Miscellaneous Quiz / Level 1 - 6 Combined

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Level 1 - 6 Combined

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Where buyers and sellers meet to exchange goods or services for money.
Things consumers have to have such as food, water, a phone.
Things consumers would like to have. Such as replacing one's iPhone 5 with a 5S
Before satisfying a customers needs, it is normal to first _________ their needs.
Always choosing to buy a Mercedes car is an example of
If an industry becomes highly profitable, one can expect more companies to join which will make the market more
Markets are not static, they are always
Putting consumers into groups such as gender, income, age, location, and so on is an example of
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
A product that will not be sold to everyone but instead a select few people is called a what? An example is Vertu phones.
Selling a product that anyone can buy such as Coke is referred to as
A firms quantity sold multiplied by it's selling price
Total firm sales / total industry sales
A business model used to evaluate both internal and external factors for a firm
In regards to SWOT, strengths and weaknesses are factors that the firm has some control over and are considered
External factors of SWOT that a firm doesn't have control over
Selling at the price point and quality level that no one else is selling is finding a ______ in the market
Product, price, place and promotion are part of the
Information that is based on judgements and opinions
Information that is shown through numbers
Making products based on what the consumer wants
The iPad is an example of
One limitation of this type of research is it can be very expensive
Questionnaires, interviews, survey and focus groups are all examples of
Information that has already been created that a firm can use to find out more about the market
Type of primary research where the firm asks people questions and records their answers
A type of research where a group of people are asked to share their opinions and perceptions
Selecting 10% of the students at HIS in order to gain insight into what the whole school thinks would be considered
A visual that shows the relationship between two things. Typically contains and x and y axis
Bar and pie are both types of
A visual that is used to simplify information
A research method where one meets face to face and asks questions
Leading the questions or an unobjective analysis leads to
Type of information that is typically less biased
R&D
Making products based on what the firm believes is best, not necessarily what the consumer believes
Products that are purchased for consumption by the average person
Services that are purchased by another company such as insurance and consulting,
A good that lasts a long time in good condition has good
Unique name, unique packaging, the price and quality all contribute to the
This is not only used to protect the product but also make it eye catching and promote the brand image
The R&D stage of the making a product
When the product first comes out. Sales will be low
The stage where sales increase the most
Sales continue to grow but at a much slower rate. Perhaps more competition. High point for profits
Sales have leveled out.
Sales start to fall. Product has been out for a long time
Firm introduces new variations or sells products to new markets
The product life _______ affects promotion decisions
The _______ ______ ________ affects pricing decisions
Consistently good quality will help the
During the development stage a _______ is made in order to test the product
HintAnswer
In the processing of developing new products there are always ______ _____ ________
Development, introduction, growth, maturity, saturation and decline are all parts of the
Calculating all costs and adding a mark up or margin to figure out the selling price of the product
Putting prices at a similar or slightly lower price than one's competitors
When entering a new market it is typical to have a lower price than competitors in order to gain initial market share
Introducing a brand new product, the firm may choose to sell it at a very high price.
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
The amount of product available in the market
People not only want a product but are willing to pay for it at a certain price point
How quickly demand changes as prices change
A higher change in demand than the change in price would mean the demand is
A lower change in demand than the change in price would mean the demand is
Products that can be used instead of the product being sold. An example for some people is Coke vs Pepsi
The equilibrium where supply and demand meet
Pricing a product at $99 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.
Normally if price goes up, ________ goes down
If there is high demand then prices will go up and _______ will increses
Businesses need to know how to get the product to the consumer. They may use a variety of
This channel of distriubution buy products in bulk, warehouses them and sells to retailers
The groups that sell the product to the consumer are known as a
Buying in ______ is buying in large volume so the price per product is cheaper
Goods that can go bad in time such as food are known as
Firm that creates the products that will be sold to retailers and eventually to retailers (note is for consumer goods)
This person or firm sells to wholesalers on behalf of the producer
The person who buys the end product is known as the
Offers a wide range of products, including branded products, at discount prices. Often all the products are similar.
Goods are sold from the producer directly to the consumer
Producers use this to sell their goods over the internet
The storage of goods
Transportation of goods using trucks/lorries. Relatively cheap and fast.
Transportation of goods using trains. Good for long distances and can be relatively cheap.
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
In order for the firm to gain a great margin, should it have more or less firms in its channel of distribution.
A Google advertisement may cost $1 per viewer where a commercial may cost $2 per viewer. The Google advertisement is more
A advertisement that teaches the consumer about all the features of the product is known as
An advertisement that show the unique points of difference between product in hope the consumer will see their product is best is known as
Firms want to make sure they look good. They are careful to see how general people feel about them in all types of media and use this to watch and try to make sure they look better
Advertisements where the customer purchases the product are referred to as
'Winter jackets sell best from October to February and with this ____________ firms need to be aware of the timing of their promotions
It is cheaper to keep a customer to come back (customer loyalty) then to promote and gain new customers. This demonstrates the importance of ___________ _______
'With technology, customers have more and more power and can leave a _________ about a service or product which will influence potential customers perception of their service/produ
Advertising throught various _________ ____________ such as Facebook is becoming more popular as they can easily reach one's target market
Magazine ads, commercials, internet ads, newspapers all use different types of ________ to get the advertisement to the customer
When driving to the airport one sees large advertisements known as
Many times outside of school people are handing out _______, pieces of paper that have information about a producgt or service
The more a firm spends on advertising the great demand should raise but the firms needs to look at the big picture and forumalate a _______ __________ for any marketing campaign.
In marketing PR is known as
The more a firm spends on marketing, the greater ________ will increase which means the firm has more revenue
Promotion is just one part of the 4 P's, the _________ __________ and all 4 need to be considered in making a promitional program.
When creating promotions need to make sure they are focussing on their _____ ________ and therefore wouldn't want commercials shown at 10:00 am if they hope students will buy their

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