Topic 1
How many companies in the US use marketing as their primary business activity
over 4 million
A delivery service is what part of the marketing mix
distribution or place
The federal law that protects small businesses from unfair pricing practice between manufacturers and large businesses
Robinson-Patman Act
Marketers are most concerned about what type of economics
microeconomics
Which element of the marketing mix usually receives the most attention from producers and manufacturers
product
This marketing function provides security for products, personnel and customers
risk management
An emphasis on producing and distributing new products was a characteristic of what era
Production Era
What is the consumer protection organization that is sponsored by businesses
The Better Business Bureau
What type of economic utility results from changes in the tangible part of the product
form utility
Which MKIS element answers the question about methods to be used to organize and study information in order to make an effective marketing decision
analysis
A location where people bring products to be exchanged is a
central market
An approach to customer service that gives the employees the authority to solve the customers problems is called
employee empowerment
The basic economic problem
Scarcity
When a business offers to sell products to customers on credit, what kind of economic utility is being used
possession utility
The first step in implementing a marketing research study is to
define the problem
Which business function involves developing, implementing and evaluating the plans & activities of a business?
management
The average cost of all marketing activities is about what % of the price of the product
50%
The type of economy in which the government owns and controls important resources and makes decisions about what is produced and consumed
Communism or Controlled
The most difficult marketing decision to understand and plan is
price
Give an example of a closed ended question
yes-no, rate 1-5, disagree / agree
The first step in MARKETING CONCEPT is to
Identify the wants and needs of the customer
An organized effort to influence a company by refusing to purchase its products
boycott
A relationship between the quantity of a product consumers are willing and able to purchase and the price they are willing to pay is called
demand
The first step in the consumer decision making process is to
recognize a need
Patronage buying motives are based on
loyalty