Marketing State Test Review

80% of a company's sales are generated by 20% of its loyal customers

A business that markets its products or services to consumers

A group of closely related products manufactured and/or sold by a business

Involves grouping people with similar attitudes, interests, and opinions

How to determine what to charge for goods and services in order to make a profit

The process of subdividing a market into distinct subsets of customers that behave in the same way of have similar needs

The number of product items offered within each product line

Analyzing your customers with regard to sales generated, shopping patterns, and purchase decision-making processes

The basic, physical, or extended attributes of a product

Concerns, hesitations, doubts, or other honest reasons a customer has for not making a purchase

The process of deciding how to get goods into customers hands

Obtaining, developing, maintaining, and improving a product or a product mix in response to market opportunities

Any form of direct contact between a sales person and a customer

Gathering, storing, and analyzing information, customers, trends, and competing products

An alteration in a company's existing product

A company's percentage of the total sales volume generated by all companies that compete in a given market

Selling additional goods or services to the customer

Understanding concepts and strategies used to develop and target specific marketing strategies to a select audience