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Chapter 1: Introduction to Marketing Flashcards | StudBud
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Chapter 1: Introduction to Marketing
Chapter 1: Introduction to Marketing
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Questions
30
Answers
1
Another name for marketing research is ____.
marketing-information management
market planning
channel management
product/service management
2
Which of the following decisions is included in promoting a product?
planning the shipping and warehousing of the product
determining where to locate manufacturing plants and stores
how to inform people about the product and where to buy it satisfaction
determining whether to offer a good, service, or idea
3
Another name for the B2C market is consumer market.
True
False
4
A clock manufacturer turns plastic, metal, and various electronics into grandfather clocks. This is an example of ____.
place utility
form utility
time utility
information utility
5
Which of the following is
not
a benefit of marketing?
stimulating competition
educating consumers
increasing people’s needs
improving the economy
6
A company that requires various departments to work together to ensure customer satisfaction is taking a ____ approach.
total company
management
economic utility
form utility
7
An applicant is told that her duties include finding sources for products & making sure products are delivered on time.
channel management
market planning
product/service management
marketing-information management
8
A department store decides to offer its own credit terms at very low interest rates to prove they are local customers.
form utility
information utility
possession utility
place utility
9
Which of the following is an example of a good?
shoes
manicure
tax preparation
lawn care
10
Which of these is an example of selling?
providing customer service
determining the price of a product
advertising a new product
deciding which products to offer
11
Satisfying college graduates, ages 21–26, who live in the Northeast constitutes the company’s target market.
True
False
12
A company’s profit is the ____ during a specific time period.
difference between income earned and expenses incurred
amount of money the company charges for each product
total income earned by sales
total number of sales, including returns
13
By persuading people to buy goods and services, marketing ____.
creates a positive cycle of economic growth
decreases the number of goods and services available
increases the prices of products sold
reduces competition for the goods and services
14
In addition to selling products, marketing does not involve selling your own talents and abilities.
False
True
15
In broad terms, a target audience is anywhere a buyer and a seller gather to buy and sell goods.
True
False
16
A type of product that is physical and can be touched is a good.
False
True
17
The three elements of marketing concept are total company approach, _____, and customer satisfaction.
selling
buying
profit
satisfaction
18
Which of the following statements about marketing is
not
true?
Marketing involves building a relationship between buyers and sellers.
Long-term relationships result in customers who are loyal to the business.
It is more costly to keep a current customer than to attract a new one.
Maintaining relationships with customers is a good business practice.
19
Which sentence identifies the correct relationship between advertising and marketing?
Marketing is one aspect of advertising.
Advertising and marketing are the same.
Advertising is one aspect of marketing.
Advertising and marketing are entirely different concepts.
20
The process of identifying existing or potential customers as B2C or B2B customers is ____.
market identification
product management
market targeting
channel management
21
The four Ps of marketing include ____.
profit, product, promotion, and place
price, profession, product, and place
personal, product, place, and price
product, price, place, and promotion
22
The plan for using product, price, place, and promotion to market a specific product or group of products is its ____.
promotional mix
marketing concept
marketing-information management
marketing mix
23
Approach to business that focuses on satisfying customer needs and wants while making a profit for the company.
True
False
24
In marketing, the activities involved in getting a product or service to the customers is known as price.
False
True
25
Concepts, causes, and philosophies are examples of profit.
False
True
26
What term is used to describe the degree to which customers are pleased with a company’s products?
consumer advocacy
consumer approach
customer satisfaction
customer information
27
Promotional mix does not consists of ____.
satisfaction
public relations
sales promotion
advertising
28
What activities are included in product/service management?
features
brands
sizes
all of the answers listed
29
Customers are known as consumers when they buy products for their own use.
False
True
30
The type of utility added when customers are told where to buy a product is information utility.
False
True
