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FBLA marketing test questions practice With Questions And 100% SURE ANSWERS
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1/18 Pre marketing orinted company customers JACKLINE FBLA marketing test questions practice With Questions And 100 % SURE ANSWERS Terms in this set (78) basic marketing functions promotion selling product/service management marketing info management pricing financing distribution production oriented companies the company focuses on building high quality products instead of meeting customers needs sales oriented company buisnesses that focus most efforts on developing sales to promote and sell products or services buisness focuses on finding out what customers want and creating products and designing for thoes FBLA marketing test questions practice Marketing concept preoccupied with the idea of satisfying the needs of the customer by means of the product as a solution to the customer's problem (needs Benefits of marketing helps businesses increase brand awareness helps sell more products marketing enhances businesses reupattion . Explain the functions involved in marketing goods and services. marketing information management, financing, product and service management, pricing, promotion, selling, and distribution. 2/18 types of business owner ships ( contrast) ( compare) (explain) PARTNERSHIPS= two or more people LIMITED LIABILITY COMPANY =one or more people CORPORATION C = one or more people CORPORATION S = cant be over 100 people and have to be U.S citizens only SOLE- PROPRIETORSHIP = A partnership involves two or more people who combine resources for the business and share profits and losses FRANCHISE = A franchise is a joint venture between a franchiser and a franchisee.It sells the right to use its name and idea. LICENSING= Business licenses are permits issued by government agencies that allow individuals or companies to conduct business within the government's geographical jurisdiction. Identify marketing mix ( price, product, place and promotion) PRODUCT= a product is an object, or system, or service made available for consumer use as of the consumer demand PRICE= A price is the quantity of payment or compensation expected, required, or given by one party to another in return for goods or services PLACE= the entire process of taking a product from the manufacturer and making it accessible to the consumer, which can include online or in other stores around he world. PROMOTION= promotion refers to any type of marketing communication used to inform target audiences of the relative merits of a product, service, brand or issue, its contribution to successful marketing is because It helps you to define your marketing options in terms of price, product, promotion, and place so that your offering meets a specific customer need or demand ultimately making you successful. FBLA marketing test questions practice 8/1/24, 6:03 PM 3/18 The concept of marketing mix includes multiple areas of focus as part of a comprehensive marketing plan and It helps you to define your marketing options Key types of marketing strategies mix EXPANSION = A company increases the number of product lines or depth( product variations) CONTRACTION = A company narrows its product mix to eliminate lower -performing products or lines or to simplify remaining products or lines. CHANGE IN EXISTING PRODUCT = A company improves a current product rather than creating a completely new product. PRODUCT DIFFERENTIATION = Without modifying the product in any way, a company positions it as a superior choice to a competitive product. Describe the process for new product and service development (e.g., conception, development, and test marketing). idea generation, research, planning, prototyping, sourcing, costing, and commercialization TEST marketing = placement of limited -quantity items or free samples to a target market that shops at a limited number of stores explain the advantages and disadvantages of extending product lines and of product line diversification. ADVANTAGES = allows a brand to increase their portfolio and can also help offer more similar to what they produce and can cut the prices of purchasing new materials and recourses. DISIDVANTAGE = Line extensions may dilute or tarnish the parent brand's image, and they can also cannibalize its sales if they are not distinct enough. Patents any public communication by companies of a patent position with the aim of either direct or indirect attainment of commercial ends. Copyright protects a creator's original work from being used or duplicated without their permission Trademark any word, phrase, symbol, design, or a combination of these things that identifies your goods or servicesThe benefits of buying summaries with Stuvia:
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