Business Management Chapter 20 Questions and Answers ( Graded A+)

Business Management Chapter 20 Questions and Answers ( Graded A+) retailers - ANS- are businesses that sell directly to final consumers wholesalers - ANS- are businesses that buy products from businesses and resell them to other businesses product - ANS- can be defined as all attributes, both tangible and intangible, that customers receive in exchange for the purchase price. price - ANS- is the amount of money needed to acquire a product. promotion - ANS- means providing information to consumers that will assist them in making a decision and persuade them to purchase a product or service. maturity stage - ANS- is when the product is competing with many other brands with very similar features. Industrial goods - ANS- are products designed for use by other businesses. Consumer goods - ANS- are products designed for personal or home use. Convenience goods - ANS- are inexpensive items that consumers purchase regularly without a great deal of thought. Unsought goods - ANS- are goods for which there is little expected need in the near future. growth stage - ANS- is when several brands of the new product are available. Marketing mix - ANS- is the blend of all decisions related to the four elements of marketing: product, price, distribution, and promotion. target markets - ANS- are groups of customers with very similar needs to whom the company plans to sell its product. Marketing concept - ANS- is keeping the needs of the consumer foremost in mind during the design, production, and distribution of a product. buying - ANS- obtaining goods to be resold is a marketing activity known as? 50% - ANS- The average cost of marketing as a percentage of the selling price is? True - ANS- True or False: A marketing plan described the goals the business wants to accomplish and the target markets it wants to serve. False - ANS- True or False: Consumer goods are products used by other businesses in the production of products for their consumers. Marketing - ANS- is the set of activities that gets products from producers to consumers. Marketing managers - ANS- are responsible for coordinating marketing functions across departments to meet customer needs selling - ANS- s providing personalized and persuasive information to customers to help them buy the products and services they need or want Transporting - ANS- is moving products from where they were made to where consumers can buy them Storing - ANS- is holding products until customers need them. Financing - ANS- is providing money to pay for the various marketing activities Researching - ANS- is studying buyer interests and needs, testing products, and gathering facts needed to make effective marketing decisions. Risk taking - ANS- is assuming the risk of losses that may occur from fire, theft, damage, or other circumstances Grading and valuing - ANS- is grouping goods according to size, quality, or other characteristics, and determining an appropriate price for products and services Production-oriented - ANS- firms make decisions based on what to produce and how to produce it. Sales-oriented - ANS- firms emphasize widespread distribution and promotion to sell products Customer-oriented - ANS- firms direct their activities toward satisfying customers. Market - ANS- refers to the types of buyers a business wishes to attract and where those buyers are located. Market research - ANS- is the study of a company's current and prospective customers.