EQ
EQ
Key concept
Vocabulary
Vocabulary
100
What are the three types of business whose activities are devoted almost entirely to marketing?
The three types of business is Businesses directly involved in marketing which is advertising, research. Businesses with major Marketing Activities and Businesses with limited Marketing role.
100
Why is marketing ultimately important to every business and organization?
Marketing managers are responsible for a large number and variety of activities. They must work with many people inside and outside of a company. Marketing managers are ultimately responsible for a large part of the company’s budget.
100
A business with a limited marketing role is
a. a retailer b. a farmer or rancher c. a physician’s offi ce d. none of the above has a limited marketing
100
Marketing
The creation and maintenance of satisfying exchange relationships.
100
Central Market
A location where people bring products to be conveniently exchanged.
200
Which of the nine marketing functions occurs when a product is developed and sold?
The nine marketing functions that are being developed and sold is Product and service Management.
200
What is the four major emphases in the development of marketing’s role in business since 1900?
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. You will learn in later chapters that even when the competitors of a business use the same philosophy, it is possible for each business to be successful because of its focus on satisfying the needs of its customers
200
Which of the following is the best description of an important goal of marketing?
a. satisfying exchanges b. profi table distribution c. creation of new products d. attention-getting promotions
200
Self-Sufficient
You don’t rely on others for the things you need to survive.
200
Production
Function creates or obtains products or services for sale.
300
What kinds of relationship successful when marketing is successful?
It’s Exchange relationship when it’s successful.
300
What four marketing elements make up the marketing mix?
The four marketing elements are Product, Distribution, Price, and Promotion.
300
In which business function are consumers most likely to be involved?
a. production b. accounting c. marketing d. operations
300
Bartering
Exchanging products or services with others by agreeing on their values.
300
Merchandising
Offering products produced or manufactured by others for sale to customers.
400
Why does a business need marketing if it has a good product or service?
It’s to provide satisfying exchanges of products and services with costumers.
400
Why under the marketing concept, what is a business’s primary focus during planning, production, pricing, distribution, and promotion of a product?
Businesses that do not use the marketing concept are more concerned about producing products than understanding customer needs. Once products are developed, they rely on traditional marketing activities to sell those products.
400
Exchanging products or services with others by agreeing on their values is known as
a. specialization of labor b. marketing c. developing a money system d. bartering
400
Specialization of Labor
Concentrating on one thing or a few related activities so that they can be done.
400
Operations
The ongoing activities designed to support the primary function of a business and keep it operating efficiently.
500
How did the development of central markets aid in the growth of business?
As central markets expanded, other types of business services were created to make exchanges easier.
500
How can a lack of coordination among the business functions affect a company?
Products prices increases and costumers are not happy about the declining product quality and service and rising prices.
500
Marketing involves which of the following....
A. Advertising B. Transporting products C. Taking surveys D. All of the above
500
Money System
Established the use of currency as a recognized medium of exchange.
500
Market
A description of a unique group of prospective customers a business wants to serve and their location.
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