Vocabulary
Vocabulary
Key Concepts
EQ'S
EQ'S
100
The creation and maintenance of satisfying exchange relationships.
Marketing
100
Established the use of currency as a recognized medium of exchange.
Money System
100
Marketing involves which of the following....
A. Advertising B. Transporting products C. Taking surveys D. All of the above
100
What are the three types of business whose activities are devoted almost entirely to marketing?
A. Businesses directly, businesses with major marketing Activities and Businesses with limited Marketing role. B.Selling, Pricing, and Market planning C. Marketing, operations, management
100
How did the development of central markets aid in the growth of business?
A. As central markets expanded, other types of business services were created to make exchanges easier. B. Production was increasing but selling was decreasing
200
You don’t rely on others for the things you need to survive.
Self-Sufficient
200
A location where people bring products to be conveniently exchanged.
Central Market
200
In which business function are consumers most likely to be involved?
A. Production B. Accounting C. Marketing D. Operation
200
Which of the nine marketing functions occurs when a product is developed and sold?
A. Promotion B. Selling C. Product and service Management
200
How can a lack of coordination among the business functions affect a company?
A. Not selling B. Products prices increases and costumers are not happy about the declining product quality and service and rising prices. C.By production decreases.
300
Exchanging products or services with others by agreeing on their values.
Bartering
300
Function creates or obtains products or services for sale.
Production
300
True or False: Marketing has not always been viewed as an important part of business.
A. True B. False
300
What kinds of relationship successful when marketing is successful?
A. Promotion B. Exchange relationship C. Selling D. All of the above
300
Why is marketing ultimately important to every business and organization?
A. Marketing are responsible for a large number and variety of activities. B. Marketing is famous. C. Businesses and marketing are related.
400
Concentrating on one thing or a few related activities so that they can be done.
Specialization of Labor
400
A description of a unique group of prospective customers a business wants to serve and their location.
Market
400
True or False: Because businesses have become more concerned about profits and competition, marketing is less important today than it was in the past.
A. True B. False
400
Why does a business need marketing if it has a good product or service?
A. To provide satisfying exchanges of products and services with costumers. B. To have good products. C. To make money.
400
What four marketing elements make up the marketing mix?
A. Pricing and Selling B. Product, Distribution, Price, and Promotion C. Selling, Promotion, Price, and Distribution.
500
Anything offered to a market by the business to satisfy needs, including physical products, services, and ideas.
Product
500
The amount that customers pay and the methods of increasing the value of the product to the customers.
Price
500
A business with a limited marketing role is....
A. A retailer B. A farmer or rancher C A physician’s office D. None of the above has a limited marketing role
500
Why under the marketing concept, what is a business’s primary focus during planning, production, pricing, distribution, and promotion of a product?
A.Businesses that do not use the marketing concept are more concerned about producing products than understanding customer needs.
500
What is the four major emphases in the development of marketing’s role in business since 1900?
B. The marketing concept has directed the efforts of many businesses for nearly 40 years, and it still achieves the desired goals—satisfied customers and profitable sales. C.
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