Intro to Business
February 22, 2013
Chapter 8 #1-27
1. What is the purpose of marketing research?
To find target buyers, which help with advertisement idea
2. What is the result of effective marketing?
3. Name three benefits consumers receive was a result of marketing activities. Consumers have choices, products meet expectations, good service. 4. Consumers expect to find choices that best meet their needs, at a reasonable price, with adequate information and service. 5. Indentify the tree things a business must be able to do if it believes in the marketing concept: identify the customers they want to serve and understand their needs, develop a product that will satisfy the customers and complete the necessary marketing activates effectively, complete all of those activates at a profit. 6. Describe the two steps that are a part of a marketing strategy: identify target market, then develop a combination of marketing elements designed to meet the needs of a target market. 7. What is another name for the marketing mix? 4 Ps
8. There are two ways that a business can identify ideas for new products: surveys, focus group 9. Distribution adjusts for differences between production and consumption. Name four differences that must be adjusted between the business and its customers: quantity, assortment, location, time. 10. How does the economic concept of supply and demand affect the price of a product? If supply is low and demand is high, prices will be high, vice versa 11. Four common methods of promotion used by business: media, coupons, contests free samples 12. Products you have purchased for which you know you pay more than you would have to: shoes, coats, Victoria secret, backpack Characteristics of the product that caused you to pay a higher price: durability, quality. Product: brand. Price: quality Place: plaza Promotion: bargain 13. Best orange driving school....