SEM Chapter 1

Statistics that describe a population in terms of personal characteristics.

Sporting events and entertainment venues economically impact areas in which they operate.

Because of _____, an organized marketing plan is essential.

Which of the following is part of the marketing process?

You are part of a target market if a organization has you as the focus of its marketing plan.

This type of decision involves how the goods or services are communicated to the consumer.

The owners of a corporation are called

The 4 P's - Price, product, place, and promotion.

Which of the following is a type of business ownership?

The sports and entertainment industries are two of the most profitable industries in the US.

Profit is what companies that own sports teams have after paying salaries of the players.

This is the study of choices and decisions that affect making, distributing, and using goods 

Idea that organizations need to to satisfy their customers while also trying to reach goals.

Occur when people experience a lack of basic necessities such as food, clothing, or shelter.

Which of the following is part of the marketing mix?

The study of the choices and decisions that affect making, distributing, and using goods 

A disadvantage of a Sole Proprietorship

Things that people desire based on personality, experiences, or information.

is all the products available for sale.

Competition that is based on price follows the concept of this and available substitutes.

Struggle among companies for customers.

Having a clear picture about the ____ makes developing a marketing plan easier to accomplish.

The process of developing, promoting, and distributing products.

Marketers rely on the GDP figures to plan their yearly budgets.

Potential customers with shared needs who have the desire and the ability to buy a product.

The foundation of SEM is an organized marketing plan  that target specific consumers.

Hosting the Olympics creates a huge economic impact on a region .

The way a product is designed, named, & packaged has little influence on its success.

Before businesses identified target markets to promote their products, this was more common.

When businesses show this, they are contributing to the GDP.

Organizations spend lots of money to learn about this.

Specific group of consumers hat an organization selects as the focus of it's marketing plan.

Which of the following protects property ownership and intellectual property rights?

To be profitable, businesses must focus their efforts on the customers’ needs and wants.