business 8 test 2
whats a logo
a graphic symbol representing a business
whats a signature
a watermark/the way a business' name is displayed
what are some examples of famous logos
-nike swoosh
-adidas steps
-mcdonalds m
what is marketing
all of the steps involved in getting a product/service from the producer to the customer
whats a marketing mix
a combonation of marketing components maximizing customer satisfaction and ensure profitability
what are the 5 p's of marketing
-product
-promotion
-place
-people
-price
what does product mean
carrying products that your target market desires
what does promotion mean
let consumers know about your store and products
what does place mean
making products available at the right place and time
what does people mean
customer service is crucial for success
what does price mean
set prices covering expenses and make profit which consumers also accept
what is competitve pricing
a price based off what competition charges
what is cost oriented pricing
determine all costs plus a pre set profit to charge
what is the law of supply and demand
-if a product is in higher demand, retailers can charge more.
-if a product is high in supply, but low in demand, retailers must lower the price to sell it.
what is advertising
communication from a sponser to an audience through media to attract potential customers, increase sales, and profit
what are examples of print ads
-newspaper
-magazine
-billboard
what are examples of broadcast ads
-TV
-radio