Marketing EOPA, MANAGEMENT FUNCTIONS NOCTI EOPA, FORMS OF BUSINESS OWNERSHIP Final Quiz, Branding, accounting EOPA Practice Questions and Answers

Marketing EOPA, MANAGEMENT FUNCTIONS NOCTI EOPA, FORMS OF BUSINESS OWNERSHIP Final Quiz, Branding, accounting EOPA Practice Questions and Answers What are the main responsibilities of the marketing department? - Answer️️ -Designing an place, promotion, product and price that attracts the target market and ultimately drives sales. Target market - Answer️️ -A group of people identified as those most likely to become customers that have similar wants and needs. Advertising - Answer️️ -Paid, non personal presentation of ideas, goods, or services direct at a mass audience by an identified sponsor. For example print, billboard, radio, TV or pop-up commercial. Brand - Answer️️ -The name, symbol, slogan message or design used to identify a products reputation and image. Brand loyalty - Answer️️ -The tendency to buy a particular brand of a product. Commission - Answer️️ -A fee paid to salesperson based on a percentage of the amount they sold. For example, real estate agents earn a commission of 3% of the value of the property they sold. Competitive advantage - Answer️️ -A feature that makes a product more desirable than its competitors. ©SOPHIABENNETT EXAM SOLUTIONS Saturday, September 7, 2024 6:58 PM Page | 2 Demographics - Answer️️ -Measurable characteristics that describe a population by age, gender, income, ethnic background, education, and occupation. Elastic demand - Answer️️ -situations in which a change in price creates a change in demand. focus group - Answer️️ -a small group of people whose opinions are studied to determine the opinions that can be expected from a larger target market population. Image - Answer️️ -The impression people have of a company; it's personality or reputation. Inelastic demand - Answer️️ -Situations in which an change in price has little or no effect on demand. Markdown - Answer️️ -the amount of money taken off an original price Market - Answer️️ -A group of people or companies who have a demand for a product or service and are willing and able to buy it. Market research - Answer️️ -the collection and analysis of information aimed at understanding the behavior of consumers in a certain market. Marketing mix - Answer️️ -the 4 strategies used to reac