Marketing EOPA, MANAGEMENT FUNCTIONS NOCTI EOPA, FORMS OF BUSINESS OWNERSHIP Final Quiz, Branding, accounting EOPA with 100% Correct Answers

Marketing EOPA, MANAGEMENT FUNCTIONS NOCTI EOPA, FORMS OF BUSINESS OWNERSHIP Final Quiz, Branding, accounting EOPA with 100% Correct 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. ©SOPHIABENNET@2024/2025 Monday, August 19, 2024 10:32 PM 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 reach a target market: product, place, price and promotion. Marketing Plan - Answer️️ -A researched plan used by a business to shape its product, place, price and promotion to reach it's target market. ©SOPHIABENNET@2024/2025 Monday, August 19, 2024 10:32 PM 3 Networking - Answer️️ -The process of building and maintaining informal relationships with people whose acquaintance could bring about business opportunities. Niche - Answer️️ -A small, specialized segment of the market based on the unique needs of a few customers. Personal selling - Answer️️ -When a salesperson communicates directly with a client to make an individual sale. Presale - Answer️️ -The act of influencing potential customers to buy before the product is actually available. Psychographics - Answer️️ -The social and psychological characteristics like personality, values, opinions, beliefs, motivations