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Business Basics
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Basic Marketing terms and concepts
Flashcards
14 cards
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Practice quiz
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Host live
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Questions
14
Answers
1
Market Research is is the process of gathering information about your business' target market and customers
True
False
2
Creating something that has not existed before
Invention
Want
Innovation
Fad
3
The person who makes the household purchasing decisions
Consumer
Customer
Gatekeeper
Producer
4
The Person Buying the Product
Target Market
Customer
Entrepreneur
Consumer
5
Where buyers and sellers come together to do business is a market
False
True
6
This is an example of a:
Producer
Service
Need
Want
7
Something Necessary for Survival
Service
Need
Want
Good
8
A market niche is
a form of advertising
a small segment of the market with very specific needs
market mix with many products
a warehouse where goods are stored
9
A general direction towards something new or different
Promotion
Niche Market
Trend
Fad
10
Supply refers to all the products on the market that a business is able and willing to provide
True
False
11
Which one is not a fad?
Angry Bird
Instagram
Dubstep
Gangham Style
12
The person using the Product or Service
Gatekeeper
Customer
Consumer
Market
13
Using the graph, determine the equilibrium price.
$4
$3
$2
$1
14
What is demand?
Amount of product which suppliers will offer to the market at a given price
How much people want
How much is able to be supplied
What Customers are willing to pay and are able to buy
