Marketing and business

Question 1

goods are tangible or not?

Answer 1

goods are tangible (like shoes - it’s an object you purchase)

Question 2

what are services? (think tangible or not)

Answer 2

Intangible (like the mtr or insurance - it is a service)

Question 3

what is leisure?

Answer 3

the time spent unoccupied (like free time)

Question 4

What are needs?

Answer 4

essential (like water - you need it)

Question 5

business definition

Answer 5

decision-making organization (like a real estate business)

Question 6

industry definition

Answer 6

collection of businesses in the same field of profession (like Bollywood)

Question 7

the customer decision-making process consists of what steps?

Answer 7

needs recognition, info search, evaluation of alternatives, decision makingpost-purchase decision

Question 8

What’s a customer?

Answer 8

a person who buys from a specific business

Question 9

What’s a product?

Answer 9

goods/services purchased by commercial (other businesses) or private customers

Question 10

types of products include?

Answer 10

FMCG (fast moving consumer goods, customer perishables, customer durables, specialty products

Question 11

What FMCG products?

Answer 11

fast-moving consumer goods which are used for convenience in daily life. Like butter, cleaning products, etc

Question 12

toothpaste is a consumer perishable - T OR F?

Answer 12

No toothpaste is a fast-moving consumer good as you need it daily.

Question 13

What is a consumer perishable? What makes it different to any product?

Answer 13

It does not last long (like flowers)

Question 14

What is the opposite of a consumer perishable?

Answer 14

Consumer durables; that last a long time (like furniture)

Question 15

Are specialty products common?

Answer 15

No, they are exclusive. Such as diamonds

Question 16

what is a product life cycle?

Answer 16

different stages a product goes through (from initial design to withdrawl

Question 17

the product life cycle varies on the product - some may be short whereas others may be long. T OR F

Answer 17

true

Question 18

what is a product life cycle useful towards?

Answer 18

it allows a business to identify appropriate changes that may be necessary for the benefit of the product

Question 19

what is research and development for? what does it involve?

Answer 19

market research, prototype, designing, and sample customer testing. the step before manufacture.
it helps to minimize/prevent the cost of an unsuccessful product

Question 20

what is the launch for? What happens during this stage?

Answer 20

the launch is after the research and development is complete. It when the business releases the service or product and makes it available for the public. typically there is low awareness amongst customers, low sales. at this stage you need to promote, distribute, transport. lots of spending. marketing managers attempt to get over the stage asap.

Question 21

growth - what does this stage consist of?

Answer 21

sales revenue (income received from sales), and brand awareness increases. attempts to prolong (extension strategies), but multiple businesses/competitors attempt to join to share profits.

Question 22

Maturity

Answer 22

sales revenues rise but at a slower rate. sales revenue peaks —> Businesses may gain market share (product sells better amongst the market), saturation in the market (wanting of the product peaks), promoting becomes main focus

Question 23

decline

Answer 23

final stage of the PCL (product life cycle) before withdrawal. reduction in customer demand due to changes in taste, product may not be in trend anymore, possibly because of existence of alternatives, replacements, etc. decline in sales revenue (basically income), reduce in investment from business towards product promotion.

Question 24

decline may not be such a loss for a company because?

Answer 24

realistically new products launch before old ones can decline.

Question 25

what is to be considered when setting a price?

Answer 25

brand, quality, business type, liking from target audience, competitor rate, profit/loss, product, price, place, promotion

Question 26

what is a service price?

Answer 26

amount of money given by customer

Question 27

more supply, low demand - what should a business do?

Answer 27

lower the price

Question 28

less supply more demand - what should a business do?

Answer 28

increase the price

Question 29

what is cost plus?

Answer 29

when a business adds a percent of profit to the manufacturing cost (eg: if making shoe costs 10 dollars and you want a 20% profit, you will make the price 12 dollars)

Question 30

name some marketing techniques

Answer 30

cost plus, psychological, discrimination, loss leader

Question 32

other name for cost plus?

Answer 32

mark up

Question 33

what are the four Ps?

Answer 33

pricing, product, place, promotion

Question 34

whats discrimination pricing?

Answer 34

identical products sold at different rates (like mtr - lower for children)

Question 35

what does psychological marketing technique consist of?

Answer 35

Rounding down numbers to make the pricing seem lower

Question 36

bargaining is discrimination pricing - T OR F

Answer 36

False!

Question 37

what is a loss leader?

Answer 37

selling a product below its actual cost to attract customers to other products

Question 38

what are the four factors or production?

Answer 38

land, labor, capital, entrepreneurship

Question 39

price - one of the what?

Answer 39

four p's

Question 40

launch - one of the stages of what?

Answer 40

product life cycle or PLC

Question 41

loss leader - what is it

Answer 41

marketing technique/ pricing strategy

Question 42

qualities of an entrepreneur

Answer 42

Motivation, passion, vision, confidence, decision-making, innovation, risk-taking, curiosity, persistence and leadership

Question 43

dynamic pricing

Answer 43

Where prices are adjusted in real-time based on demand and other market factors

Question 44

At Planet Pizza, it costs $80 to make a Hawaiian. Calculate how much they need to charge to make a profit of 28%?

Answer 44

102.40 dollars

Question 45

At an electronics store, the cost of a smartphone is $400. The store wants to have a profit margin of 20% on the selling price. What should be the selling price of the smartphone?

Answer 45

500 dollars

Question 46

A clothing retailer purchases a shirt from a wholesaler for $20. The retailer wants to apply a markup of 60% on the cost to determine the selling price. What should be the selling price of the shirt?

Answer 46

32 dollars

Question 47

A bookstore purchases a book from a publisher for $10. If the bookstore wants to have a profit margin of 25% on the selling price, what should be the selling price of the book? round your answer off (no decimals)

Answer 47

13 dollars

Question 48

whats apples insects dissect annoyingly

Answer 48

awarness, interest, desire, action

Question 49

whats a promotional pitch?

Answer 49

short speech or presentation to highlight the benefits of a product or service

Question 50

what are the objectives of promoting a product?

Answer 50

promoting is done through any form of communication used to inform, persuade, or remind the costumer to purchase the product.

Question 51

remind - this is an example of...?

Answer 51

an objective of promotion

Question 52

what do methods of promotion include?

Answer 52

Reminder promotion,Persuasive promotion advertising, direct marketing, personal selling, public relations, sales promotion

Question 53

what is the promotional mix for?

Answer 53

a combination of communication methods to provide the benefits of the product or services

Question 54

what is advertising for?

Answer 54

paying for communication with consumers who use printed or visual media

Question 55

direct marketing?

Answer 55

d9rect communication between seller and consumer (could be online)

Question 56

whats it called when sales staff communicates directly with the consumer to achieve a sale and form a long term relationship?

Answer 56

personal selling - its a method for promotion

Question 57

whats it called when you create and maintain a favourable public image? whats it for?

Answer 57

its called public relations - its a promotion method

Question 58

a short-term motivation to encourage the purchase or sale of a product/service - example and name of this promoting method

Answer 58

sales promotion and an example is giving discounts

Question 59

persuasive promotion

Answer 59

Communication with consumers aimed at getting them to buy a firm's product rather than a competitor's product.

Question 60

reminder promotion

Answer 60

Techniques used to retain customer awareness of, and interest, in an established product

Question 61

whats the marketting mix about?

Answer 61

getting the right products to the right costumer at the right time in the right place for the right price

Question 62

place??

Answer 62

refers to the distribution of products and where

Question 63

What's a zero-level channel?

Answer 63

the producer sells to the customer directly (eg: via internet)

Question 64

whats a one level channel?

Answer 64

with the use of one 3rd party to sell the products to the customer

Question 65

example of one level channel?

Answer 65

producer ---> retailer ----> customer

Question 66

whats a two level channel?

Answer 66

with the use of two 3rd parties to sell the product to the customer

Question 67

example of a two level channel?

Answer 67

producer ----> wholesalers -----> retailers ----> customer

Question 68

retailer defo

Answer 68

often referred to as shops or stores - sellers of the product to the final customers

Question 69

types of retailers?

Answer 69

independent retailer, chain retailers, supermarkets, department stores

Question 70

what are independent retailers?

Answer 70

small businesses owned by an individual like a salon

Question 71

chain?

Answer 71

shops with numerous outlets that have brand recognition eg: Uniqlo

Question 72

supermarket?

Answer 72

shops that sell household products and operate at a large scale like ParknShop

Question 73

department stores?

Answer 73

a large area of shops selling a wide range of products. eg: sogo

Question 74

how do calculate revenue?

Answer 74

price x quantity sold

Question 75

profit - think calculations

Answer 75

the revenue - cost to make the product

Question 76

whats capital?

Answer 76

manufacture necessary resources like machinery

Question 77

what is market share?

Answer 77

portion of the market controlled by one company

Question 78

the calculation for market share?

Answer 78

= (sales revenue for one business/sales revenue for the whole market) x 10

Question 79

Tisha’s T-shirts generate $2,000 in sales. Total sales revenue in the market for t-shirts is $10,000, What is Tisha's market share?

Answer 79

20%

Question 80

A restaurant sells 80 meals for $15 each. Calculate the total sales revenue.

Answer 80

1200

Question 81

what is price?

Answer 81

the monetary value payable by consumers upon purchasing goods/services

Question 82

what is cost?

Answer 82

expenses of resources payable by producers to manufacture the product

Question 83

marketing mix is

Answer 83

the combination of strategies a business uses to generate higher sales

Question 84

what are wholesalers?

Answer 84

A business that buys products in bulk from producers and then sells them to retailers.

Question 85

break bulk??

Answer 85

Buying large quantities aof a product and selling them on in smaller amounts

Question 86

consumer definition

Answer 86

The end user of goods or services

Question 87

unique selling point

Answer 87

The special feature of a product that sets it apart from competitors' products

Question 88

Entrepreneurship?

Answer 88

The process of starting, organizing, managing, and assuming the responsibility for a business

Question 89

labor?

Answer 89

physical + mental efforts of people

Question 90

land?

Answer 90

natural resources