chapter 8: marketing

Question 1

4 Ps of marketing

Answer 1

product, price, place, promotion

Question 2

product

Answer 2

what you sell

Question 3

price

Answer 3

how much you charge for your good or service

Question 4

place

Answer 4

channels of distribution

Question 5

promotion

Answer 5

how your customers find about you

Question 6

brand name

Answer 6

a word or group of words a business uses to distinguish its products.

Question 7

logo

Answer 7

a symbol that is associated with the company or product

Question 8

slogan

Answer 8

a short and catchy advertising phrase

Question 9

fads

Answer 9

products that are extremely popular with a select market for a short time

Question 10

niches

Answer 10

sections of the market in which a product dominates

Question 11

close-ended question

Answer 11

easy to answer, respondents select one answer from two or more choices

Question 12

open-ended questions

Answer 12

difficult to analyze

Question 13

target market

Answer 13

a specific group of people with shared characteristics that a business markets its goods and services to

Question 14

trends

Answer 14

longer, evolving, influential

Question 15

seasonal

Answer 15

popular products because of climate/holiday

Question 16

PLC

Answer 16

product life cycle. development, introduction, growth, maturity, decline, decision point.
introduction: launch
growth: sales increase, competitors enter
maturity: market is saturated
decline: sales decrease
decision point: continue or discontinue

Question 17

advice

Answer 17

define target market
brand identity
active online presence
collaborations
rewards clubs