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Marketing EOPA, MANAGEMENT FUNCTIONS NOCTI EOPA, FORMS OF BUSINESS OWNERSHIP Final Quiz, Branding, accounting EOPA questions with correct answers 2024/2025$10.49
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Marketing EOPA, MANAGEMENT FUNCTIONS NOCTI EOPA, FORMS OF BUSINESS OWNERSHIP Final Quiz, Branding, accounting EOPA questions with correct answers 2024/2025
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Eopa
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Eopa
Marketing EOPA, MANAGEMENT FUNCTIONS NOCTI EOPA, FORMS OF BUSINESS OWNERSHIP Final Quiz, Branding, accounting EOPA questions with correct answers 2024/2025
Marketing EOPA, MANAGEMENT
FUNCTIONS NOCTI EOPA, FORMS OF
BUSINESS OWNERSHIP Final Quiz,
Branding, accounting EOPA
What are the main responsibilities of the marketing department? - ANSDesigning an place,
promotion, product and price that attracts the target market and ultimately drives sales.
Target market - ANSA group of people identified as those most likely to become customers that
have similar wants and needs.
Advertising - ANSPaid, 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 - ANSThe name, symbol, slogan message or design used to identify a products
reputation and image.
Brand loyalty - ANSThe tendency to buy a particular brand of a product.
Commission - ANSA 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 - ANSA feature that makes a product more desirable than its
competitors.
Demographics - ANSMeasurable characteristics that describe a population by age, gender,
income, ethnic background, education, and occupation.
Elastic demand - ANSsituations in which a change in price creates a change in demand.
focus group - ANSa small group of people whose opinions are studied to determine the opinions
that can be expected from a larger target market population.
Image - ANSThe impression people have of a company; it's personality or reputation.
Inelastic demand - ANSSituations in which an change in price has little or no effect on demand.
Markdown - ANSthe amount of money taken off an original price
, Market - ANSA group of people or companies who have a demand for a product or service and
are willing and able to buy it.
Market research - ANSthe collection and analysis of information aimed at understanding the
behavior of consumers in a certain market.
Marketing mix - ANSthe 4 strategies used to reach a target market: product, place, price and
promotion.
Marketing Plan - ANSA researched plan used by a business to shape its product, place, price
and promotion to reach it's target market.
Networking - ANSThe process of building and maintaining informal relationships with people
whose acquaintance could bring about business opportunities.
Niche - ANSA small, specialized segment of the market based on the unique needs of a few
customers.
Personal selling - ANSWhen a salesperson communicates directly with a client to make an
individual sale.
Presale - ANSThe act of influencing potential customers to buy before the product is actually
available.
Psychographics - ANSThe social and psychological characteristics like personality, values,
opinions, beliefs, motivations, attitudes, and lifestyle that influences consumer behavior.
Public Relations - ANSany activity designed to create a favorable image of a business, its
products, or its policies
Publicity - ANSBringing news or newsworthy information about an organization to the public's
attention. It is free.
Sales forecast - ANSAn estimate of sales for a given period of time, like summer, or the next
fiscal year.
Sales quota - ANSA performance goal assigned to a sales person for a specific period of time.
Management - ANSis the process of coordinating people and other resources to achieve the
goals of an organization.
The Four Basic Management Functions - ANSplanning
organizing
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