Unit 1 Vocabulary test Flashcards | StudBud
  • 5
    Question 15- is the effort to inform, persuade, or remind potential customers about a business's product or services.
    • Promotion
    • benefit segemetation
  • 6
    Question 18- is a strategic business tool used by organizations to discover
    • Swot
    • Pest analysis
  • 7
    Question 14- involves focusing marketing decisions on a specific group of people you want to reach with your product.
    • Target market
    • market
  • 8
  • Question 6- Having the product available at a certain time of the year or a convenient time of day is called
  • 9
  • Question 8- decisions dictate how much to charge for goods and services in order to make a profit.
  • 10
  • Question 5- The exchange of a product for some monetary value is called
  • 11
  • Question 10- is the market segmentation based on where your target market lives.
  • 12
    Question 13- Having a product where customers can buy it is called
    • Place utility
    • time utility
  • 13
  • Question 19- A formal written document communicating the goals, objectives, and strategies of a company is a
  • 14
    Question 22- buys the product
    • customer
    • consumer
  • 15
    Question 3- When two parties swap something of value for something else of value this is called a
    • Excahnge
    • selling
  • 16
    Question 24- Good business and marketing decisions rely on good information about customers, trends.
    • marketing info
    • market
  • 17
    Question 23- Communication with the consumer is called
    • Time utility
    • Information utility
  • 18
    Question 9- is the process of deciding how to get goods into customer's hands. Physically moving and storing goods.
    • Consumer
    • Distribution or channel management
  • 19
  • Question 20- People who share similar needs and wants and are capable of buying products make up a
  • 20
    Question 12- Changing raw material or putting parts together to make them more useful is called
    • time utility
    • form utility
  • 21
    Question 21- provides customers with the goods and services they want
    • Selling
    • pricing
  • 22
    Question 2- is comprised of four basic marketing strategies, collectively known as the “Four P’s.
    • marketing concept
    • marketing mix
  • 23
  • Question 26- is based on your target market’s lifestyles and personality characteristics.
  • 24
  • Question 4- is analyzing a market by specific characteristics in order to create a target market.
  • 25
    Question 25- is market segmentation based on benefits your target market expects to receive or gain from products.
    • demographic segemetation
    • Benefit segemetation
  • 26
  • Question 7- businesses must satisfy their customers' needs and wants in order to make a profit