Unit 4, 1/25/23

Question 1

The specific sequence of steps consumers follow to make a purchase.

Answer 1

consumer decision-making process

Question 2

The activity, set of instructions, and process for creating, communicating, delivering, and exchanging offers that have value for customers, clients, partners, and society at large.

Answer 2

Marketing

Question 3

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 3

Business consumers

Question 4

The reasons consumers decide what products and survives to purchase

Answer 4

Buying motives

Question 5

A specific group of customers that have similar wants and needs

Answer 5

Target market

Question 6

The locations and methods used to make a product or service available to the target market

Answer 6

Distribution

Question 7

A set of promotional activities designed to obtain sales in the retail setting

Answer 7

merchandising

Question 8

The availability of a service to match the demand for that service at a specific time

Answer 8

Perishable

Question 9

Any paid form of communication through mass media directed at identified consumers to provide information and influence their actions

Answer 9

Advertising

Question 10

Person who buys products and services mostly for their own use

Answer 10

Final consumers

Question 11

A company’s plan that identifies how it will use marketing to achieve its goals

Answer 11

Marketing strategy

Question 12

Something that is consumed at the same time it is produced

Answer 12

Inseparable

Question 13

An approach that considers the needs of customers when developing a marketing mix

Answer 13

Marketing orientation

Question 14

The exchange of information so there is common understanding by all participants

Answer 14

Effective communication

Question 15

The blending of four marketing elements-
Products, distribution, price, and promotion

Answer 15

Marketing mix

Question 16

Finding solutions to problems through carefully designed studies involving customers

Answer 16

Marketing research

Question 17

Something that has no physical form

Answer 17

Intangible

Question 18

What are the steps in the consumer decision making process

Answer 18

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 19

Designing, developing, maintaining, improving, and acquiring products and services that meet consumers needs

Answer 19

Product

Question 20

Setting and communicating the value of products and services

Answer 20

Price

Question 21

Communicating information about a product and service to potential customers

Answer 21

Promotion

Question 22

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

Answer 22

Place

Question 23

the amount added to the cost price of goods to cover overhead and profit.

Answer 23

Markup

Question 24

information about reactions to a product, a person’s performance of a task, etc. which is used as a basis for improvement.

Answer 24

Feedback

Question 25

the sale of goods to the public in relatively small quantities for use or consumption rather than for resale.

Answer 25

Retail

Question 26

the actual profit after working expenses not included in the calculation of gross profit have been paid.

Answer 26

Net profit

Question 27

the activity of setting up a business or businesses, taking on financial risks in the hope of profit.

Answer 27

Entrepreneurship

Question 28

a design for the successful operation of a business, identifying revenue sources, customer base, products, and details of financing.

Answer 28

Business model

Question 29

the action of making or agreeing to make an advance payment in order to receive or participate in something.

Answer 29

Subscription

Question 30

a current medium of exchange in the form of coins and banknotes; coins and banknotes collectively.

Answer 30

Money

Question 31

the exchange of a commodity for money; the action of selling something.

Answer 31

Sales

Question 32

includes such information as assets, liabilities, equity, expenses, income, and cash flow.

Answer 32

Financial data

Question 33

a demographically diverse group of people assembled to participate in a guided discussion about a particular product before it is launched, or to provide ongoing feedback on a political campaign, television series, etc.

Answer 33

Focus group

Question 34

Is it easier to control quality of product or quality of service?

Answer 34

Quality or product

Question 35

influence a person to purchase certain goods or services not because of its rationality, but because of his emotion.

Answer 35

Emotional buying motives

Question 36

reasons for buying that are based on logic or judgement rather than on emotion.

Answer 36

Rational buying motives

Question 37

refers to the problem of businesses producing a narrow range of products and consumers demanding a wide variety of products.

Answer 37

Differences in assortment

Question 38

Preparing information to be communicated to others is called

Answer 38

Encoding