Duplicate of Marketing Essentials Chapter 1

Question 1

This involves having a product available at a certain time of year or a convenient time of day

Accepted Answer

Time Utility

Question 2

The function that includes deciding how to get the product into the customer's hands

Accepted Answer

Channel Management

Question 3

What are intangible items that have monetary value and satisfy customers' wants/needs called?

Accepted Answer

Services

Question 4

The utility that involves the exchange of a product for some monetary value.

Accepted Answer

Possession Utility

Question 5

the utility that involves having a product where customers can buy it

Accepted Answer

Place Utility

Question 6

the utility that involves communicating information to the customer

Accepted Answer

Information Utility

Question 7

the function that includes decisions about how much to charge for products to maximize profits

Accepted Answer

Pricing

Question 8

the function that includes obtaining, developing, maintaining, improving a product or a mix

Accepted Answer

Product/Service Management

Question 9

added value in economic terms

Accepted Answer

Utility

Question 10

the utility that involves changing raw material or putting parts together to make them useful

Accepted Answer

Form Utility

Question 11

all people who share similar needs/wants and who have the ability to purchase a given product

Accepted Answer

Market

Question 12

a percentage of total sales volume generated by all companies that compete in a given market

Accepted Answer

Market Share

Question 13

the four basic marketing strategies: product, price, place and promotion

Accepted Answer

Marketing Mix

Question 14

This takes place every time something is sold in the marketplace

Accepted Answer

Exchange

Question 15

information about target market such as age, gender, income level, marital status, etc.

Accepted Answer

Customer Profile

Question 16

the group identified as most likely to buy a product

Accepted Answer

Target Market

Question 17

What is the activity, ..., and processes for creating, communicating, delivering, etc. called?

Accepted Answer

Marketing

Question 18

This includes concepts/activities to determine needs and wants in order to influence purchasing

Accepted Answer

Selling

Question 19

This includes communicating with potential customers to inform, persuade, or remind them

Accepted Answer

Promotion

Question 20

A business should strive to satisfy customers' needs and wants while generating a profit

Accepted Answer

Marketing Concept

Questions 20