Unit 1 - Exploring Business
Assignment 1 P1, P2, P3, M1,
M2, D1
Emotional Motivation: - ANS-When consumers buy products
because of an emotional feeling they get from the product or buying
the product. An example of this is impulse shopping. Buying
something because of the real or perceived way it makes you feel.
Logo: - ANS-Recognizable and distinctive graphic design, stylized
name, unique symbol, or other device for identifying an
organization.
Marketing: - ANS-The process of planning, pricing, promoting,
selling, and distributing ideas, goods, and services.
Market Research: - ANS-The gathering and analysis of information of
the size, location, and makeup of a product market.
Market Segmentation: - ANS-The process of defining and
subdividing a large homogenous market into clearly identifiable
segments having similar needs, wants, or demand characteristics.
,Its objective is to design a marketing mix that precisely matches the
expectations of customers in the targeted segment.
4 P's of Marketing: - ANS-Marketing Mix, the four main elements:
product, place, price, promotion.
Mass Media: - ANS-Means of communication, such as television,
radio, and newspapers.
Patronage Motivation - ANS-When consumers buy products
because they feel a sense of loyalty to the company, store, or brand.
An example of this is your family always buys Ford cars just because
you always do. Or you always shop at Walmart because your
Grandma works there.
Personal Selling: - ANS-Face-to-face selling in which a seller
attempts to persuade a buyer to make a purchase.
Product: - ANS-What the product is- includes creating, expanding,
manufacturing, or improving goods or services.
Price: - ANS-The amount of money asked for when goods and
services are bought or sold.
, Place: - ANS-Location where product is sold or method of
distribution.
Promotion: - ANS-Selling and advertising of goods and services to
consumers.
Public Relations: - ANS-The profession or practice of creating and
maintaining goodwill of an organization's various publics
(customers, employees, investors, suppliers, etc.), usually through
publicity and other nonpaid forms of communication.
Rational Motivation: - ANS-When consumers buy products out of a
logical process. They comparison shop, gather information, and
make the best decisions based on their needs, wants, and values.
Sales Promotion: - ANS-Stimulation of sales achieved through
contests, demonstrations, discounts, exhibitions or trade shows,
games, giveaways, point-of-sale displays and merchandising,
special offers, and similar activities.
Survey: - ANS-A detailed study of a market or geographical area to
gather data on attitudes, impressions, opinions, satisfaction level,
etc., by polling a section of the population.
