Which of the following is not a need?
Eating out
The purpose of advertising is to:
All of the above (tease the customer, inform the customer, persuade the consumer)
Which of the following is not a common marketing strategy?
Making the customer do product research
When a company places an ad and offers no interest on your purchase for three years:
The cost of financing is built into the price of the item
What is a safe assumption to make regarding companies and their marketing practices?
All of the above (companies know that competition is fierce for consumer dollars, companies spend millions of dollars and do extensive research on advertising, companies use all angles to aggressively compete for your money)
What concept is best explained by the statement, "Money spent here cannot be spent there"?
Opportunity cost
Identify which method companies are using to compete for your money:
Financing
Identify which method companies are using to compete for your money: Reputation for holding its value
Product positioning
Identify which method companies are using to compete for your money: Car salesman
Personal selling
Identify which method companies are using to compete for your money: TV commercials
Meida
Four common marketing tactics are:
Personal selling, financing, repetition, product positioning
Dave tells the story of a man who bought his dream car, drove it home, but then returned it the next day after some money calculations. This story is an example of:
Opportunity cost
Which of the following should you consider when making a significant purchase?
All of the above (your buying motives, if you can't pay with cash don't buy it, the opportunity cost)
Which of the following is not a form of product positioning?
Financing
Which is not a "power over purchase" tactic?
Compare your purchase with a friend's
A good salesperson will answer a question with a question
True
Never buy something you do not fully understand
True
The amount of stuff a person has is directly related to contentment and happiness
False
Young single adults should find an accountability partner with whom to discuss big purchases
True
Inflation has no effect on your buying power
False
A budget has little effect on a person's financial success unless he or she also develops power over purchase
True
You should never wait overnight before making a big purchase if there is only one item left
False
Teens have cited "friends" as the strongest influence over their purchase decisions
True
Repetition has proven to be an ineffective marketing technique
Fasle
Zero percent financing is nothing more than a really good marketing tool
True
The promotion of a product or service by identifying it with distinct characteristics; usually associated with public perception, quality or effectiveness
Branding
To buy an item with credit; paying over time
Financing
Refers to the financial opportunity that is given up because you choose to do something else with your money
Opportunity cost
An amount of money you spend, usually $300, that causes some pain to part with
Significant purchase
The process of communicating the value of a product or service to customers
Marketing
Refers to the public's ability to recall and recognize a brand by its logo, jingles, packaging, etc.
Brand recognition
Feeling regret or concern after making a large purchase
Buyer's remore
An economic system based on a free market, profit motive, open competition and private ownership of the means of production
Capitalism
The persistent increase in the cost of goods and services or the persistent decline in the buying power of money
Inflation
A spur-of-the-moment, unplanned decision to buy a product or service
Impulse buy