Marketing Final Exam Review

T/F: A car can be a good and a service at the same time.

T/F: A Free Enterprise System encourages people to start/operate a business with the government involvement.

Function of marketing involves understanding the concepts & strategies used to develop & target a select audience.

Which utility involves having a product where customers can buy it?

This function of marketing dictates how much to charge for goods and services in order to maximize profits.

Memory foam sneaker bottoms in the new pair of Nike's would be a ____to the customer.

Trademark, trade secret, copyright, and ________ are all considered to be Intellectual Property Laws.

To keep customers _______________, some companies offer special rewards programs to their regular customers

What is something that is a tangible item that you can hold and touch?

What is the group that decides whether or not a business will survive?

T/F: Credit card reward points is a form of a customer loyalty program.

Which utility involves changing raw materials or putting parts together to make them more useful?

This is what people must use in order to use someone else's work that has been trademarked.

This function of marketing businesses gather customer information & analyze it to better meet the needs/wants customer.

T/F: One of the functions of sales is to keep current customers satisfied.

This is the idea that a business should strive to satisfy customers' needs and wants WHILE making a profit.

Function of marketing involves obtaining, developing maintaining & improving a product in response to new opportunities.

T/F: The 3 types of decision making are Extensive, Limited, and Round.

The exchange of a product for some monetary value is....

Someone buying their first home would use which type of decision making?

The effort to inform, persuade, or remind current and potential customers about a business's products or services.

What is the process of developing, promoting, and distributing products to satisfy customers' needs and wants?

A task that is performed for a customer is called

T/F: Competing based off of a variety of menu items is a form of non-price competition for restaurants.

Grocery shopping and buying products that you normally purchase would be which type of decision making?

A form of protection provided to the authors or "original works of authorship", such as writings, music, and artwork is