Term
| ____________ occurs when marketing is considered an essential part of the business and is involved in all important business decisions. |
|
Definition
|
|
Term
| ________ include new markets and ways to improve a company’s offerings in current markets. |
|
Definition
|
|
Term
| A plan that identifies how a company expects to achieve its goals is known as a ________. |
|
Definition
|
|
Term
| Groups of similar consumers within a larger market are known as _____________. |
|
Definition
|
|
Term
| Studying and prioritizing market segments to locate the best potential based on demand and competition is known as __________________. |
|
Definition
| market opportunuity analysis |
|
|
Term
| A _____________is a clearly defined segment of the market to which a business wants to appeal. |
|
Definition
|
|
Term
| A _________ is a choice among alternatives. |
|
Definition
|
|
Term
| A __________________ is made up of all of the businesses involved in completing marketing activities as products move from the producer to the consumer. |
|
Definition
|
|
Term
| ______________ are the businesses used to provide many of the marketing functions during the distribution process. |
|
Definition
|
|
Term
| A ______________________ has at its primary focus something other than providing products and services for a profit. |
|
Definition
| non-business organization |
|
|
Term
| True or False: Marketing consists of only a few basic activities such as promotion and distribution. |
|
Definition
|
|
Term
| True or False: In the past, marketing was used basically as a problem-solving tool, such as a way to reduce inventory. |
|
Definition
|
|
Term
| True or False: Spending money to improve marketing usually results in increased profits for the company. |
|
Definition
|
|
Term
| True or False: Following the marketing concept requires a total commitment to satisfying customer’s needs. |
|
Definition
|
|
Term
| True or False: Understanding and meeting consumer needs is relatively easy to do because most people have the same needs. |
|
Definition
|
|
Term
| True or False: The marketing mix elements all act independently of each other. |
|
Definition
|
|
Term
| 14. True or False: Because of so many other variables, it is impossible to set a product or service price based strictly on the concepts of supply and demand. |
|
Definition
|
|
Term
| 16. True or False: Because effective marketing requires large amounts of information, most companies are now developing marketing information systems that collect and store information. |
|
Definition
|
|
Term
| 17. The first step in the consumer decision-making process is recognizing that a _________ exists. |
|
Definition
|
|
Term
| 18. True or False: In a limited-competition situation, it is not important for marketers to pay attention to the effectiveness of their mix elements |
|
Definition
|
|
Term
19. In monopoly situations, businesses face which type of completion?
- Intense
- Limited or none
- Monopolistic
- Unlimited
|
|
Definition
|
|
Term
| 20. Service businesses face unique marketing challenges because services are delivered by people, making it difficult to assure consistent __________________ each time. |
|
Definition
|
|
Term
21. When businesses regard marketing as a provider of opportunities, they look for which of the following?
- New Markets
- Ways to improve existing products
- Changing customer needs
- All of the above
|
|
Definition
| 2. Ways to improve existing products |
|
|
Term
The earliest use of marketing was to
- conduct marketing research
- move products from producers to consumer
- use advertising and selling to convince customers to buy
- identify new market opportunities
|
|
Definition
| 2. move products from producers to consumers |
|
|
Term
Which of the following is evidence that a business is using the marketing concept?
- being concerned only about the product or service
- believing they know what the customer wants
- using only a few marketing tools
- studying the market
|
|
Definition
|
|
Term
| When using the marketing concept, plannig begins with |
|
Definition
| determining customer needs |
|
|
Term
| True or False: In order to develop an effective marketing mix, the product needs to be well developed before planning other mix elements. |
|
Definition
|
|
Term
| The marketing mix element that does not create economic utility by itself is |
|
Definition
|
|
Term
| In the final stage of the decision-making process, the customer |
|
Definition
| assess whether or not the choice made was correct |
|
|
Term
| A strategy for a company in intense competition that uses the marketing concept is to |
|
Definition
| change the marketing mix to make it different and more satisfying to customers |
|
|
Term
| The marketing mix element that usually receives the most attention from producers and manufacturers is |
|
Definition
|
|
Term
| Wholesalers emphasize __________ while retailers are responsible for most final _________ decisions. |
|
Definition
| distribution planning; pricing |
|
|
Term
| Which marketing mix element do service businesses usually have greater control over than do businesses that sell products? |
|
Definition
|
|
Term
| Non-business organizations have something other than ________ as their primary focus. |
|
Definition
|
|
