Marketing Chapter 1

Question 1

When a product's demand and production increase, __ usually decreases.

Accepted Answer

price

Question 2

Tim asked his mom to buy Coco Puffs after seeing a TV commercial. To what group does he belong?

Accepted Answer

a consumer group

Question 3

Deciding how much to charge for goods and services in order to make a profit.

Accepted Answer

pricing

Question 4

At the end of summer an office supply stocks pencils to increase the school supplies' _ utility

Accepted Answer

time

Question 5

planning, promoting, and distributing products

Accepted Answer

marketing

Question 6

gathering, storing, and analyzing information to create a marketing plan for products

Accepted Answer

market information management

Question 7

A marketing concept includes info such as age, income level, ethnic background, and geography.

Accepted Answer

False

Question 8

Using marketing concepts and strategies to create an effective plan for targeted markets.

Accepted Answer

market planning

Question 9

A market includes people who share similar needs and wants, and can purchase the products.

Accepted Answer

True

Question 10

Which of the following utilities involves making products?

Accepted Answer

form utility

Question 11

Which economic utility increased when fast food restaurants began accepting credit cards?

Accepted Answer

possession utility

Question 12

The effort to inform, persuade, or remind potential customers about products or services

Accepted Answer

promotion

Question 13

Shopping at Target and paying cash for your purchases is a marketing strategy called __.

Accepted Answer

pricing

Question 14

Employees of Home Depot show customers how to use products. What utility is this?

Accepted Answer

information

Question 15

Which is not an economic benefit of marketing?

Accepted Answer

consumer market

Question 16

Combines information, communication and service to serve customers as efficiently as possible.

Accepted Answer

Customer Relationship Management

Question 17

Transforming old glass bottles into new sculptures is an example of __ utility.

Accepted Answer

form

Question 18

The process of classifying customers by specific characteristics.

Accepted Answer

market segmentation

Question 19

businesses that buy products for use in their operations

Accepted Answer

organizational market

Question 20

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

Accepted Answer

customer profile

Question 21

Birthday Bears, Inc., received an order for 1,000 units from Unique Gifts.This is a __ market.

Accepted Answer

organizational

Question 22

deciding how goods get into customers' hands

Accepted Answer

channel management

Question 23

tangible items

Accepted Answer

goods

Question 24

Completing an evaluation of a hotel's service and food is an example of what mkg core function?

Accepted Answer

marketing information management

Question 25

obtaining, developing, or improving a product

Accepted Answer

product/service managment

Question 26

providing customers with goods and services they want

Accepted Answer

selling

Question 27

intangible items that have monetary value and satisfy your needs and wants

Accepted Answer

services

Question 28

What does a miniature golf business provide to its customers?

Accepted Answer

a service

Question 29

The idea that businesses should satisfy customer's needs and wants while generating a profit.

Accepted Answer

marketing concept

Question 30

Selling exercise equipment through catalogs mailed to athletes is an example of place utility.

Accepted Answer

True

Question 31

product, place, price, and promotion

Accepted Answer

marketing mix

Question 32

percentage of total sales generated by competing companies

Accepted Answer

market share

Question 33

The "buy one get one free" strategy is an example of distribution.

Accepted Answer

False

Question 34

Time utility involves having a product available at a certain time of year or day.

Accepted Answer

True

Question 35

the added value of a product in economic terms

Accepted Answer

utility

Question 36

Deciding how much to charge for goods and services

Accepted Answer

pricing

Question 37

Informing, persuading, or reminding potential customers about a good or service is called

Accepted Answer

promotion

Question 38

To increase the __ utility of their products, some retailers offer layaway plans.

Accepted Answer

possession

Marketing Chapter 1

Questions 38

Marketing Chapter 1

Questions 38