Unit 1 - Chapter 1 and 2

Question 1

_______ is the process of developing, promoting, and distributing products to satisfy customers’ needs and wants.

Answer 1

Marketing

Question 2

_______ are the kinds of things you can touch or hold in your hand, such as hammers, clothing, and computers.

Answer 2

Goods

Question 3

_______ are the kinds of things you can’t physically touch, yet they have monetary value and meet the needs and wants of consumers.

Answer 3

Services

Question 4

Business, management, and entrepreneurship; communication and interpersonal skills; economics; and professional development are the four marketing ________.

Answer 4

foundations

Question 5

The marketing function that involves decisions about whether to offer credit to customers is _______.

Answer 5

financing

Question 6

________ decisions take competition into consideration, as well as how much customers are willing to pay.

Answer 6

Pricing

Question 7

Communication with potential customers to inform, persuade, or remind them about a business’s products is the marketing function called _______.

Answer 7

promotion

Question 8

The five economic utilities are _______, _______, ________, _______, and _______.

Answer 8

form, place, possession, time, information

Question 9

Besides added value, the two other consumer benefits of marketing are _______ _______ and _______ _____ _______ _______.

Answer 9

lower prices, new and improved products

Question 10

Job opportunities in marketing are _______, while those in production are _______.

Answer 10

growing, shrinking

Question 11

The _______ _______ states that businesses must satisfy customers’ needs and wants in order to make a profit.

Answer 11

marketing concept

Question 12

_______ buy the product, while _______ actually use the product.

Answer 12

Customers, consumers

Question 13

All people who buy chewing gum would be part of the $2 billion chewing gum _______.

Answer 13

market

Question 14

_______ _______ is focusing all marketing decisions on a very specific group of people whom you want to reach.

Answer 14

Target marketing

Question 15

The four Ps of the marketing mix are _______, _______, _______, and _______.

Answer 15

product, place, price, promotion

Question 16

A way of analyzing a market by specific characteristics in order to create a target market is called _______ _______.

Answer 16

market segmentation

Question 17

_______ refers to statistics about the personal characteristics of a population, such as age, gender, income, ethnic background, education, and occupation.

Answer 17

Demographics

Question 18

The Caucasian population in the United States is _______, while the other ethnic populations are _______.

Answer 18

declining, increasing

Question 19

What people value, their attitudes, and their life-styles are all part of the concept called _______.

Answer 19

psychographics

Question 20

Four ways a marketer can segment a market: _______, _______, _______, and _______.

Answer 20

demographics, psychographics, geographics, product benefits