10.1 marketing basics

Question 1

What are some less obvious examples of marketing activities?

Answer 1

• storing products in warehouses and distribution centers
• moving products to the places where they will be sold or used
• establishing and accepting credit and arranging means of online payment

Question 2

is 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 services

Answer 2

financial analysis

Question 3

involves determining the best ways for customers to locate, obtain, and use the products and services of an organization

Answer 3

distribution

Question 4

What are some examples of marketing?

Answer 4

• see or hear advertisements for products and services
• see brand names on the packages of food you eat
• see brand names on the clothes you and friends wear
• read product descriptions on a company’s website
• interact with salesperople in your favorite retail store

Question 5

What happens if a product does not appeal to consumers?

Answer 5

the business will be forced to cut the price, which will lead to lower profits and even losses

Question 6

persons, companies, and organizations that buy products for the operation of a business, for incorporation into other products and services, or for resale to their customers

Answer 6

business consumers

Question 7

What are the two types of consumers that businesses can develop products for?

Answer 7

1. final consumers
2. business consumers

Question 8

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

Answer 8

marketing

Question 9

the designing, developing, maintaining, improving and acquiring products and services that meet consumer needs

Answer 9

product and service management

Question 10

if a product appeals to a group of customers with unsatisfied needs, it has a real chance to ____

Answer 10

succeed

Question 11

many new businesses ____ because the owners have an idea for a product but fail to consider customers and their needs

Answer 11

many new businesses fail because the owners have an idea for a product but fail to consider customers and their needs

Question 12

the reasons consumers decide what products and services to purchase

Answer 12

buying motives

Question 13

if customers do not see a need for a product or believe they have other choices that are better or less costly, the product will likely ______ (succeed/not succeed)

Answer 13

if custoemrs do not see a need for a product or believe they have other choices that are better or less costly, the product will likely NOT succeed

Question 14

includes a range of activities and a number of businesses in the US economy

Answer 14

marketing

Question 15

the blending of four marketing elements - product, distribution, price & promotion

Answer 15

marketing mix

the second step in developing a marketing strategy

Question 16

What are the 2 steps in a marketing strategy?

Answer 16

1. identify a target market
2. create a marketing mix

Question 17

the best definition of marketing is:

• promotion and selling
• producing and distributing products and services to customers
• finding customers and convincing them to buy your products
• none of the above is correct

Answer 17

none of the above

marketing is 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

Question 18

Which of the 7 marketing functions involve careful shipping, handling and storing of products?

Answer 18

distribution

Question 19

is communicating information about products and services to potential customers

Answer 19

promotion

Question 20

persons who buy products and services mostly for their own use

Answer 20

final consumers

Question 21

what is an example of an emotional buying motive?

Answer 21

• buying a home security system to protect your family
• buying gift or card for a holiday

Question 22

_____ companies such as trucking, railroad, and air freight move products from producers to consumers

Answer 22

transportation companies such as trucking, railroad, and air freight move products from producers to consumers

Question 23

What are the 5 steps in the consumer decision making process?

Answer 23

1. recognize a need
2. gather information
3. select and evaluate alternatives
4. make a purchase decision
5. determine the effectiveness of the decision

Question 24

What does a successful marketing mix do?

Answer 24

satisfies the needs and wants of the target market

Question 25

What is an example of a rational buying motive?

Answer 25

* when you buy a new car, you consider fuel use and repair costs to get the most cost effective one * when choosing a college, you compare cost of tuition and reputation of the college

Question 26

Marketing ____ include advertising agencies and marketing research firms

Answer 26

marketing businesses include advertising agencies and marketing research firms

Question 27

a company's plan that identifies how it will use marketing to achieve its goals

Answer 27

marketing strategy

Question 28

considers the needs of customers when developing a marketing mix

Answer 28

marketing orientation

Question 29

purchases guided by facts and logic

Answer 29

rational buying motives

Question 30

\_\_\_\_\_ services companies issue and manage credit cards

Answer 30

fianancial services companies issue and manage credit cards they can also provide loans to businesses for purchasing raw materials and finished goods

Question 31

Does the consumer decision making process always take the same length of time to complete?

Answer 31

* no, the length of time it takes to complete the process and the information used to complete each step is very different from one consumer to another

Question 32

Which of the 7 marketing functions involve salespeople talking to customers in stores, on telephone, videoconferencing or online chats?

Answer 32

selling

Question 33

the two steps in a marketing strategy are: * developing a product and promoting it to consumers * identifying a target market and developing a marketing mix * conducting marketing research and planning production * pricing a product and distributing it to customers

Answer 33

identifying a target market and developing a marketing mix

Question 34

the setting and communicating the value of products and services

Answer 34

pricing

Question 35

purchases guided by feelings, beliefs, and attitudes

Answer 35

emotional buying motives

Question 36

which of the following is an example of a rational buying motive? * love * fear * economy * self-image

Answer 36

economy

Question 37

marketing activities usually cost ___ percent or more of the selling price of a product or service

Answer 37

marketing activities usually cost 50% or more of the selling price of a product or service

Question 38

What are the 7 marketing functions?

Answer 38

1. product and service management 2. distribution 3. selling 4. marketing information management 5. financial analysis 6. pricing 7. promotion

Question 39

What do businesspeople do with a marketing orientation?

Answer 39

* businesspeople don't assume they know what customers want * they use research to study customers and their needs * the results of the research are used to plan a marketing mix designed to satisfy those needs * example - cruise ship company

Question 40

Which of the 7 marketing functions includes companies receiving loans from banks for expansion?

Answer 40

financial analysis

Question 41

obtaining, managing, and using market information to improve business decision making and the performance of marketing activities

Answer 41

marketing-information management

Question 42

a specific group of consumers who have smiliar wants and needs

Answer 42

target market first step in marketing strategy

Question 43

is communicating directly with potential customers to determine and satisfy their needs

Answer 43

selling

Question 44

shipping and _____ companies provide express pickup and delivery of documents and packages

Answer 44

shipping and delivery companies provide express pickup and delivery of documents and packages

Question 45

Which of the 7 marketing functions include tv commercials, coupons, internet and direct mail?

Answer 45

promotion

Question 46

understanding the motives of consumers helps businesses plan a \_\_\_\_\_\_

Answer 46

marketing mix

Question 47

the specific sequence of steps consumers follow to make a purchase

Answer 47

consumer decision-making process

Question 48

wholesalers and ____ participate in the distribution, storage, and sale of products to connect manufacturers and their customers

Answer 48

wholesalers and retailers participate in the distribution, storage, and sale of products to connect manufacturers and their customers

Question 49

Which of the 7 marketing functions develop new products?

Answer 49

product and service management