Lesson 13: Managing the Market Functions

Question 1

they are engaged in the production of tangible or intangible goods

Answer 1

engineer managers

Question 2

it requires a combination of strategic planning, creativity, analytical skills , and a deep understanding of customer behavior.

Answer 2

effective marketing management

Question 3

it states that it should focus on creating products and services that meet the needs and wants if their target market, rather than simply selling whatever they can produce.

Answer 3

Marketing Concept

Question 4

4P’s of Marketing

______

• It includes the tangible or intangible item and its capacity to satisfy a specific need.
• The services provided by the engineer manager will be evaluated by the client on the basis of whether or not it meet their exact needs.
• When improvement is not possible, “extras” or “bonuses” are given to clients.

Answer 4

PRODUCT

Question 5

4P’s of Marketing

______

• refers to the money or other consideration exchange for the purchase or use of the product, idea, or service.
• When products are similar in quality and other characteristics, it will be a strong factor on whether or not a sale will be made.

Answer 5

PRICE

Question 6

4P’s of Marketing

______

If every factor is equal, customers would prefer to buy from firms easily accessible to them. If time is of the essence, the nearest firm will be
patronized.

Answer 6

PLACE

Question 7

4P’s of Marketing

______

When engineer managers have products or services to sell, they will have to convince buyers to buy from them. Before the buyer makes the purchasing decision, bowever, he must first be informed, persuaded, and influenced.

Answer 7

Promotion

Question 8

McCarthy and Perreault define it as “communicating information between seller and potential buyer to influence attitudes and behavior.”

Answer 8

promotion

Question 9

Promotional tools

1. _____ - carries on radio, television, magazine and newspaper
2. _____ - publishes news or information about a product, service, or idea on behalf. of a sponsor but is not paid for by the sponsor.
3. ____ - A more aggressive means of promoting the sales of a product or service
4. ____ - Any paid attempt to communicate with the customers

Answer 9

Advertising
Publicity
Personal selling
Sales promotion

Question 10

a critical activity for achieving this goal.
Under this set up, the following steps are performed:

Answer 10

strategic marketing

Question 11

consists of individuals or organizations who want to purchase a product or service.

Answer 11

market

Question 12

must have the ability to satisfy the profit objectives of the company.

Answer 12

target market

Question 13

consisting of product, price, promotion, and place, is created and maintained

Answer 13

marketing matrix