Vocab
The basic marketing decisions concerning the creation and presentation of a product
What is the marketing mix?
The marketing function called financing includes the purchase of goods used for a business's operation.
False
Job opportunities in _________ are shrinking due to increased mechanization.
What is production?
Adding value to a product by explaining its features.
What is information utility?
What is the person who buys a product called? a. retailer b. purchaser c. customer
What is a customer?
The percentage of total sales generated by competing companies.
What is market share?
Marketing objectives must be in line with the organization's goals and mission.
True
Separating a population into smaller groups of potential customers with similar characteristics is called market ________.
What is segmentation?
Making a product available at a time convenient for the customer.
What is time utility?
What is the term for data describing a group's personal characteristics, lifestyles, attitudes, and location? a. marketing plan b. customer profile c. demographic study d. economic utility
What is customer profile?
The marketing decisions about how to inform the public about a product.
What is promotion?
Marketers and other businesspeople base their pricing decisions solely on how much the consumer is willing to pay for a product.
False
The group that is identified for a specific marketing program is referred to as a(n) ____________ market.
What is target?
Formal written document that directs a company's activities.
What is a marketing plan?
Cherry Blossoms is a soap and toiletries store. The store's owner decides what items the store will offer and how they will be advertised. Amy, the store manager, plans the other two basic marketing strategies for the store. What strategies does Amy plan? Think marketing mix... a. price and place b. place and promotion c. product and price d. place and product
What is price and place (a)?
The series of tasks performed for a customer.
What are services?
An ability to express one's ideas clearly is essential to a marketing career.
True
The Carlsons own a strawberry farm. During May and June, Jeff Carlson delivers his strawberries to the local farmers' markets, thus increasing his produce's _________ utility.
What is place?
Information about the age, ethnic background, education, and occupants of a population.
What is demographics?
What is defined as a customer's personal satisfaction with a product? a. product service b. product postitioning c. product value d. product appeal
What is product value?
Data describing the attitudes, interests, and activities of a population.
What is psychographics?
Observing social trends is part of the study of demographics.
False
Marisela is responsible for deciding how and where to store her company's product before it is sent to retail stores. Marisela performs a marketing function called _______________.
What is distribution?
A marketing function involving the packaging and labeling of goods and services.
What is product planning?
Elizabeth is the founder of Miss Lizzie's Cookies, a chain of stores selling cookies and brownies. What marketing occupational area is Elizabeth involved in? a. sales b. food marketing c. restaurant marketing d. general merchandise retailing
What is food marketing?