chapter 2

Question 1

break even point

Answer 1

occurs when the total cost and revenues are equal

Question 2

distribution channel

Answer 2

the path a good must follow in order to reach a consumer

Question 3

logo

Answer 3

a symbol or design that a company uses to identify its business and products

Question 4

markup

Answer 4

an amount added to the cost price to determine the selling price

Question 5

participatory marketing

Answer 5

strategic business interaction with a customer

Question 6

pricing tactic

Answer 6

a method of price manipulation to make a sale

Question 7

product life cycle

Answer 7

a product’s performance on the market from when it’s introduced to when it’s discontinued

Question 8

product mix

Answer 8

the goods and services sold by a business

Question 9

promotional mix

Answer 9

combination of marketing strategies used in order to sell a product in a promotional campaign

Question 10

slogan

Answer 10

repeated phrase or selection of words associated with a specific individual, organization, or product

Question 11

supply chain

Answer 11

the entities and processes involved in transforming raw material into products purchased by consumers