Marketing Eopa, Management Functions Nocti Eopa, Forms Of Business Ownership Final
Quiz, Branding, Accounting Eopa | Questions & Answers (100 %Score) Latest Updated
2024/2025 Comprehensive Questions A+ Graded Answers | 100% Pass
What are the main responsibilities of the marketing department? - Designing an place, promotion,
product and price that attracts the target market and ultimately drives sales.
Target market - A group of people identified as those most likely to become customers that have similar
wants and needs.
Advertising - Paid, non personal presentation of ideas, goods, or services direct at a mass audience by an
identified sponsor. For example print, billboard, radio, TV or pop-up commercial.
Brand - The name, symbol, slogan message or design used to identify a products reputation and image.
Brand loyalty - The tendency to buy a particular brand of a product.
Commission - A fee paid to salesperson based on a percentage of the amount they sold. For example,
real estate agents earn a commission of 3% of the value of the property they sold.
Competitive advantage - A feature that makes a product more desirable than its competitors.
Demographics - Measurable characteristics that describe a population by age, gender, income, ethnic
background, education, and occupation.
Elastic demand - situations in which a change in price creates a change in demand.
focus group - a small group of people whose opinions are studied to determine the opinions that can be
expected from a larger target market population.
Image - The impression people have of a company; it's personality or reputation.
, Inelastic demand - Situations in which an change in price has little or no effect on demand.
Markdown - the amount of money taken off an original price
Market - A group of people or companies who have a demand for a product or service and are willing
and able to buy it.
Market research - the collection and analysis of information aimed at understanding the behavior of
consumers in a certain market.
Marketing mix - the 4 strategies used to reach a target market: product, place, price and promotion.
Marketing Plan - A researched plan used by a business to shape its product, place, price and promotion
to reach it's target market.
Networking - The process of building and maintaining informal relationships with people whose
acquaintance could bring about business opportunities.
Niche - A small, specialized segment of the market based on the unique needs of a few customers.
Personal selling - When a salesperson communicates directly with a client to make an individual sale.
Presale - The act of influencing potential customers to buy before the product is actually available.
Psychographics - The social and psychological characteristics like personality, values, opinions, beliefs,
motivations, attitudes, and lifestyle that influences consumer behavior.
Public Relations - any activity designed to create a favorable image of a business, its products, or its
policies
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