Entrepreneurship - Chapter 5

The U.S. has changed from a product-driven market to a consumer-driven market.

• true
• false

All the different products/services a business sells.

• marketing mix
• product mix
• marketing strategy
• marketing plan

the name, symbol, or design used to identify your product

• feature
• brand
• package
• label

Wal-Mart is known for having the lowest prices for everyday items.  This is known as ______.

• branding
• labeling
• positioning
• features

For many businesses, a small % of product selection makes up the majority of revenue.

• true
• false

Price is one of the elements of ____________.

• the competition
• the marketing mix
• the channel of distribution
• market research

Frito Lay is a leader in the potato chip industry.  They lead this industry with about 60% of the ___________.

• return on investment
• market share
• positioning
• trade discounts

With cost-based pricing, a price is determined by _________________.

• using competitors pricing
• the demand of the product
• polling buyers for their opinion
• using the wholesale price of the item

____________ is the practice of charging a high price on a new product to help recover the cost of developing the product.

• Positioning
• Markup pricing
• Price skimming
• Price penetration

All of the following are types of psychological pricing EXCEPT

• odd/even pricing
• trade discounts
• price lining
• multiple-unit pricing