This basic economic problem results from unlimited wants and needs, combined with limited resources
What is scarcity?
100
The amount of satisfaction that a consumer receives from the consumption of a product or service is often called this
What is economic utility?
100
Many suppliers offer very similar products in this type of economic competition
What is pure competition? Examples: grain farmers, low-priced consumer goods like milk, bread, light bulbs.
100
A plan that identifies how a company expects to achieve its goals
What is a strategy?
100
These are often referred as the Marketing Mix or the 4 P's
What are Product, Price, Promotion and Place?
200
When the price of a product is increased, less will be demanded. This is an example of what law?
What is the law of demand?
200
This type of utility results from changes in the tangible product or service
What is form utility? (Vending machine - how it looks, how it spits out your item, what buttons are available)
200
A few businesses offer very similiar products in this type of economic competition
What is an oligopoly? (Ex: airlines, greeting card companies)
200
With the marketing concept, planning always begins with this
What is customer needs?
200
Groups of similar consumers within a larger market
What are market segments?
300
The point where supply and demand for a product are equal
What is the market price? (equilibrium)
300
This type of utility results from making a product or service available when the customer wants it
What is time utility? (Ex: bank that stays open on Sundays)
300
This type of competition is the opposite of pure competition and involves one supplier offering a unique product
What is a monopoly?
300
A producer or manufacturer might be most interested in this element of the marketing mix
What is product?
300
A distributor (or a channel member) might be most concerned with this "P" from the marketing mix
What is "Place"?
400
When the price of a product is increased, more will be produced. This is an example of what law?
What is the law of supply?
400
This type of utility makes products and services available where the customer wants them
What is place utility? (Ex: Vending machine placed in busy hallway)
400
The most common type of economic competition
What is monopolistic competition? (Ex: restaurants, athletic shoes, movie theaters)
400
A clearly defined segment of the market to which a business wants to appeal
What is a target market?
400
This is one of many ways that Marketing has changed over the years
What is a scope? (It's not just advertising). Other answers: Marketing is involved from the beginning or Marketing has created many opportunities for jobs.
500
In a controlled economy, this entity makes all of the decisions
What is the government?
500
This type of utility results from the affordability of the product or service
What is possession utility? (Ex: Car dealers that lease cars, video stores that rent DVDs)
500
A utility company is an example of this type of competition
What is a monopoly? (However, government agencies regulate the prices and some markets are seeing competition.)
500
These types of organizations do not operate with a profit motive
What is a nonprofit organization?
500
Adding a credit card swiper to a vending machine demonstrates this type of utility