Marketing
All activities focused on meeting customer needs and wants to create profitable exchanges.
What is the fundamental difference between human needs and wants in marketing?
Needs are basic necessities required for survival, whereas wants are desires that people can live without.
What four main decisions comprise the marketing mix?
Product, Price, Place, and Promotion.
In a SWOT analysis, which two factors evaluate internal aspects of a business?
Strengths and Weaknesses.
What is the primary drawback of relying on a bartering system for economic exchanges?
Bartering requires finding someone who has what you want and simultaneously wants what you have.
A specific group of customers that a business chooses to focus its marketing efforts on is called a _____.
target market
What is the main cost advantage of relationship marketing over acquiring new customers?
Keeping existing customers costs less than winning new ones because loyal customers buy more and generate positive word-of-mouth.
How does a business's marketing mix change when its target market changes?
The combination of product features, pricing, distribution, and promotional strategies must be adjusted to match the new group's specific needs.
In a SWOT analysis, which two factors evaluate external conditions affecting a business?
Opportunities and Threats.
What are the three primary economic functions of money?
Medium of exchange, unit of value, and store of wealth.
Marketing Plan
A roadmap including a SWOT analysis, marketing strategy, action plan, and procedures for monitoring and evaluation.
What are the four basic functional areas of every business organization?
Medium of exchange, unit of value, and store of wealth.
Offering 24-hour service or extending store operating hours creates which type of economic utility?
Time utility.
Providing home delivery or convenient physical retail locations increases which form of economic utility?
Place utility.
Offering tap-to-pay options, flexible payment plans, or product rentals adds which type of economic utility?
Possession utility.
Utility
The usefulness or added value that a business imparts to a product to satisfy customer needs.
Which type of economic utility is created by converting raw lumber into a finished wooden desk?
Form utility.
Which marketing function involves gathering, analyzing, and using market research data to guide business decisions?
Marketing-information management.
How does promotion differ from selling in marketing?
Promotion is non-personal mass communication, whereas selling involves direct, personal communication with potential buyers.
What three central questions must every economic system answer?
What to produce, how to produce it, and who gets what is produced.
What three core elements define the marketing concept?
Customer satisfaction, a total company approach, and profitability.
Why is Canada described as having a mixed economy?
Canadian markets guide most business decisions, while the government regulates operations and provides public services like health care.
What is a leading question in survey design, and why should it be avoided?
A leading question prompts respondents toward a specific answer, introducing bias that distorts survey results.
In a market research report, how does a finding differ from a recommendation?
A finding states what the gathered data directly shows, whereas a recommendation advises what action the business should take.
Which form of business ownership provides limited liability to its owners?
Corporation.