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Intro to Business > Unit 10 > Flashcards

Unit 10 Flashcards

1
Q

Any form of communication used to inform, persuade, or remind

A

promotions

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2
Q

Exchange of information so there is common understanding by all participants

A

effective communication

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3
Q

A business needs to provide information to consumers in order to
_____________
them to make a purchase

A

pursued

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4
Q

When the focus of a business is a
__________ ___________, communication can be very specific to the
needs of that group using media that are familiar to and trusted by those consumers

A

personalized promotion

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5
Q

Communicates directly with each customer using information tailored to that person

A

personal marketing

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6
Q

Direct, individualized communication with prospective customers to assess and satisfy their needs

A

personal selling

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7
Q

Communicates with many people at the same time with a common message

A

mass promotion

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8
Q

Any paid form of communication through mass media directed at identified consumers to provide information
and influence their actions

A

advertisement

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9
Q

Includes a set of promotional activities designed to generate sales in the retail setting

A

merchandising

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10
Q

Which of the following is not a part of effective communication?

A

the advertisement

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11
Q

The most expensive but also most effective type of promotion is…

A

personal selling

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12
Q

Buyers usually want to pay the
_____________ the _____________ highest _____________ price possible.

A

Buyers usually want to pay the lowest the seller highest price possible

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13
Q

Amount of money available to the business after all costs and expenses have been paid

A

net profit

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14
Q

High demand = _____________ _____________, low demand = _____________ _____________.

A

High demand = high price, low demand = low price.

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15
Q

The money a customer must pay for a product or service

A

price

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16
Q
A
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17
Q

Difference between the selling price and the product costs

A

profit

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18
Q

The amount added to the cost of a product to set the selling price

A

markup

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19
Q

Markup on Cost =
_________________________________________

A

Product coast x percent markup

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20
Q

Locations and methods used to make a product or service available to the target market

A

distribution

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21
Q

Consumers only need a small number of products at a given time

A

quantity

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22
Q

Products move from the producer straight to the consumer with no other businesses participating in the
exchange

A

direct channel distribution

23
Q

One or more other businesses between the product and the consumer

A

indirect channel distribution

24
Q

Which of the following conditions will result in a lower rather than a higher price?

A

a large quantity of available products

25
Q

When businesses specialize in producing a specific type of product, a channel of distribution will
be needed to adjust differences in…

A

assortment

26
Q

Finding solutions to problems through carefully designed studies involving consumers

A

marketing research

27
Q

What are the five steps to marketing research?

A
  1. define the market
  2. study situation
  3. develop a data
  4. gather and analyze
  5. propose a solution
28
Q

Everything a business offers to satisfy a customer’s needs

A

product

29
Q

A way to build customer confidence in a company’s products is by offering a…

A

guarantee or warranty

30
Q

What are the six steps to product planning?

A
  1. idea
  2. idea screening
  3. strategy development
  4. production and financial
  5. limited products
  6. full scale
31
Q

Services are consumed at the same time they are produced

A

inseparable

32
Q

Availability of a service must match the demand for that service at a specific time…

A

perishable

33
Q

True or False: Most new products introduced by companies are not totally new, but are
improvements on existing products.

A

true

34
Q

True or False: The first step in marketing research is to develop a data collection procedure.

A

false

35
Q

The availability of a service must match the demand for that service at a specific time because it
is…

A

perishable

36
Q

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging
offerings that have value for customers, clients, partners, and society at large

A

marketing

37
Q

See or hear
_____________________
for products and services

A

advertisement

38
Q

More time and money is spent in ________________________________ than in marketing products and services to final consumers

A

business-to-business marketing

39
Q

What are the seven marketing functions?

A
  1. product
  2. distribution
  3. selling
  4. marketing info
  5. financial analyst
  6. pricing
  7. promotion
40
Q

A company’s plan that identifies how it will use marketing to achieve its goals…

A

marketing strategies

41
Q

Two things to do when creating a marketing strategy:

A
  1. find a target market
  2. create a target market
42
Q

People who buy products and services mostly for their own use

A

final

43
Q

People, companies, and organizations that buy products for the operation of a business or for resale to
their customers

A

business consumers

44
Q

Five steps to the consumer decision making process:

A
  1. recognize a need
  2. gather info
  3. pros/cons
  4. make a purchase
  5. determine effectiveness
45
Q

Reasons consumers decide what products and services to purchase

A

buying motives

46
Q

Purchase based on feelings, beliefs, and attitudes

A

emotions buying

47
Q

Purchase based on facts and logic

A

ration buying

48
Q

The best definition of marketing is…

A

producing and distributing products and services to customers

49
Q

The two steps in a marketing strategy are…

A

identifying a target market and developing a marketing mix

50
Q

Which of the following is an example of a rational buying motive?

A

economy

51
Q

4 P’s of Marketing, also known as the Marketing Mix

A
  1. product
  2. price
  3. place
  4. promotion
52
Q

What’s the most popular type of mass promotion?

A

advertising

53
Q

Why is Cayson so awesome?

A

Because he’s hardworking, he perseveres, and he knows what it takes to succeed. :-)

Intro to Business (1 decks)

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