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Marketing 1 Chapter 1 Flashcards | StudBud
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Marketing 1 Chapter 1
Marketing 1 Chapter 1
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Answers
1
The 4 P's of marketing include _____.
Price, Profession, Product, and Place
Product, Price, Place, and Promotion
Profit, Product, Promotion, and place
Personal, Product, Place, and Price
2
A clock manufacturer turns plastic, metal, and various electronics into grandfather clocks. This is an example of _____.
Time Utility
Form Utility
Place Utitlity
Information Untility
3
A company's profit is the _____ during a specific time period.
Amount of money the company charges for each product
Total income earned by sales
Difference between income earned and expenses incurred
Total number of sales including returns
4
The process of identifying existing or potential customers as B2C or B2B customers is ______.
Market identification
Market Targeting
Product Management
Channel Management
5
Something a person desires but can live without
Product
Need
Want
Idea
6
In addition to selling products, marketing involves selling your own ______ & abilities
Market
Consumer
Talents
Concept
7
Determining which products a business should offer to meet customer needs
Market Planning
Product/Service Management
Promotion
Channel Management
8
Good, service, or idea
Want
Idea
Need
Product
9
Another name for marketing research is _____.
Product.Service Management
Market Planning
Channel Management
Marketing-Information Management
10
A company decides to focus on college graduates, ages 21-26, who live in Northeast; this is a company's _____ market
Target
Market
Price
Consumer
11
Which of the following decisions is included in promoting a product?
Determining where to locate manufacturing plants and stores
How to inform people about the product and where to buy it
Planning the shipping and warehousing of the product
Determing whether to offer a good, service, or idea
12
Gathering and analyzing info about markets, customers, industry trends, new technology, & comparing businesses
Product/Service Management
Channel Management
Market Planning
Marketing-Information Management
13
A marketing _____ is an approach to business that focuses on satisfying customer needs and wants while making money
Market
Consumer
Talents
Concept
14
Which sentence identifies the correct relationship between advertising and marketing?
Advertising is one aspect of marketing
Advertising and marketing are entirely different concepts
Advertising and marketing are the same
Marketing is one aspect of advertising
15
A retail store decides to offer its own credit terms at very low interest rates to customers who are local. This is ____
Form Utility
Possession Utility
Information Utility
Place Utitlity
16
Which of the following is NOT a benefit of marketing?
Increasing People's Needs
Improving the Economy
Stimulating Competition
Educating Consumers
17
A type of product that is physical and can be touched is a ___________
Talents
Concept
Consumers
Good
18
Concepts, causes, and philosophies are examples of _____
Satisfaction
Ideas
Profit
Total Company
19
The plan for using product, price, place, and promotion to market a specific product or group of products is its _____.
Marketing Concept
Marketing Mix
Marketing-Information Management
Promtoional Mix
20
Action that is done for someone
Service
Product
Need
Idea
21
Another name for the B2C market is _____ market
Market
Price
Target
Consumer
22
A company that requires various departments to work together to ensure customer satisfaction is taking a ______ approach
Profit
Satisfaction
Total Company
Ideas
23
The amount of money a company requests in exchange for a product is the product's _____
Price
Utility
Place
Target
24
Customers are known as _____ when they buy products for their own use
Consumers
Talents
Good
Concept
25
In broad terms, a ______ is anywhere a buyer and a seller gather to buy and sell goods
Target
Consumer
Market
Price
26
Finding sources for products, making sure they are delivered on time, & managing the transport from the warehouse are __
Product/Service Management
Marketing-Information Management
Market Planning
Channel Management
27
The type of utility added when customers are told where to buy a product is _____ utility
Place
Utility
Ideas
Information
28
Which of these is an example of selling?
Deciding which Products to Offer
Advertising a New Product
Providing Customer Service
Determining the proce of a product
29
Which of the following is an example of a good?
Manicure
Athletic Shoes
Tax preparation
Lawn Care
30
Concept, cause, issue, image, or philosophy
Idea
Need
Product
Want
31
The 3 elements of marketing concept are total company approach, _____, and customer satisfaction
Total Company
Ideas
Profit
Satisfaction
32
Analyzing the potential of different marketplaces in order to create strategies to target a specific market
Marketing-Information Management
Channel Management
Product/Service Management
Market Planning
33
Handling the activites involved in getting products from the producers to the customers
Product/Service Management
Promotion
Market Planning
Channel Management
34
Communicating with potential customers in an effort to influence their behavior
Market Planning
Channel Management
Product/Service Management
Promotion
35
Something that is necessary for survival
Idea
Product
Want
Need
36
Which of the following statements about marketing is NOT true?
Maintaining relationships with customers is a good business practice
It is more costly to keep a current customer than to attract a new one
Marketing involves building a relationship between buyers and sellers
Long-term relationships results in customers who are loyal to the business
37
One way to measure customer _____ is to look at the number of repeat customers
Total Company
Satisfaction
Profit
Ideas
38
In marketing, the activites involved in getting a product or service to the customers is known as _____
Utility
Target
Price
Place
39
By persuading people to buy goods and services, marketing _____.
Reduces competition for the goods and services
Increase the prices of products sold
Decreasees the number of goods and services available
Creates a positive cycle of economic growth
40
A product's _____ is the characteristics it has that satisfy peoples' wants and needs
Information
Utility
Place
Ideas
