intro to marketing test

Question 1

marketing

Answer 1

The activity, set up institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

Question 2

4 P’s: marketing mix

Answer 2

product: goods and services (creating offerings), the products itself with packaging and description and etc

promotion: communication, how are potential customers informed about the product?

place: getting the product to a point at which the customer can purchase it (delivering), where is this product distributed?

price: monetary amount charged for the product (exchanging), is the consumer willing and able to pay for this product?

Question 3

segmentation bases

Answer 3

demographic segmentation: how do the ages, races, and ethnic backgrounds of our customers affect what they buy?

geographic segmentation: where are our customers located, and how can we reach them? what products do they buy based on their locations?

psychographic segmentation: what do our customers think about and value? how do they live their lives?

product benefits: what other benefits outside the physical characteristics of a product exist?

Question 4

promotional mix

Answer 4

advertising
sales promotion
direct marketing
publicity
personal selling

Question 5

marketing concept

Answer 5

A philosophy underlying all that marketers do, requires that marketers seek to satisfy customer wants and needs

Question 6

exchange

Answer 6

The actual transaction for a product or service

Question 7

promotion

Answer 7

The communication or information about goods, services, images, ideas to influence purchase behavior

Question 8

What forms the basis of the process known as marketing?

Answer 8

Marketing is a process based on exchange between buyers and sellers

Question 9

Main purpose of promotion

Answer 9

to inform: what is the product?

to persuade: why should i buy this product?

to remind: hey this product exists!

Question 10

Characteristics of affective promotion

Answer 10

persuasive
relevant
suited to the product
factual
repetitive

Question 11

personal selling

Answer 11

planned personalize communication between a client/customer and seller

Question 12

advertising

Answer 12

any paid form of non-personal presentation of ideas, goods, services

Question 13

sales promotion

Answer 13

other aspects that influence purchase behavior

Question 14

publicity

Answer 14

nonpersonal form of promotion that is not paid for by the company

Question 15

direct marketing

Answer 15

form of promotion that prompts What generates a response

Question 16

Who uses marketing? (Examples)

Answer 16

all businesses use marketing
Ex: retailers, producers, nonprofit organizations, etc.

Question 17

External factors that affect a companies promotional decisions

Answer 17

competition
changes in technology
demand
cultural and social trends
legal and political factors

Question 18

Benefits of promotion

Answer 18

to businesses: increased sales, more brand loyalty, enhanced company images

to consumers: help them learn about products, aids in product selection, helps them learn about new products uses

to society: provides jobs, encourages demand, helps to pay for mass media