4-1
What is one of the four ways that today’s marketing differs from marketing practices in the past?
marketing went from few to many, from independence to integration, from problems to opportunities, or from expenses to investment
With the marketing concept, how does the marketing concept affect planning?
conduct research to identify potential customers and their needs or develop a marketing mix that meets specific customer needs
A decision is made to
A. satisfy business needs
B. earn profit
C. help with research
D. solve a problem
D. solve a problem
Which marketing mix element do service businesses usually have greater control over than do businesses that sell products?
A. product
B. distribution
C. price
D. promotion
C. Price
What is a target market?
A clearly defined segment of the market to which a business wants to appeal to
What is one of the reasons business strategies were unsuccessful?
A. They believed that they knew what customers wanted
B. They were only concerned about the customer not the product
C. They studied the market
D. They didnt put enough effort
A. They believed that they knew what customers wanted
Marketing planning will occur only after what?
After the product has been designed
Why is the marketing concept useful for businesses facing monopolistic competition?
Since customers already recognize the unique choices available to them, they attempt to select the brands that are more satisfying.
Why is marketing important to non-business organizations?
Because with the help of marketers and increases understanding of and use of marketing tools, those organizations have seen positive results
What do market opportunities include?
New markets and ways to improve a company's offerings in current markets
Marketing used to be handled as a problem-solving tool, but now its regarded as an what?
A. conducting marketing research
B. usage of advertising only
C. opportunity-creation tool
D. business solving tool
C. opportunity-creation tool
When using the marketing concept, planning begins with
A. determining customer needs
B. identifying a product
C. assessing competitors
D. building a budget
A. determining customer needs
What are the five stages in consumer decision making?
Recognize a need, identify alternatives, evaluate choices, make a decision, assess satisfaction
Who develops the products and services needed by other businesses and by consumers?
A. Producers
B. consumers
C. manufacturers
D. both A and C
D. both A and C
What is a strategy?
A plan that identifies how a company expects to achieve its goal
What different approach to marketing planning is required of businesses that use the marketing concept?
They keep main focus on customers needs during planning, production, distribution, and promotion of a product or service
The marketing mix consist of what four marketing elements?
Product, place (Distribution), price, and promotion
In order for the decision-making process to begin, a consumer must
A. recognize a need
B. have prior experience with products
C. identify possible products that will satisfy the need
D. all the above
A. recognize a need
Nonprofit organizations provide what for their clients?
Products and services
What are market segments?
A. a plan that identifies how a company expects to achieve its goal
B. new markets and ways to improve a company's offerings in current markets
C. groups of similar consumers within a larger market
D. made up of all of the businesses involved in completing marketing activities as products move from the producer to the consumer
C. groups of similar consumers within a larger market
The earliest use of marketing was to
A. conduct marketing research
B. use advertising and selling to convince customers to buy
C. move products from producer to consumer
D. identify new market opportunities
C. move products from producer to consumer
Without the marketing concept, how does the marketing concept affect planning?
develop a product, decide on marketing activities, or identify potential customers
A strategy for a company in intense competition that uses the marketing concept is to
A. reduce prices below their competitors' prices
B. create a unique brand name for its products
C. change the marketing mix to make it different and more satisfying to customers
D. increase the amount of promotion
B. create a unique brand name for its product
The marketing mix element that usually receives the most attention from producers and manufacturers is
A. product
B. promotion
C. price
D. distribution
D. distribution
What is a channel of distribution?
A. Made up of all of the businesses involved in completing marketing activities as products move from the producer to the consumer
B. businesses used to provide many of the marketing functions during the distribution process
C. studying and prioritizing market segments to locate the best potential based on demand and competition
D. new markets and ways to improve a company's offerings in current markets
A. Made up of all of the businesses involved in completing marketing activities as products move from the producer to the consumer