Miscellaneous Quiz / Level 1 - 5 Combined

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Level 1 - 5 Combined

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Score 0/86 Timer 16:00
Lowering the price of a product for a short period of time. Perhaps to get to rid of inventory or increase interest in a product
Information that is based on judgements and opinions
This channel of distriubution buy products in bulk, warehouses them and sells to retailers
People not only want a product but are willing to pay for it at a certain price point
Putting consumers into groups such as gender, income, age, location, and so on is an example of
Products that are typically used together and therefore if demand increases for one, the other product will have increased demand. An example is hot dogs and hot dog buns.
Services that are purchased by another company such as insurance and consulting,
Sales have leveled out.
Putting prices at a similar or slightly lower price than one's competitors
Things consumers would like to have. Such as replacing one's iPhone 5 with a 5S
The stage where sales increase the most
A research method where one meets face to face and asks questions
Development, introduction, growth, maturity, saturation and decline are all parts of the
This person or firm sells to wholesalers on behalf of the producer
Selling at the price point and quality level that no one else is selling is finding a ______ in the market
The person who buys the end product is known as the
Firm introduces new variations or sells products to new markets
Information that has already been created that a firm can use to find out more about the market
Goods are sold from the producer directly to the consumer
Product, price, place and promotion are part of the
Total firm sales / total industry sales
Businesses need to know how to get the product to the consumer. They may use a variety of
Bar and pie are both types of
This is not only used to protect the product but also make it eye catching and promote the brand image
The iPad is an example of
Products that can be used instead of the product being sold. An example for some people is Coke vs Pepsi
One limitation of this type of research is it can be very expensive
During the development stage a _______ is made in order to test the product
The product life _______ affects promotion decisions
Things consumers have to have such as food, water, a phone.
A firms quantity sold multiplied by it's selling price
Normally if price goes up, ________ goes down
Products that are purchased for consumption by the average person
Selling a product that anyone can buy such as Coke is referred to as
Type of primary research where the firm asks people questions and records their answers
Transportation of goods using trucks/lorries. Relatively cheap and fast.
Producers use this to sell their goods over the internet
Where buyers and sellers meet to exchange goods or services for money.
Transportation of goods using trains. Good for long distances and can be relatively cheap.
Calculating all costs and adding a mark up or margin to figure out the selling price of the product
The storage of goods
In order for the firm to gain a great margin, should it have more or less firms in its channel of distribution.
Introducing a brand new product, the firm may choose to sell it at a very high price.
When entering a new market it is typical to have a lower price than competitors in order to gain initial market share
Offers a wide range of products, including branded products, at discount prices. Often all the products are similar.
Selecting 10% of the students at HIS in order to gain insight into what the whole school thinks would be considered
A business model used to evaluate both internal and external factors for a firm
Sales continue to grow but at a much slower rate. Perhaps more competition. High point for profits
A visual that is used to simplify information
A type of research where a group of people are asked to share their opinions and perceptions
The R&D stage of the making a product
Questionnaires, interviews, survey and focus groups are all examples of
If an industry becomes highly profitable, one can expect more companies to join which will make the market more
Consistently good quality will help the
Making products based on what the consumer wants
The _______ ______ ________ affects pricing decisions
A higher change in demand than the change in price would mean the demand is
When the product first comes out. Sales will be low
Making products based on what the firm believes is best, not necessarily what the consumer believes
Using this type of distribution method can save costs because it doens't require a physical store but instead a warehouse with cheaper rent where goods can be shippped to consumers
If there is high demand then prices will go up and _______ will increses
Always choosing to buy a Mercedes car is an example of
A lower change in demand than the change in price would mean the demand is
Before satisfying a customers needs, it is normal to first _________ their needs.
The amount of product available in the market
Sales start to fall. Product has been out for a long time
Unique name, unique packaging, the price and quality all contribute to the
In the processing of developing new products there are always ______ _____ ________
External factors of SWOT that a firm doesn't have control over
The equilibrium where supply and demand meet
Goods that can go bad in time such as food are known as
A product that will not be sold to everyone but instead a select few people is called a what? An example is Vertu phones.
Pricing a product at $99 is an example of
A good that lasts a long time in good condition has good
A visual that shows the relationship between two things. Typically contains and x and y axis
Leading the questions or an unobjective analysis leads to
Firm that creates the products that will be sold to retailers and eventually to retailers (note is for consumer goods)
How quickly demand changes as prices change
After careful research and analysis, the firm has chosen the specific people they will try to sell their product to. This is referred to as their
In regards to SWOT, strengths and weaknesses are factors that the firm has some control over and are considered
Type of information that is typically less biased
Buying in ______ is buying in large volume so the price per product is cheaper
Markets are not static, they are always
Information that is shown through numbers
The groups that sell the product to the consumer are known as a

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