Business Unit 6 Test Review

determining the best ways for customers to locate and obtain P Involves careful shipping andstoring of products

communicating with potential customers to determine & satisfy needs. Examples: face toface, phone, video conferences

obtaining and using info to improve business decision making. Examples: marketing research & developing databases of info about customers, c

budgeting for marketing activities. Managing payment methods for customers ensuring thebusiness receives payment so operations may continue

setting and communicating information about the value of P Price needs to be easilyidentifiable.

communicating info about P to customers & encourage them to buy

Blending of four marketing elements – product, distribution (place), price & promotion

quality, packaging, warranty, service/support

Where it will be distributed?

discounts, financing

ads, coupons, displays, PR, endorsements

Gather information from people through questions

Consumer group discussions

Recording actions of consumers

present alternatives

everything a business offers to satisfy a customer’s needs

simplest form of a product

additions and improvements to the basic product

choice of features

protection and security for the product before it is used

activities that are consumed at the same time they are produced

no physical form

consumed at time of production

availability must match demand

there will be differences in the type and quality of services provided

money a customer pays

The route a product follows

Products move from producer right to consumer

Involves wholesalers & intermediaries and retailers are the final member

the exchange of information so there is common understanding by all participants

Direct individualized communication with prospective customers

Any paid form of communication through mass media directed at a target market

the locations and methods used to make a product or service available to the target market

Idea development

Idea screening & evaluation

Marketing strategy development

Production and financial planning

Limited production and test marketing

Full-scale production

the reasons consumers decide what products and services to purchase

Specific group of consumers who have similar wants and needs

The amount added to the cost of a product to set the selling price

A reduction from the original selling price

For personal use

For daily operations, resale to customers, manufacturing

gathering new information specifically directed at your current problem

analyzing existing information gathered for another purpose to solve your current problem

the quantity of a good or service that producers are willing to buy at a specific price

the quantity of a good or service that consumers are willing to buy at a specific price

Few competitors - higher price

New to market - higher price

Higher prices in season

Higher complexity - higher prices