FBLA BASIC MARKETING FUNDAMENTALS
COMPREHENSIVE CONSUMER BEHAVIOR
REVIEW SHEET FULL SOLUTIONS
●● The seven functions involved in marketing goods and products
Answer: Marketing information management, financing, production and
service management, pricing, promotion, selling, distribution
●● Marketing Information Management
Answer: Gathering and using information about target audience to
improve business decision making
●● Financing
Answer: Budgeting for marketing activities,obtaining the necessary
funds needed for operations,and providing financial assistance to
customers so they can purchase the business products and service.
●● Production and service management
Answer: recognizing your target audience by conducting marketing
research pre-launch and post-launch to ensure your offering resonates
the way you intend
●● Pricing
,Answer: Determining and adjusting of prices to maximize return and
meet customers' perceptions of value.
●● promotion
Answer: Communication by marketers that informs, persuades, and
reminds potential buyers of a product in order to influence and
communicate its value to them
●● Selling
Answer: Communicating directly with potential customers to determine
and satisfy their needs.
●● Distrabution
Answer: where you sell your product and deliver it to your customers,
matters to marketing because it fulfills the purpose of your
communications
●● The elements of the marketing mix
Answer: Product, Price, Place, Promotion
●● Price
Answer: The amount of money exchanged for a good or service reflects
what a consumer is willing to pay for a product
, ●● product
Answer: An item or service designed to satisfy customer needs and
wants
●● Placement
Answer: Where you distribute your product; the stores you choose and
the location in the store that you choose.
●● Promotion
Answer: Increases brand awareness, creates interest, generates sales or
creates brand loyalty
●● Product mix
Answer: The total number of product lines and individual products or
services offered by a company
●● expansion
Answer: A company increases the number of product lines or depth (i.e.,
product variations) within lines.
●● Contraction
Answer: A company narrows its product mix to eliminate lower-
performing products or lines or to simplify remaining products or lines.
COMPREHENSIVE CONSUMER BEHAVIOR
REVIEW SHEET FULL SOLUTIONS
●● The seven functions involved in marketing goods and products
Answer: Marketing information management, financing, production and
service management, pricing, promotion, selling, distribution
●● Marketing Information Management
Answer: Gathering and using information about target audience to
improve business decision making
●● Financing
Answer: Budgeting for marketing activities,obtaining the necessary
funds needed for operations,and providing financial assistance to
customers so they can purchase the business products and service.
●● Production and service management
Answer: recognizing your target audience by conducting marketing
research pre-launch and post-launch to ensure your offering resonates
the way you intend
●● Pricing
,Answer: Determining and adjusting of prices to maximize return and
meet customers' perceptions of value.
●● promotion
Answer: Communication by marketers that informs, persuades, and
reminds potential buyers of a product in order to influence and
communicate its value to them
●● Selling
Answer: Communicating directly with potential customers to determine
and satisfy their needs.
●● Distrabution
Answer: where you sell your product and deliver it to your customers,
matters to marketing because it fulfills the purpose of your
communications
●● The elements of the marketing mix
Answer: Product, Price, Place, Promotion
●● Price
Answer: The amount of money exchanged for a good or service reflects
what a consumer is willing to pay for a product
, ●● product
Answer: An item or service designed to satisfy customer needs and
wants
●● Placement
Answer: Where you distribute your product; the stores you choose and
the location in the store that you choose.
●● Promotion
Answer: Increases brand awareness, creates interest, generates sales or
creates brand loyalty
●● Product mix
Answer: The total number of product lines and individual products or
services offered by a company
●● expansion
Answer: A company increases the number of product lines or depth (i.e.,
product variations) within lines.
●● Contraction
Answer: A company narrows its product mix to eliminate lower-
performing products or lines or to simplify remaining products or lines.
