Marketing Final Review

Procedure to identify solutions to the specific marketing problems through the use of scientific problem-solving

Understanding and meeting Consumer needs is relatively easy to do because most people have the same needs

The actual amount customers pay and the methods of increasing the value of the product to the customers

Blending of the four marketing elements (product, distribution, price, and promotion) by the business

Spending money to improve marketing usually results in increased profits for the company

In the past, marketing was used basically as a problem-solving tool, such as a way to reduce inventory

Individuals who purchase products and services to satisfy needs are known as producers

system where government attempts to control important resources and make decisions about what will be produced

Moral principles or values based on honesty and fairness

when the price of a product is increased, a smaller quantity will be purchased.

When a business practices environmentally friendly production processes, it is using _______ marketing

Changes in a products physical features affect its ______ utility

Individual consumers acting alone can usually be quite effective in influencing the activities of businesses

Economic system where resources are owned by individuals, decisions made independently. No attempt at government control

Organized method of collecting, analyzing, and retrieving info to improve efficiency of marketing decisions

The relationship between price and the quantity demanded is often illustrated in a graph known as a(n) ______ curve

which involves activities that make products available to consumers and ensure that satisfying exchanges occur?

Marketing consist of only a few basic activities such as promotion and distribution

Federal laws to improve business practices and protect consumers have been in existence only since 1960

Point where supply and demand for a product are equal

Anything offered to a market by the business to satisfy needs like physical products, services, and ideas

Focus groups can be composed of participants who are experts on the topic rather than random sample of population

Planned set of questions to which individuals or groups of people respond

Which marketing function develops procedures so customers are able to locate, obtain, and use products and services?

The promotion element of the marketing mix is the communication link between the seller and the buyer

Way to collect info by recording actions without interacting or communicating with the participant

when marketing is effective, prices increase more than enough to cover marketing costs, so sellers make larger profits

Which of the following are involved in completing marketing functions?

A plan that identifies how a company expects to achieve its goals

It’s impossible to set a product or service price based on the concepts of supply and demand

Taking personal responsibility for actions

Info collected for the first time to solve the problem being studied

A larger supply of a product will usually caused consumers to place a lower value on it

The type of market in which there is only one supplier offering a unique product

Info already collected for another purpose that can be used to solve current problems

The result of unlimited wants and needs combined with limited resources

Which business function represents the ongoing activities designed to support the primary function of a business?

When businesses regarding marketing as a provider of opportunities they look for which of the following?

Information that goes into the system that is needed for decision-making

Concern about the consequences of actions on others

Study of economic behavior and relationships for the entire society

Marketing activities designed to satisfy customer needs without negatively impacting the environment

Exchanging products or services with others by agreeing on their values without using money

A set of standards or rules that guide ethical business behavior

The first step in the consumer decision making process is recognizing that a _______ Exists

Focuses on developing loyal customers who continue to purchase from the business for a long period of time

Effective marketing is used to encourage people to buy what kind of things?

The quantity of a product that producers are willing and able to provide a specific price is demand

The result of analysis that is given to decision-makers

The organized actions of groups of consumers seeking to increase their influence on business practices

Consumers have limited resources and unlimited needs and wants

In Pura competition there are a large number of suppliers offering which?

Resources used to maintain information including equipment and procedures so that it could be used when needed

In a limited comp. situation its not important for marketers to pay attention to effectiveness of their mix elements

Choice among alternatives

Process of summarizing, combining, or comparing info so that decisions can be made

Marketing can be an effective tool and helping society solve some serious problems when it is used by

Which marketing function involves designing and developing products and services?

New markets and ways to improve a companies offerings in current markets

The prospective customers a business wants to serve and the location of those customers

Because marketing requires large amounts of info, most companies develop marketing information systems that collect info

Control the situation in which all factors are the same except the one being studied

Whether or not to use marketing research depends solely on its cost

Surveys should only ask questions that are needed to accomplish the objectives of the research

On average, the cost of all marketing activities is about_______ of the price of a product

A private enterprise economy is heavily regulated by government

Using needs of customers as focus during planning, production, distribution, and promotion of a product

Procedure in which everyone in the population has an equal chance of being selected in a sample

Which business function involves developing, implementing, and evaluating the plans and activities of a business?

Which marketing function establishes the value of products and services?

Studying and prioritizing market segments to locate the best potential based on demand and competition

All of people in the group that a company is interested in studying

when Marketing is considered essential part of the business and is involved in all important parts of business decisions

Questions that allow respondents to develop their own answers without information about possible choices

Businesses that have effective marketing info systems do not need to use marketing research

In theory, a business in a monopoly can charge any price because it is selling a unique product

The business function that creates or obtains products or services for sale

Marketing research helps businesses that are involved in international competition

Use of resources toward the greatest profit for the producer

The sale of products and services to people in other countries

Specific cities or geographic areas in which marketing experiments are conducted

_____ is the relationship between the quantity of a product that producers are willing and able to provide and the price

which includes the methods used to encourage customers to purchase and increase their satisfaction?

Groups of similar consumers within a larger market

Following the marketing concept requires a total commitment to satisfying customers needs

An organized effort to influence a company by refusing to purchase its products

The locations and methods used to make the product available to customers

Economic resources are classified as natural resources, capital, equipment, and consumers

In monopoly situations businesses face which type of competition?

Info developed from activities that occur within the organization

an important social problem by marketing is it results in the misuse of raw materials and natural resources

Has something other Then providing products and services for a profit as its primary focus

The type of market in which there are a large number of suppliers offering very similar products

Transporting water to an area where there is a severe drought is an example of

Open ended questions are often used by researchers are trying to identify a problem or complete situational analysis

The marketing mix elements all act independently of each other

Which of the following is an approach to customer service that gives employees the authority to solve customer problems?

The creation and maintenance of satisfying exchange relationships

Economic utility is the amount of profit businesses make from selling product

Locating an automated teller machine in an airport is an ex of improving the________ utility For banking services