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89 True/False questions

  1. fixed costsCosts that don't change when the amount of goods sold changes.

          

  2. external marketing environmentBasic philosophy of satisfying customer needs while meeting organizational goals.

          

  3. marketing mixVarious ways to communicate with customers, including advertising, personal selling, sales promotion, and publicity.

          

  4. AdvertisingPaid, nonpersonal communication designed to create an awareness of a product or company.

          

  5. brand equityWord, letter, sound, or symbol that differentiates a product from similar products on the market.

          

  6. psychographic segmentationProcess of dividing a market according to such variables as climate, region, and population density.

          

  7. public relationsCommunication activities undertaken by companies to garner favorable publicity for themselves and their products.

          

  8. consumer behaviorBuyers who want a product for personal use.

          

  9. industryGroup of businesses that compete with one another to market products that are the same or similar.

          

  10. target costingPricing strategy that determines how much to invest in a product by figuring out how much customers will pay and subtracting an amount for profit.

          

  11. supply chain management (SCM)Process of dividing a market according to such variables as climate, region, and population density.

          

  12. executive summaryOverview emphasizing the key points of a business plan to get the reader excited about the business's prospects.

          

  13. wholesalers (distributers)Sales approach in which a company provides an incentive for potential customers to buy something.

          

  14. product development processSeries of activities by which a product idea is transformed into a final product.

          

  15. breakeven analysisMethod of determining the level of sales at which the company will break even (have no profit or loss).

          

  16. entrepreneurIndividual who identifies a business opportunity and assumes the risk of creating and running a business to take advantage of it.

          

  17. sales promotionSales approach in which a company provides an incentive for potential customers to buy something.

          

  18. market shareSpecific group of customers who should be interested in your product, have access to it, and have the means to buy it.

          

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

          

  20. goods-producing sectorAll businesses whose primary purpose is to produce tangible goods.

          

  21. demand-based pricingPricing strategy that bases the selling price of a product on its cost plus a reasonable profit.

          

  22. contribution margin per unitExcess of revenue per unit over variable cost per unit.

          

  23. target marketSpecific group of customers who should be interested in your product, have access to it, and have the means to buy it.

          

  24. publicitySomething that can be marketed to customers because it provides a benefit and satisfies a need.

          

  25. prestige pricingPricing strategy in which a seller generates early profits by starting off charging the highest price that customers will pay.

          

  26. ramp-up stageStage in the product development process during which employees are trained in necessary production processes and new products are tested.

          

  27. focus groupGroup of individuals brought together for the purpose of asking them questions about a product or marketing strategy.

          

  28. skimming pricingPricing strategy in which the seller charges a low price on a new product to discourage competition and gain market share.

          

  29. Core valuesIntermediaries who buy goods from producers and sell them to consumers.

          

  30. just-in-time productionSystem for reducing inventories and costs by requiring suppliers to deliver materials just in time to go into the production process.

          

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

          

  32. mass marketingPricing strategy that determines how much to invest in a product by figuring out how much customers will pay and subtracting an amount for profit.

          

  33. permission marketingForm of marketing in which companies ask customers or potential customers for permission to contact them or send them marketing materials.

          

  34. marketing researchBasic philosophy of satisfying customer needs while meeting organizational goals.

          

  35. product life cycleDescription of what a new product will look like and how it will work.

          

  36. service-producing sectorAll businesses whose primary purpose is to produce tangible goods.

          

  37. prototypePhysical model of a new product.

          

  38. physical distributionActivity needed to get a product from where it was manufactured to the customer.

          

  39. promotion mixCombination of product, price, place, and promotion (often called the four Ps) used to market products.

          

  40. industrial marketBuyers who want a product for use in making other products.

          

  41. trademarkGroup of buyers or potential buyers who share a common need that can be met by a certain product.

          

  42. marketing conceptBasic philosophy of satisfying customer needs while meeting organizational goals.

          

  43. behavioral segmentationProcess of dividing a market according to such variables as climate, region, and population density.

          

  44. intermediaryWholesaler or retailer who helps move products from their original source to the end user.

          

  45. small businessEntire range of activities involved in delivering value to customers.

          

  46. breakeven point in unitsNumber of sales units at which net income is zero.

          

  47. advertising agencyMarketing consulting firm that develops and executes promotional campaigns for clients.

          

  48. franchiseForm of business ownership in which a franchiser (a seller) grants a franchisee (a buyer) the right to use a brand name and to sell its products or services.

          

  49. Small Business Development Center (SBDC)Location where products are received from multiple suppliers, stored temporarily, and then shipped to their final destinations.

          

  50. RetailersIntermediaries who buy goods from producers and sell them to consumers.

          

  51. manufacturer brandingBranding strategy in which a manufacturer sells one or more products under its own brand names.

          

  52. supply chainCompany's portion of the market that it has targeted.

          

  53. product conceptBasic philosophy of satisfying customer needs while meeting organizational goals.

          

  54. generic brandingProduct with no branding information attached to it except a description of its contents.

          

  55. packagingContainer that holds a product and can influence a consumer's decision to buy or pass it up.

          

  56. marketGroup of buyers or potential buyers who share a common need that can be met by a certain product.

          

  57. customer-relationship managementStrategy for retaining customers by gathering information about them, understanding them, and treating them well.

          

  58. Small Business Administration (SBA)According to the SBA, a business that is independently owned and operated, is organized for profit, and is not dominant in its field.

          

  59. patentGrant of the exclusive right to produce or sell a product, process, or invention.

          

  60. productSomething that can be marketed to customers because it provides a benefit and satisfies a need.

          

  61. brand loyaltyWord, letter, sound, or symbol that differentiates a product from similar products on the market.

          

  62. distribution centerAll activities involved in getting the right quantity of a product to the right customer at the right time and at a reasonable cost.

          

  63. social media marketingForm of marketing in which companies ask customers or potential customers for permission to contact them or send them marketing materials.

          

  64. materials handlingProcess of physically moving or carrying goods during production, warehousing, and distribution.

          

  65. labelingWord, symbol, or other mark used to identify and legally protect a product from being copied.

          

  66. penetration pricingPricing strategy in which the seller charges a low price on a new product to discourage competition and gain market share.

          

  67. customer value triadThree factors that customers consider in determining the value of a product: quality, service, and price.

          

  68. Geographic segmentationProcess of dividing the market into groups based on such variables as age and income.

          

  69. market segmentGroup of potential customers with common characteristics that influence their buying decisions.

          

  70. secondary dataInformation used in marketing decisions that has already been collected for other purposes.

          

  71. storage warehouseStatement of fundamental beliefs describing what's appropriate and important in conducting organizational activities and providing a guide for the behavior of organization members.

          

  72. nicheGroup of buyers or potential buyers who share a common need that can be met by a certain product.

          

  73. primary dataNewly collected marketing information that addresses specific questions about the target market.

          

  74. private brandingProduct made by a manufacturer and sold to a retailer who in turn resells it under its own name.

          

  75. value chainFlow that begins with the purchase of raw materials and ends in the sale of a finished product to an end user.

          

  76. mission statementForm of marketing in which companies ask customers or potential customers for permission to contact them or send them marketing materials.

          

  77. Demographic segmentationProcess of dividing the market into groups based on such variables as age and income.

          

  78. personal sellingAmount that a company earns on each unit sold.

          

  79. project teamAmount that a company earns on each unit sold.

          

  80. marketing strategyCompany's portion of the market that it has targeted.

          

  81. Service Corps of Retired Executives (SCORE)SBA program in which a businessperson needing advice is matched with a member of a team of retired executives working as volunteers.

          

  82. business planFormal document describing a proposed business concept, description of the proposed business, industry analysis, mission statement and core values, a management plan, a description of goods or services, a description of production processes, and marketing and financial plans.

          

  83. variable costsCosts that don't change when the amount of goods sold changes.

          

  84. consumer marketBuyers who want a product for personal use.

          

  85. profit marginVarious ways to communicate with customers, including advertising, personal selling, sales promotion, and publicity.

          

  86. interruption marketingThe practice of sending out messages to a vast audience of anonymous people.

          

  87. odd-even pricingPractice of pricing products a few cents (or dollars) under an even number.

          

  88. brandWord, letter, sound, or symbol that differentiates a product from similar products on the market.

          

  89. cost-based pricingPricing strategy that determines how much to invest in a product by figuring out how much customers will pay and subtracting an amount for profit.