Marketing Review

The 4P's are: Product,Place, Price and ______________

Most new products that are for sale

• are brand new inventions

• are simply improvements to existing ones

• are basic products

• none of the above

The simplest form of a new product is called the:

• Product packaging

• Brand name

• Basic product

• Product packaging

Consumers who buy products for incorporation into other products or to sell to others

• Business Consumers

• All Consumers

• Customers

• Final Consumers

A consumer buys a product and then uses the product

• True

• False

When a service is consumed at the same time it is produced, this is called ____.

• Tangible

• Rational

• Irrational

• Inseparable

The purpose of market research is to:

• Acquire new customers

• Find solutions to problems

• Build brand awareness

• Market new products

A reduction made from the original selling price.

• Decrease

• Markup

• Markdown

• Cut Rate

What is an example of a need?

• A bag of chips

• A new Xbox

• Buying Gum

• Getting Groceries

Price should not...

• Reflect what the customers are willing and able to pay.

• Be used as a promotional tool.

• Consider the competition prices.

• Cover expense(s) while making a product