Intro to Marketing
The AMA defines marketing as the activity and processes for creating, communicating, delivering, and _____ offerings.
What is exchanging?
The value of the "next best alternative" that is given up when making a choice
What is opportunity cost?
Ethical behavior in marketing involves applying standards of _____ to decision making.
What is moral right & wrong?
Competition where companies offer similar products (e.g., iPhone vs. Samsung) is this.
What is Direct Competition?
Data that is presented as numbers and can be quantified is this.
What is Quantitative Data?
The goal of marketing is to match a company's offerings to people who need them to ensure this.
What is profitability?
The quantity of a good or service that businesses are willing to provide is called
What is supply?
Focusing on ethical marketing allows a company to gain consumer _____.
What is trust?
Target customers are usually identified by their age, location, income, and this.
What is gender?
Original research planned and carried out for the first time is called _____ research.
What is Primary Research?
The "Marketing Concept" uses these people's needs as the primary focus during planning.
Who are customers?
Labor and raw materials are examples of
What are variable costs?
A document outlining a company's policies on how employees should conduct themselves is _____.
What is a Code of Ethics?
In the exchange process, the person or organization with a want or need is this.
What is the customer?
A group of people with a moderator directing discussion to meet objectives is called this.
What is a Focus Group?
True or False: Marketing not only determines consumer need but also helps create it.
What is True?
This economic system relies on government officials to make most economic decisions
What is a command market?
Difficult situations where the ethical course of action is not clear are called _____.
What are ethical dilemmas?
True or False: If a customer is unsatisfied, they will likely remain loyal to the business forever
What is False?
A researcher who poses as a customer to observe service is called this.
What is a Mystery Shopper?
Marketing is everything a company does to _____ and maintain relationships with customers.
What is acquire?
Competition is generally considered beneficial for these people.
Who are businesses and consumers?
True or False: Professional ethics are the same as an individual’s personal moral code.
What is False?
Customers today have more power than ever to find competitors thanks to this.
What is the internet?
A portion of the target population used to predict behaviors of the whole group is called this.
What is a Sample?