| Question | Answer |
| What are the 4 p's of marketing? | price, product, place, promotion.
|
List the 4 stages in the production life cycle? | Introduction, growth, maturity, decline
| What must companies do when products enter the decline phase? | Companies have to find new ways to recreate the product. If that is unsuccessful then companies must discontinue their product in order to save money.
| What is market research? | Market research is an organized way to gather and information needed to make business decisions
| List the four categories of market segments | demographics, geographics, psychographics.
| What are the two components of promotions? | public relations, advertising
| Any social, economic, or political factors that could impact your business is called_____. | business environment
| At what stage in the production life cycle phase will a company experience the most profit made off of their product? | maturity
| A limited number of customers who are most likely to buy the product is called________. | target market
| What are the two types of research methods? | Secondary data, Secondary data
| Stakeholders can be describes as________. | Anyone who has an interest in what a company does.
| Specify the meaning of S.M.A.R.T goals. | Specific, measurable, achievable, realtistic, time
| What can companies measure when they do market research? | Companies can measure what consumers want and need, competition success, and analyze what improvements the company needs to make.
| What is a niche market? Give 1 example | answers will vary
| Any product that experiences fast growth and fast decline can be noted to be A.niche B.Niche C. Seasonal | Fad
| Three key components to understanding your market is_____ | knowing your business environment, competitors, and customers. |
