Entrepreneurship Chapter 5

_________________________ is the different products and services a business sells,

• Product Mix

• Place

• Promotion

• Price

To satisfy a specific customer need, a business should

• set price objectives

• use cost based pricing

• position its product in a certain market

• use channels of distribution

The marketing concept is the belief that

• large businesses have an advantage over small

  businesses

• the wants and needs of customers are the most important consideration

• small businesses are less flexible when trying to satisfy customer needs

• all of these are correct

Product characteristics that will satisfy customer needs are called

• brands

• services

• features

• The product mix

The Catawba Ridge Copperhead is an Example of a product

• label

• brand

• feature

• package

Creating an image for a product in the customer’s mind is called

• Postioning

• Branding

• Packaging

• Distributing

When a company offers different products and services within the same category

• it is trying to serve different customer needs

• its position strategy has failed

• it has failed to take the competition into account

• it will be unable to make a profit

Companies that use the marketing concept will

• select a product mix that will most appeal to their target customers

• focus on product features more than on

  consumer needs

• no longer care about product profitability

• all of these.

The marketing concept must be able to successfully:

• operate profitable

• identify what will satisfy the customers’ needs

• develop and market products that customers consider better than other choices

• all of these

In the footwear market which of the following represent a brand that is positioned to satisfy a customers need for high quality and stature

• Balenciaga

• Nike

• Adidas

• Under Armour