Market Unit 2

Question 1

Distribution

Answer 1

Moving and handling a product on its way from producer to consumer

Question 2

Marketing Information Management

Answer 2

attaining product and consumer information to make sound business decisions

Question 3

Market Research

Answer 3

Systematic gathering, recording, analyzing and presentation of information related to marketing product and services

Question 4

Selling

Answer 4

all method of providing customers with the product or service they want

Question 5

Financing

Answer 5

the study of money management which includes saving. Lending and borrowing money to operate a business

Question 6

Product/Service Management

Answer 6

is obtaining, developing, maintaining and improving a product or a product mix in response to market opportunities

Question 7

Pricing

Answer 7

determining how much to charge for products/ services in order to maximize profits

Question 8

Promotion

Answer 8

communicating with potential customers to inform, persuade, or remind them about a business product/services

Question 9

The Marketing Functions

Answer 9

Distribution, Marketing Information Management, Selling, Financing, Product/Service Management, Pricing, Promotion

Question 10

Marketing Utility

Answer 10

the usefulness of a product or service

Question 11

Form Utility

Answer 11

converting raw material into a useable product of value

Question 12

Place Utility

Answer 12

offering product to customers where they can get it

Question 13

Time Utility

Answer 13

having product available when the customer wants it

Question 14

Possession Utility

Answer 14

assisting the customer to obtain the product/ service

Question 15

Information Utility

Answer 15

communicating with the customer about the product

Question 16

The Product Life Cycle

Answer 16

the life of a product in the marketplace

Question 17

Introduction

Answer 17

Product is first placed in the marketplace
* High initial cost, big promotion, get name out there

Question 18

Growth

Answer 18

sales growth because people are trying the product

Question 19

Maturity

Answer 19

sales level off and the product/service finds its market niche(product finds its regular customers)

Question 20

Maturity

Answer 20

sales level off and the product/service finds its market niche(product finds its regular customers)

Question 21

Decline

Answer 21

sales of the product begins to drop and product is pulled off market

Question 22

The Promotional Mix

Answer 22

the combination of the different types of promotion used to inform customers about the product a business offers

Question 23

Types of Promotion

Answer 23

Personal Selling, Sales Promotion, Public Relations, Advertising

Question 24

Personal Selling

Answer 24

face to face contact with the customer

Question 25

Sales Promotion

Answer 25

incentives used to encourage customers to buy *giveaway, coupons, sales, free samples

Question 26

Public Relations

Answer 26

activities designed to create a favorable image for a business or individual

Question 27

Publicity

Answer 27

free advertising

Question 28

Advertising

Answer 28

a non personal sales message paid for by an identified sponsor

Question 29

The Product Life Cycle

Answer 29

Introduction, Growth, Maturity, Decline