ENT I 3.01 Key Terms

Question 1

The way in which people lead their daily lives; determined by their income, interests, and activities is called

Accepted Answer

Lifestyle

Question 2

A product mix strategy in which a business creates a certain image or impression of a product in the minds of consumers.

Accepted Answer

Positioning

Question 3

A company in the same industry or a similar industry which offers a similar product or service is called a

Accepted Answer

Competitor

Question 4

Plans of action for achieving goals and objectives is called

Accepted Answer

Strategies

Question 5

The division of a total market into smaller, more specific groups is called

Accepted Answer

Market Segmentation

Question 6

Specific actions that will be used to carry out strategies is called

Accepted Answer

Tactics

Question 7

An advantage customers receive from using a product is called

Accepted Answer

Benefit

Question 8

The amount of satisfaction a good or service will provide a customer is called

Accepted Answer

Value

Question 9

The identification and selection of markets for a business or for a product is called

Accepted Answer

Target Marketing

Question 10

The combination of the four elements of marketing—product, place, promotion, and price is called

Accepted Answer

Marketing Mix

Questions 10