AARP is an organization that caters to senior citizens they are describing the population in terms of their
Demographics
Retailers who sell luxury and consumer products are interested in a consumer's
Discretionary income
The organized way in which a country provides for the wants and needs of its people is referred to
Economy
A command economy is one in which
a system in which a country's government makes economic decisions
5. Kashi caters to people who want to live an active and healthy life style. Kashi uses ______ to segment their market
behavioral
The phase of the business cycle that is characterized by low unemployment, high consumer, confidence, high consumer spending
expansion
Economic indicator that measures the change of price over a period of time of some 400 specific retail goods and services used in a household.
CPI
Goods and services purchased from other countries
imports
Purpose of European Union
Physilitate free trade for the participating countries
Under armor is considering introducing new line of running shoes in asia market...
customization
The Hershey company has a ______ on the word kiss
trademark
The u.s wants to cut off all trading ties with North Korea the best way for the us to achieve this would be by using
embargo
Full rights to reproduce a work
copyright
When a company breaks down a market into smaller groups based on common characteristics, they're using
market segmentation
which of the following is true
all the above
Price gauging
when a natural disaster or shortage happens so prices are raised
Demand
the ability and desire to purchase goods and services
Free enterprise
The freedom of private businesses to operate competitively for profit with minimal government regulation.
Nafta
North American Free Trade Agreement; allows open trade with US, Mexico, and Canada
Quota
a limitation on imports
Exports
Goods and Services sold to other countries
Scarcity
limited quantities of resources to meet unlimited wants
target market
a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges
promotion
....
Disposable income
income remaining for a person to spend or save after all taxes have been paid
Mass Marketing
Developing products and promotions to please large groups of people
international trade
the exchange of goods and services between nations
land labor capital entrepunership
...
Strengths weaknesses opportunities threats
SWOT analysis provides an objective means to identify areas of need for problem solving efforts
Product Place Price Promotion
Marketing mix/ 4 Ps
Food and Drug Administration
Sets and maintains purity and safety standards for food, drugs, and cosmetics; ensures accurate labeling; removes unsafe products from the market
Expansion recession through recovery
....
marketing
the commercial processes involved in promoting and selling and distributing a product or service
consumer product safety commission
a federal agency established to protect the health and safety of consumers in and around their homes
green marketing
marketing efforts to produce, promote, and reclaim environmentally sensitive products
licensing
an organization gives another organization the right to make or sell its products using its technology or product specifications.
WTO
World Trade Organization- An international body established in 1995 to foster and bring order to international trade. (p. 889)
trademark
a formally registered symbol identifying the manufacturer or distributor of a product
Tariff
a tax on imported goods
Psychographics
Studies of consumers based on social and psychological characteristics such as attitudes, interests, and opinions
Demographics
the characteristics of a population with respect to age, race, and gender.
Geographic
market segmentation based on where your target market lives
Behavioral
....
How does marketing help lower prices
1. Competition
2. Creating Demand through Customization and Specialization
What does utility mean
1. An attribute of a product or service that makes it capable of satisfying consumer wants and needs.
2. Makes a product valuable
3. You want o make it as easy as possible for your consumers to access your product
what is the relationship between market segmentationtarget markets and customer profile
1. Market Segmentation is the process where a business analyzes and classifies their customers into groups- then those groups become the target market. A business will use a customer profile (which is the information about a customer) to then segment their market.
Which type of income (disposable or discretionary) is more important to businesses that sell expensive watches?
1. Discretionary because if one has money left over after taxes they can afford something like an expensive watch.
The term Global Village was coined in the 1960s to refer to the contemporary world where electronic communication made all people on Earth neighbors is this description more or less true?
1. More
What is the difference between consumer and industrial markets?
Consumer markets sell directly to consumer and industrial markets sell directly to the business.
How can businesses increase productivity?
1. Productivity- the output per work hour.
2. More workers
3. New Technology
4. More knowledgeable employees
What are property rights?
1. Patents
2. Trademarks
3. Copyrights
4. Punishable through fines and jail time
How does the role of government influence marketing?
1. Restrictions on advertisements
2. Age restrictions
Patent
a document granting an inventor sole rights to an invention