Entrep. - Ch. 5 Market Your Business

Planning, pricing, promoting, distributing, & selling used to determine needs of customers is

• entrepreneurship

• marketing concept

• marketing

• marketing plan

To use marketing concept successfully, businesses must be able to

• identify what will satisfy the customers' needs and wants

• develop products that customers consider better than others

• operate profitably

• All of the above

The blending of the 4 P's in marketing used to reach a target market is called the

• marketing plan

• marketing mix

• marketing concept

• marketing strategy

Select the four P's of marketing.

• product

• planning

• price

• promotion

• place

The marketing plan defines your market, identifies competitors, and identifies changes needed.

• true

• false

The different products and services a business sells are its

• product features

• brand

• features

• product mix

A product includes features, which are product characteristics that will satisfy customer needs.

• true

• false

The _____ is the name, symbol, or design used to identify your product.

• features

• positioning

• brand

• logo

_____ is creating an image for a product in the customer's mind.

• Positioning

• Branding

• Discount pricing

• Marketing

______ is the amount earned as a result of the investment and is usually expressed as a percentage.

• Market share

• Psychological pricing

• Demand-based pricing

• Return on investment