Entrepreneurship Semester Exam Review C

According to the 4-P's, reputation and image among consumers would be a part of which P?

The path a product takes from producer to consumer is known as a _____________ of distribution. 

The practice of raising prices on goods or services to an unreasonable or unfair level.

Promotional strategy where businesses attempt to take their products to the customers is known as pull marketing. 

Occurs when competitors agree to maintain prices at a certain level.

A plan to increase awareness, persuade a target audience, create interest, generate sales or create brand loyalty. 

_____________________ the factor that differentiates a product from its competitors. 

The total number of product lines a company offers to its customers. 

According to the use of the 4-P’s, how to price a product would be part of which P?

Ability to price products according to competitors and position the product at a specific level or quality category.

According to the use of the 4-P’s, where products are being sold would be part of which P?

Transform a person into a paying customer. For example, transform a website visitor to a customer.

A pricing strategy where a company sets a very high initial price and then lowers it over time.

Companies rely on ________________ to plan funding for marketing plans.

Patents or legal protection would be a part of which P, according to the 4-P's?

Comprehensive plan showing steps that will be taken to advertise to a target market is known as a marketing plan. 

A marketing strategy based on the theory that prices will impact consumer perceptions. 

The act of lowering the prices temporarily to raise awareness.

A strategy used to retain customers through customer loyalty and brand loyalty initiatives.

A pricing strategy where prices are set high to give the perception of high quality. 

A pricing strategy where retail prices are set as odd prices, a little less than an even price. 

When a business does not identify a________________, its marketing plan has no focus. 

Indicating cost based on a standard unit of measurement such as pound, ounce or piece. 

A pricing strategy where a company sets a very low initial price in order to attract customers and raise awareness.