Vocab

Question 1

Marketing

Answer 1

The action or business of promoting and selling products or services, including market research and advertising

Question 2

Function of Business

Answer 2

Promotion, Finance, Marketing, and Manegement

Question 3

Finance

Answer 3

All activities involving money

Question 4

Management

Answer 4

All activities required to plan, organize, lead, and control a business

Question 5

Gross Domestic Product

Answer 5

The total value of goods produced and services provided in a country during one year

Question 6

Advertising

Answer 6

A form of paid, non personal promotion in which a company promotes an idea, good, or service through a variety of media.

Question 7

Channel Management

Answer 7

A process that involves selecting and evaluating channel members to monitor the movement of a product from producer or manufacturer to end user.

Question 8

Closing the Sale

Answer 8

Occurs when a salesperson gains an agreement to purchase from a consumer.

Question 9

Competition Oriented Pricing

Answer 9

A pricing method in which a seller uses prices of competing products as a benchmark instead of considering own costs or the customer demand.

Question 10

Cost-plus Pricing

Answer 10

This type of pricing includes the variable costs associated with goods, as well as a portion of the fixed costs of operating the business.

Question 11

Customer Service

Answer 11

The process of helping a customer purchase a product or service and/or providing assistance after a purchase has been made.

Question 12

Data Collection Instrument

Answer 12

To gather information, marketers can use surveys, interviews, observations, federal and state government agencies, research companies, business publications, and trade association publications.

Question 13

Demand Oriented Pricing

Answer 13

A pricing method in which the price of a product is changed according to its demand; a product will have a higher price when the demand is strong and a lower price when it is weak.

Question 14

Direct Marketing Channels

Answer 14

Advertising that sends a promotional message to a targeted group of prospects and customers rather then a mass audience.

Question 15

Distribution

Answer 15

The function of moving and selling goods from producer to consumer.

Question 16

Feature Benefit Selling

Answer 16

Selling technique in which the seller matches a feature with an advantage or benefit that the customer wants or thinks is desirable.

Question 17

Greeting Approach

Answer 17

When a salesperson first interacts with a consumer by welcoming a customer to the store and states they are available for questions.

Question 18

Guarantee

Answer 18

A promise that a product has a certain quality or will provide satisfaction.

Question 19

Headline

Answer 19

A phrase in an advertisement that grabs the consumer’s attention, creates interest, and encourages them to read a promotional message.

Question 20

Illustration

Answer 20

A photograph, drawing, or other graphic that is used in a promotional message.

Question 21

Market Identification

Answer 21

The process of a marketer in identifying the most profitable areas to offer a new product or service.

Question 22

Marketing

Answer 22

The process of creating, communicating, delivering, and exchanging offerings that have value for costumers to generate profits for a business.

Question 23

Marketing Information Management

Answer 23

The process and methods that generates, stores, analyzes, and distributes information to promote good decision making for a business.

Question 24

Marketing Plan

Answer 24

A formal document that specifies a company’s activities for a determined amount of time.

Question 25

Marketing Research

Answer 25

The process of gathering information, conducting analysis, and presenting findings for a product or service to make marketing decisions.

Question 26

Mark-up Pricing

Answer 26

The practice of adding a constant percentage to the price of an item to determine its selling price.

Question 27

Objections

Answer 27

A concern or doubt that a consumer has for not making a purchase.

Question 28

Open-ended Questions

Answer 28

A question that encourages the consumer to respond with more than a “Yes” or “No” answer.

Question 29

Personal Selling

Answer 29

Any form of direct contact between a salesperson and customer to fulfill their wants and needs.

Question 30

Pricing

Answer 30

The value placed on a good or service.

Question 31

Primary Research

Answer 31

Gathering data for the first time for a specific product, service, and/or business.