Business Quiz May 23

Marketing is

• is where vendors sell products at a market to consumers.

• is where bosses tell the employees their job description

• all the activities involved in getting goods and services from the businesses that produce them to the consumer.

Marketing has 2 fundamental roles

• To make money for the investors and reduce brick and mortar costs

• To sell the BRAND to other investors and to buy more BRANDS

• To sell what a business makes + to manage the BRAND

Marketing includes Research, Development, Sales, Distribution, and these 2 other things:

• Zoo memberships and Popcorn

• Purchasing and Elimination

• Advertising and Promotion

• Storefronts and Buildings

With Marketing, Consumers need to know:

• what goods and services are available, what the trends and fashions are, how products have improved

• what the price is for the item

• how products are made in China

A Brand features a products image and usually comprised of 3 things:

• Print ad, radio ad, commercial ad

• colour image, billboard, pop up ad

• Swoosh logo, price of leather, commercial

• Brand Name, Logo/Trademark, Slogan/Jingle

True or False? Brands help identify a companies' product or service so that it is not confused with the competition:

• True

• False

This is the Traditional Product Life Cycle of 4 Stages:

• Decline, Maturity, Growth, Introduction

• Introduction, Decline, Growth, Maturity

• Introduction, Maturity, Growth, Decline

• Introduction, Growth, Maturity, Decline

People can become very loyal to brands and repeatedly purchase the same ones and therefore,

• that's a bad thing for consumers

• that's a great thing when you own a business. (eg. only buy NIKE shoes)

Once a company develops a name, slogan, logo, colour scheme for a product they should:

• change it annually.

• use it on everything: packaging, ads, websites, etc.

• use it only on packaging.

True or False? Brand names become so popular they become generic and identify a product category (e.g Kleenex, Chap Stick, Q-tips)

• True

• False