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Questions and Answers
What defines a brand name?
What defines a brand name?
- A term that allows consumers to identify goods and services (correct)
- A rating system for product quality
- A legal document for trademarking products
- A type of mass media marketing strategy
Which of the following best describes a dynamic market?
Which of the following best describes a dynamic market?
- A market subject to continual and rapid change (correct)
- A market that remains the same over long periods
- A market with stable pricing and minimal change
- A market limited to seasonal products
What is the key characteristic of payday lending?
What is the key characteristic of payday lending?
- It requires collateral for loan approval
- It provides short-term loans at high interest rates (correct)
- It offers low-interest rates for borrowers
- It involves long-term repayment schedules
How is market share measured?
How is market share measured?
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What distinguishes a niche market from a mass market?
What distinguishes a niche market from a mass market?
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Study Notes
Branding and Market Concepts
- Brand Name: Identifies and differentiates a business's goods and services from competitors using names, symbols, or designs.
- Market: A structured environment where buyers and sellers interact to trade goods and services.
- Market Share: Represents a business's portion of total sales in a specific market, calculated as a percentage by value or volume.
Financial Terms
- Credit Crunch: Period marked by restricted borrowing due to reduced lending from banks and increased interest rates.
- Liquidation: Process of selling a company's assets to settle debts and close the business.
Market Types
- Dynamic Market: Characterized by rapid and continuous changes, impacting consumer demands and business strategies.
- Mass Market: Aiming at a vast audience with products that appeal to a wide range of consumers.
- Niche Market: Focuses on a specific, specialized segment within a broader market, catering to unique consumer needs.
E-commerce and Retail
- E-commerce: Involves selling goods and services through electronic systems, such as online platforms.
- Online Retailing (E-tailing): The process of selling products directly to consumers via the internet.
Lending and Financial Options
- Payday Lending: Short-term loans provided at high-interest rates for individuals awaiting their next paycheck.
- Unsecured Loan: A loan without collateral, meaning lenders have no claim on assets if repayments are missed.
Automobiles
- Electric Vehicle (EV): A type of vehicle powered by rechargeable battery packs, which are charged via external electricity sources.
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