Chapter 13: Marketing Essentials

Question 1

4 P’s

Answer 1

Product, Price, Promotion, Place

Question 2

Product

Answer 2

decisions that go into production (packaging, labeling, naming, image projected)

Question 3

Price

Answer 3

what customers are WILLING and ABLE to pay for a product

Question 4

Promotion

Answer 4

form of communication to inform, persuade, or remind ppl about the product

Question 5

Place

Answer 5

how and where a product or service will be distributed

Question 6

Direct Distribution

Answer 6

Manufacturer-> Retailer

Question 7

Indirect Distribution

Answer 7

Manufacturer-> Distribution Center-> Retailer

Question 8

Market Research

Answer 8

analyzing a marker by specific characteristics in order to create a target market

Question 9

Demographics

Answer 9

facts about a given population: age, gender, and income (stuff that does NOT change overnight)

Question 10

Psychographics

Answer 10

tastes and preferences about a given population (Coca Cola vs Sprite)

Question 11

Geographics

Answer 11

purchasing habits based on where someone lives

Question 12

7 Steps of Product Development

Answer 12

1) Generate Ideas 2) Screen Ideas 3) Develop a Business Plan 4) Develop the Product 5) Test-Market the Product 6) Introduce the Product 7) Evaluate Customer Acceptance