Business Essentials Chapter 13 Worksheet

Marketing a CD requires the same strategy as marketing diamond earrings
Marketing is used to find out if there is a demand for a product
Once it has been determined that there is a demand for a product, there is no need to decide how and where customers will buy their goods and services
Brainstorming occurs when workers get together to socialize
To evaluate customer acceptance, once a product is introduced, marketers track customers and their responses to it.
people want to buy
To market a product successfully, a company has to understand what
want and need
In order to decide how and what to sell, companies need to know what specific, defined groups of people ____ ___ ____
The function of marketing that involves decisions about how much to charge for products and services is called
Distribution includes all of the following except
stock handling.
Internet ordering.
inventory control.
Some people support the inclusion in the marketing mix of a fifth “p,” which stands for
product/service management
Improving upon a product that is already on the market is part of the marketing function called
Advertising is part of the marketing function called
Selecting the right channel of distribution is part of the marketing mix strategy called
Market researchers commonly ask shoppers to respond to _____ to discover their wants and needs
Demographics do not include
target marketing
When a company focuses its market research and marketing mix strategies on the people most likely to buy its goods and services, the company is
Once the idea for a product is generated, the idea for the product is ______
A prototype is
an actual model of a product.
created during product development.
used to test a product’s design and functionality.
all of the above
customers responses
The goal of test-marketing a product is to collect
evaluate customer acceptance
The last step of product development is
channel of distribution
A pathway to direct products to consumers
indirect distribution
One or more intermediaries between a producer and a consumer
market research
Gathering and analysis of information on the size, location, and makeup of a market
The process of creating, promoting, and presenting a product or service to meet the wants and needs of consumers, wherever they are
direct distribution
The sale of goods or services by a producer directly to a consumer
test market
To offer a product in a limited market for a limited time
market segmentation
The division of a market for a product into groups of customers who have the same needs and traits
Facts about the population
break even point
The point at which total revenues, or sales, equal total costs and expenses of developing and offering a product or service
target marketing
The act of a company focusing on the people most likely to buy its goods and services
getting the money that is necessary for setting up and running a business
product place price promotion
The marketing mix consists of four basic marketing strategies
Marketers analyze and label their markets by
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