Chapter 15: Marketing

Identifying customer needs and wants and then designing a package, pricing, promotion and distribution of a product in a way that will make the customer buy it refer to

• Marketing

• Strategy

• Concept development

Dividing the market into different categories based on some common characteristic(s) is called

• Market segmentation

• Market analysis

• Market research

• Market target

The 4 P's of marketing are also known as the

Which answer is NOT part of the marketing mix

• Product

• Price

• Place

• Proprietor

Which of the following answers are the correct sequence for product life cycle

• Launch, Growth, Maturity, Saturation, Decline

• Launch, Growth, Maturity, Decline, Saturation

• Launch, Growth, Saturation, Maturity, Decline

• Launch, Maturity, Growth, Saturation, Decline

The pricing strategy where you charge a higher introduction price to recoup the costs of development is

• Price skimming

• Price leadership

• Profit-maximising

The path a product takes from the producer to the consumer is called:

• Channels of distribution

• Logistics

• Promotion paths

• Distribution chains

Creating a good image of a company in the views of people and the community refers to

• Public Relations

• Sponsorship

• Product Placement

The point where revenue from sales equals costs is called

What is the breakeven point in sales