marketing

Question 1

what is a market?

Answer 1

any situation that brings together the buyers and sellers of goods or services

Question 2

who is a customer?

Answer 2

a person who buys goods

Question 3

who is a consumer?

Answer 3

a person who uses up goods

Question 4

what are the 4 elements of a market?

Answer 4

buyers
sellers
goods or services
price

Question 5

what is marketing?

Answer 5

the process of determining a customers needs and wants then providing them with goods and services.

Question 6

what are the 2 types of markets?

Answer 6

consumer

industrial

Question 7

what is the consumer market?

Answer 7

refers to households or persons who buy goods for their personal use

Question 8

what is the industrial market?

Answer 8

individuals or organizations buying products or services to run bussiness

Question 9

list the steps involved in mareting

Answer 9

• conduct market research
• design a product
• do product testing
• determine brand name, packaging design and price
• select distribution system
• design promotional program
• build relationship with customers

Question 10

what is the marketing mix?

Answer 10

the range of marketing activities, techniques,and strategies a firm uses to reach its target market

Question 11

what is a target market?

Answer 11

a specific group of customers a business wants to influence

Question 12

what is a product?

Answer 12

a physical good or service that satsifies a need

Question 13

what is packaging?

Answer 13

the outer wrapping or container for goods

Question 14

what is packaging used to do?

Answer 14

promote
preserve
protect
prevent health hazards
enhance the appearance

Question 15

what is branding?

Answer 15

giving a product a distinctive term, name or symbol to make it easily recognizeable

Question 16

what is a Brand name?

Answer 16

the letters, words or group of words which make up the name of the product

Question 17

what is price?

Answer 17

the amount of money required or expected for a product or service

Question 18

what are the aims of pricing?

Answer 18

to achieve a target return or investment
to maximize profit
to increase sales volume
to achieve a greater market share
helps with creating an image

Question 19

what is the price plateau?

Answer 19

the price a customer expects to pay for a good or service

Question 20

what is the penetration price?

Answer 20

deliberately setting a low price to gain entry into the market

Question 21

what is market skimming?

Answer 21

setting a high price for a product in order to secure a large profit margin

Question 22

what is loss lending?

Answer 22

sells goods below cost in order to entice customers

Question 23

what is promotional pricing?

Answer 23

(below the line promotion)- used as a LURE OF LOSS LEADERS

eg. bogo

Question 24

what is psychological pricing?

Answer 24

when a firm keeps their prices just below a certain level so that they appear cheaper

Question 25

what is cost plus?

Answer 25

adding unit cost, overhead cost and profit margin to arrive at the selling price

Question 26

what is market oriented pricing?

Answer 26

seller survey the market to see what customers are willing to pay before setting prices his prices are more competitive this way

Question 27

what is price lining?

Answer 27

setting prices on the same type of product to represent the levels of quality

Question 28

what are the aims of market research?

Answer 28

find out public wants asses likely volume of demand discover what influences customers

Question 29

what are the factors influencing consumer behavior

Answer 29

``` income Brand Loyalty taste choice tradition ```

Question 30

what is the market share?

Answer 30

proportion of the total sales of a product accounted y an individual brand

Question 31

market research helps :

Answer 31

``` find a place to sell a product how to sell product product price product promotion who are market competitors market size ```

Question 32

what is advertising?

Answer 32

a means of communication making customer aware of goods and services availialble

Question 33

types of advertising?

Answer 33

informative persuasive reminder

Question 34

benefit of informative advertising?

Answer 34

gives detailed info on product and lets customer decide

Question 35

benefit of persuasive buying?

Answer 35

uses techniques to persuade people to buy a product

Question 36

benefit of reminder buying?

Answer 36

reminds customers of events

Question 37

purpose of advertising?

Answer 37

makes customers aware of products available increase demand encourage healthy competition provides info on goods and services

Question 38

what is an advertising campaign?

Answer 38

process a firm uses to sell its goods or services

Question 39

what are the hidden persuaders?

Answer 39

- sex appeal - ambition - personality appeal - social acceptability - health - work simplification

Question 40

what is a promotion?

Answer 40

means of bringing products or services to consumers attention

Question 41

what is the promotional mix?

Answer 41

methods sellers use to inform consumers of the native attributes of the product

Question 42

sales promotion?

Answer 42

element of promotional mix used to increase sale of products

Question 43

what is sales promotion used for?

Answer 43

to introduce a new product to the market

Question 44

what is personal selling?

Answer 44

a means of increasing sales through sales reps

Question 45

what is merchandising?

Answer 45

in store promotional activities designed to stimulate sales

Question 46

what is packaging?

Answer 46

means of physically protecting and selling the product

Question 47

what is public restoration?

Answer 47

process of image promotion of a business

Question 48

what is the price ceiling?

Answer 48

price set by Gov to protect customers

Question 49

price flooring?

Answer 49

set by Gov to protect suppliers

Question 50

rights of customer?

Answer 50

the right to be: aware informed compensated