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Business Unit test Flashcards

1
Q

What are the two fundamentalds of marketing?

A

To sell what a business makes and to manage a businesses brands

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2
Q

What is a brand name?

A

word or group of words a business uses to differ its products from others. (How the company identifys)

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3
Q

What is the symbol many companys associate their brands with?

A

A logo or trademark

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4
Q

What are the three types of logo?

A

Monogram, Symbols and slogan

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5
Q

What are the five lables in a PLC (Product life cycle)

A

Introduction, Growth, Maturity, Decline and Decision point

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6
Q

What are push and pull strategies?

A

Push strategies bring the product to the consumers (focus on product placement)
Pull strategies create a buzz about the product and make the customers come to the product. (using advertisements like coupons)

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7
Q

How can a temporary decline be turned around?

A

Lowering the price or redoing the product

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8
Q

What are the non-traditional product life cycles?

A

Fad, Niche and seasonal

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9
Q

Fad is a -

A

Product or service that is extremly popular for a short period of time.

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10
Q

A niche is -

A

A product with a small portion of the market that leads to a small but reliable maturity stage

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11
Q

A seasonal product is -

A

A product that is not available or popular during a certain time of year.

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12
Q

What is a trend?

A

A trend is like a fad but has a longer lasting effect on the market place

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13
Q

what is Guerrilla Marketing?

A

A creating and innovatice way of marketing a brand or product

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14
Q

What are the four P’s of marketing?

A

Product, Place, Promote & Price

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15
Q

What is a marketing mix?

A

A mix of all of the 4 P’s in an effective campaigne

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16
Q

What are the four channels of distrebution?

A

Producer —> consumer
Producer –> Retailer –> consumer
Producer –> wholesaler –> Retailer –> Consumer
Producer –> Specialty Channel –> Consumer

17
Q

WHat are the two Cs of marketing?

A

Consumer
Competition

18
Q

What is a market share and segement?

A

Market share - a percent of the market that company or brand has
Market segment - A part of the overall market with similar aspects

19
Q

What are the two types of competition?

A

Direct - products that are similar to one another.
Indirect - Products that are not directly related.

20
Q

What is the business market?

A

Businesses study and target potential users of the product in competition

21
Q

The consumers are identified by :

A

Demographics : Age, gender, culture etc
Lifestyle : The way people live, Values etc

22
Q

demographics are

A

The study of peoples characteristics that catagorize them

23
Q

What are the types of demographics?

A

Age, Gender, Income level, Ethnicity and Culture, lifestyle,

24
Q

What are the 7 tyoes of market research?

A

Advertisement, Modivation, Consumer, Target market, Pricing, Product, Competitive

25
Q

What types of data are there?

A

Primary & secondary

26
Q

WHat does a mission statement state?

A

What, How and Who

27
Q

Why do businesses need mision statements?

A

It helps spend more time on what matters
Teams will all understand and be on the same page of what the companies trying to acheive.
Attracts talent to its business
These are the statements that the business is built off of

28
Q

What are three acronyms for some demographics?

A

DINKS (double income no kids) Yuppies (young urban professionals) WOOFs (well off older folks)

29
Q

What is Discretionary Income:
What is Disposable Income:

A

The amount of income an individual or family has after paying mandetory taxes for their own payment responsabilities
Disposable income : the AMount of money an individual has after paying taxes

30
Q

What is a gatekeeper?

A

Someone who is responsible for providing a good or service to another

31
Q

What are Psychographics?

A

The study of actions & behaviors.

32
Q

What are the 8 types of advertisement?

A

publicity, direct-to-home, out of home, radio, television, newspaper, magazine, the internet

Test Flashcards (14 decks)

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