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Test 1 (2/5/18)

Terms in this set (71)

In what marketing activity do businesses engage to meet the wants and needs of consumers?
Product/service management
Gathering, accessing, synthesizing, evaluating, and disseminating data for use in making business decisions is the responsibility of...
Marketing-information management
Which marketing function can remind customers of items that they want to purchase?
Promotion
Identify the marketing function in the following situation: While shopping at the mall, Susan is asked her opinion of different brands of shampoo.
Marketing-information management
To be successful, businesses need to set prices that cover costs and...
Maximize return
One reason the selling function is so important is because it involves...
Contact with customers
Which function of marketing determines how much gross profit a business will make on a good or service?
Pricing
A product being in great demand is a factor that might encourage businesses to...
Adjust prices
Which marketing function involves creating the correct product mix for a business?
Product/service management
The marketing function that is responsible for the flow of goods or services from the producer to the customer is
Channel Management
The marketing function which involves the matching and satisfying of customer wants and needs with available goods or services is
Selling
Which marketing function involves determining where products will be sold?
Channel management
Making both buyers and sellers feel they are getting good value is part of the __________ function of marketing.
Pricing
Identify the marketing function illustrated in the following situation: Martha wants a winter coat and sees a style she likes in a magazine advertisement.
Promotion
An effective marketing-information management function enables marketers to...
Determine what products customers want
Which of the following marketing functions enables businesses to have their products in the right place at the right time?
Channel management
Which of the following is an activity in the product/service management function?
Phasing out unprofitabe products
Communicating information to consumers or clients about products, images, or ideas to achieve a desired outcome is the __________ function.
Promotion
How does the marketing function of selling benefit society?
Helps increase employment
There are many activities in marketing that are interrelated and similar in purpose. These activities are referred to as marketing...
Functions
For both the customer and the seller, striking the right pricing balance makes the exchange...
Beneficial
According to the marketing concept, keeping company goals in mind means to...
Maintain the firm's purpose
Of the following, which is a durable good
Hamburger
Coffe Mug
Insect repellant
Lip balm
Coffee Mug
In an overall sense, where does marketing occur?
Wherever customers are
Marketing encourages people from different countries to __________ frequently.
Trade
What provides the basis for all marketing goals and actions?
Planning
Which of the following is a method used to communicate with customers:
Personal selling
Marketing is described as creating...
Exchanges
Without marketing, producers and customers would be
Disconnected from each other
How do marketers get their messages to customers?
By communicating with them
In the marketing concept, whose point of view matters most?
Buyer's
According to the marketing concept, which option demonstrates customer orientation?
Finding out what a buyer wants
According to the marketing concept, which option shows company commitment?
Setting aside funds to research what customers want
Which of the following activities is an aspect of marketing a service
Finding out customer's favorite coffee flavors
Adversiting the state of Michigan on TV
Developing a new and improved cell phone
Determining how much to charge for a haircut
Determining how much to charge for a haircut
Which of the following is the most common reason for businesses to search for ways to make their products better and cheaper
Competition
Overall, what does marketing allow us to do?
Live our daily lives
Which of the following is a marketing activity
Communicating with customers
The purpose of communicating with customers is to
Attract customer's interest
Marketing links producers to
Customers
Advertising
Any paid form of non-personal presentation of ideas, goods, or services
Customers
The people who buy goods and services
Durable goods
Tangible items that should last a long time
Economy
The system in which people make and spend their incomes
Feature
A fact about or characteristic of the product
Tangible objects and materials
Goods
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Marketing
A philosophy of conducting business that is based on the belief that all business
activities should be aimed toward satisfying customer wants and needs while achieving company goals
Marketing Concept
Tangible items that are consumed within a short time
Nondurable goods
The form of promotion that determines client needs and wants and responds through planned, personalized communication that influences purchase decisions and enhances future business opportunities
Personal Selling
The management function of deciding what will be done and how it will be accomplished
Planning
A marketing function that involves determining and adjusting prices to maximize return and meet customers' perceptions of value
Pricing
The people who make or provide goods and services
Producers
Marketing element referring to what goods, services, or ideas a business will offer its customers
Product
Any nonpersonal presentation of ideas, goods, or services that is not paid for by the company or individual that benefits from or is harmed by it. Think editorials, restaurant reviews, etc.
Publicity
Promotional activities other than advertising, personal selling, and publicity that stimulate customer purchases
Sales Promotion
Intangible activities that are performed by other people for money; productive acts that satisfy economic wants
Services
The general conditions in which people live; quality of life
Standard of Living
Why is planning such an important part of marketing?
There are many different aspects of marketing and coordinating them is very important for success.
What information do marketers need to find out about customers?
Who customers are and what they need
What activities are involved in offering the products customers want?
The product is designed and created, and financers determine whether it should be sold. Then marketers take the product for a test drive to judge its capacity for sale.
How do marketers determine how much to charge for their products
Marketers consider the customer's perception of value and the business's objectives. They then find a price that is good for the customer and makes a profit for the business.
Identify four ways in which marketers communicate with customers.
Advertising, personal selling, publicity, and sales promotion.
Why is putting products where they need to be important to marketers?
The customer needs to be able to easily access the product if they are going to buy it.
What can be marketed?
Goods, services, organizations, events, places, and people.
Why is customer orientation a significant element of the marketing concept?
Marketing relies on the customer to buy the item in the end, so the customer needs to remain satisfied.
What does company commitment to the marketing concept mean?
The whole company must practice the marketing strategy.
How are company goals related to the marketing concept?
The goals may be marketed themselves, or the company could be marketing with its goals in mind.
How does marketing make our lives better?
Marketing encourages competition among businesses, so prices end up being lower for consumers. In addition, goods tend to be made better when companies are competing for customers.
Why does marketing result in a variety of goods and services
Competition
How does marketing encourage trade between nations
Resources are needed to make the goods that are sold, but not all countries have those resources. Trading occurs to get those resources to whoever needs them to make products.
What would happen if marketing didn't exist
Without marketing, businesses would fail. Consumers would need to find or make goods and services for themselves. Fewer new goods would be invented. This would make life a lot harder.
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