Awareness, Purchase, Retention

Question 14

What is Awareness(MC)

Answer 14

getting potential customers to know about your business and product

Question 15

What is Purchase(MC)

Answer 15

getting those potential customers to buy something

Question 16

What is Retention(MC)

Answer 16

getting those customers to return

Question 17

What is included in Target Market and Segmentation?

Answer 17

Target Market and Geographic, demographic, psychographic, and behavioral factors.

Question 18

What is target market

Answer 18

the audience you intend to reach with your product, should be built around their wants and needs

Question 19

What is the geographic and demographic factors

Answer 19

GF- Locations, including descriptions of those areas
DF- general descriptors of customers( age, gender, race, ethnicity, income lvl)

Question 20

What are the Psychographic and Behavioral factors

Answer 20

PF- Interests, jobs, hobbies, and values of your customers
BF- buying patterns of your customers

Question 21

What are the two types of competition

Answer 21

Direct Competitors- offer the same product, just similar
Indirect Competitors- offer similar products, just in a different place and manner.

Question 22

What are the types of Advertisements and methods of influence?

Answer 22

Liking, Social Proof, Commitment and consistency, authority, scarcity, reciprocity.

Question 23

Liking?

Answer 23

Relating the product to things and people that the audience likes

Question 24

Social Proof?

Answer 24

Show that everyone else is doing it

Question 25

Commitment and consistency?

Answer 25

Get customers to keep saying yes

Question 26

Authority?

Answer 26

Getting someone with authority or expertise on the topic to endorse your product

Question 27

Scarcity?

Answer 27

Create a sense that the product will run out soon FOMO

Question 28

Reciprocity

Answer 28

Acting like the business is doing you a favor so you really should buy their product.

Question 29

What is marketing research?

Answer 29

focused on a specific problem and target market, with data.

Question 30

Types of data for marketing research?

Answer 30

Primary- data collected directly by you
Secondary- data collected and organized by outside sources
Quantitative- data focused on numbers/objective figures
Qualitative- data focused on subjective descriptions.