Chapter 4 The Basics of Marketing Amirah

Section 1

100

Marketing can be very ______.

a. confusing

b. what

c. expensive

d. cheap

C. Expensive

200

It is not just new businesses that do not use marketing effectively. Who else fails even after many years of success?

a. Car Manufacturers

b. Retailers

c. Restaurants

d. all of the above

D. All of the above

300

Planning for marketing was done after other business planning was complete. Now, marketing is ________, meaning it is considered an essential part of the business.

a. involved

b. embraced

c. integrated

d. introduced

C. integrated

400

EQ: What different approach to marketing planning is required of businesses that use the marketing concept?

Keeping the main focus on customers’ needs during planning, production, distribution, and promotion of a product or service.

500

EQ: What are the four ways that today’s marketing differs from marketing practices in the past?

• Marketing has expanded from a few activities to a variety of activities.
• It has changed from an activity that was an independent part of a business to one that is well integrated with other business functions.
• Marketing use to be a problem- solving tool but now it is an opportunity creation tool.
• What used to be thought of as an expense is now prized as a critical investment. 

Section 2

100

EQ: What is the initial focus of planning when the marketing concept is followed?

Following the needs of customers.

200

Marketing planning will occur only ______ the product has been designed.

a. before

b. after

c. if

d. when

B. After

300

How does the marketing concept being included, affect planning?

a. First, potential customers and their needs are identified. Then, the marketing mix is developed.

b. First, develop a product. Then, decide on marketing activities.

c. First, the marketing mix is developed. Then, potential customers and their needs are identified. 

d. First, develop the marketing mix. Then, develop a product.

A. First potential customers and their needs are identified. Then the marketing mix is developed.

400

A _______ market is a clearly defined segment of the market to which a business wants to appeal.

a. focus

b. strategic

c. target

d. decision

C. Target

500

EQ: Why should marketing mix elements be planned together rather than separately?

Then the company will have the best opportunity to develop a satisfying, competitive, and profitable mix.

Section 3

100

Decisions are made to _____ a need or solve a problem.

a. fix

b. satisfy

c. help

d. miss

B. Satisfy

200

Companies in monopolistic competition find the marketing concept to be of ______ ______.

a. least value

b. most value

c. least importance

d. most involvement 

B. most value

300

What is the correct order for the stages of a decision?

a. Recognize, Identify, Evaluate, Decide, Assess

b. Identify, Recognize, Decide, Assess, Evaluate

c. Decide, Evaluate, Assess, Identify, Recognize

d. Assess, Recognize, Decide, Evaluate, Identify

A. Recognize, Identify, Evaluate, Decide, Assess

400

EQ: Why is the marketing concept particularly useful for businesses facing monopolistic competition?

Since customers already recognize the unique choices available to them, they attempt to select the brands that are most satisfying. 

500

EQ: Why are the stages of consumer decision making important in marketing planning?

The feedback and information gathered from consumers choices will help plan and improve products. 

Section 4

100

A ______ of _______ is made up of all of the businesses involved in completing marketing activities as products move from the producer to the consumer.

a. group, channels

b. channel, distribution

c. stack, stores

d. bag, cookies

b. channel, distribution

200

Non-business organizations have something other than _____ as their primary focus.

a. customer needs

b. profit

c. marketing

d. all of the above

b. profit

300

Wholesalers emphasize _____ while retailers are responsible for most final _____ decisions. 

a. distribution planning, pricing

b. prices, customer

c. marketing, consumer

d. distribution, product

a. distribution planning, pricing

400

EQ: Why is marketing important to non-business organizations?

It helps them achieve their goals.

500

EQ: What is the main way that marketing for service businesses differs from marketing for other types of businesses?

Most service businesses work directly with their customers rather than through a channel of distribution.

Vocabulary

100

Define Decision.

A choice among alternatives. 

200

Define Strategy.

A plan that identifies how a company expects to achieve its goals.

300

What are channel members?

Businesses used to provide many of the marketing functions during the distribution process. 

400

Define Market Opportunities.

New markets and ways to improve a company's offerings in current markets.

500

Define Market Segments.

Groups of similar consumers within a larger market.