Foundations of Business - Marketing Concepts

Question 1

Essay: Explain the concepts of direct marketing and digital marketing

Accepted Answer

Direct Marketing: Business communicates directly to customer, - postcards, coupons, and sales letters., Digital Marketing: any type of promotion for a product, that takes place in an electronic format. social media, etc.

Question 2

Explain the importance of the financing function of marketing.

Accepted Answer

Capital must be secured before production & marketing occurs, Function of financing sourcing the necessary capital, equity financing, debt financing, and crowdfunding, to produce, market, and sell goods or services.

Question 3

Define: Personal Selling

Accepted Answer

Refers to a salesperson selling a product to a customer

Question 4

Define: Marketing Strategy

Accepted Answer

A plan for promoting products and meeting marketing goals

Question 5

Explain promotions as part of the marketing mix.

Accepted Answer

Promotions rely on the communication process to send, "LAST CHANCE" "WONT LAST FOREVER", messages to consumers to pique their interest, advertising, sales, markdowns, and personal selling.

Question 6

Which of the following is NOT a marketing concept?

Accepted Answer

globalization

Question 7

The promotion of products through nonpersonal communication is:

Accepted Answer

advertising

Question 8

Essay: Which four factors do businesses consider when calculating their competitive position?

Accepted Answer

all of the above

Question 9

Define: Public relations strategy

Accepted Answer

A marketing strategy that maintains a company’s public image

Question 10

‘P’ that involves the path products take to get to the user including distribution channels

Accepted Answer

place

Question 11

Name three common marketing strategies businesses use and give an example of each.

Accepted Answer

advertising,, digital marketing, sales promotions, direct marketing, public relations, logos, personal selling

Question 12

Visual merchandising

Accepted Answer

attempt to show product features and benefits with displays

Question 13

The amount of money expected in payment for a good or service is called the:

Accepted Answer

price

Question 14

A specific group of people a business focuses on selling their product to is called

Accepted Answer

target market

Question 15

Define: Target Market

Accepted Answer

group of people a business focuses on selling their product

Foundations of Business - Marketing Concepts

Questions 15

Foundations of Business - Marketing Concepts

Questions 15