Ch. 1 Marketing and the Marketing Concept

Question 1

The process of planning, pricing, promoting, selling, and distributing products to satisfy customers’ needs and wants.

Answer 1

Marketing

Question 2

Marketing promotes…

Answer 2

Ideas, goods, and services

Question 3

The commercial environment in which buying and selling take place.

Answer 3

Marketplace

Question 4

Getting goods to customers.

Answer 4

Channel Management

Question 5

Understanding concepts and strategies to develop and target marketing strategies to a specific market.

Answer 5

Market Planning

Question 6

Researching customers, trends, and competitors.

Answer 6

Marketing Information Management

Question 7

Charging for goods and services to make a profit.

Answer 7

Pricing

Question 8

Obtaining, developing, maintaining, and improving a product or service.

Answer 8

Product/Service Management

Question 9

Informing, persuading, and reminding customers about a product or service.

Answer 9

Promotion

Question 10

Providing customers with goods and services.

Answer 10

Selling

Question 11

Businesses should satisfy customers’ needs and wants while making a profit.

Answer 11

Marketing Concept

Question 12

Combines customer information, marketing communications. The goal is to establish long-term relationships.

Answer 12

Customer Relationship Management (CRM)

Question 13

Focuses on satisfying the needs and wants of customers.

Answer 13

Marketing Concept

Question 14

Putting parts together to make a product consumers want

Answer 14

Form

Question 15

Offering a product where consumers can buy it

Answer 15

Place

Question 16

Offering a product at a convenient time of day or year for consumers

Answer 16

Time

Question 17

Allowing consumers to take legal ownership of a product

Answer 17

Possession

Question 18

Communicating information about a product.

Answer 18

Information

Question 19

The Five Utilities…

Answer 19

Form, place, time, possession, information

Question 20

People who share similar needs and wants are capable of buying products.

Answer 20

Market

Question 21

All consumers who purchase goods and services for personal use.

Answer 21

Consumer Market

Question 22

Businesses that buy products to use in their operations; also called the business-to business market (this can be abbreviated as B-to-B or B2B)

Answer 22

Industrial Market

Question 23

A company’s percentage of total sales volume generated by all competition in a given market.

Answer 23

Market Share

Question 24

A group of people identified as those most likely to become customers.

Answer 24

Target Market

Question 25

A list of information about a target market, such as age, income level, ethnicity, occupation, attitudes, lifestyle, and geographic location.

Answer 25

Customer Profile

Question 26

Includes four basic marketing tools/strategies…

Answer 26

Marketing Mix

Question 27

What are the four marketing mix strategies?

Answer 27

Product, Place, Price, and Promotion