Marketing Chapter 1 Review

Communicating with potential customers to inform, persuade, or remind them about a business’s products.

Making firelogs out of cardboard:

The commercial environment where exchanges are made.

Marketing bridges the gap between the customer and the:

A shop owner opening an ice cream shop near the beach:

Identify which of the following is NOT one of the 4 P's of marketing:

Obtaining, developing, maintaining, and improving a product or a product mix in response to market opportunities.

Higher demand for a product will result in higher production of that product.

Getting the money that is necessary to pay for the operation of the business.

Identify which of the following is NOT one of the 4 P's of marketing:

Understanding concepts and strategies needed for career exploration and growth.

This takes place every time something is sold or bartered for in the marketplace.

Roadside farm stand offers credit cards as a form of payment:

Having a product available at a certain season of the year:

A bookshop owner accepting personal checks as a form of payment:

Having a product where customers can easily access and buy it.

Marketing includes all of the following EXCEPT:

Provides customers with goods and service they want.

An exchange of goods or services without using money.

IKEA includes instructions for assembly:

The kinds of things that cannot be physically touched:

Deciding where and to whom products need to be sold in order to reach the final users.

Communication with the consumer.

Includes goods and services

Putting an instructional video on YouTube:

Total sales in a product category by competing companies.

All potential customers who share common needs and wants, and who have the ability and willingness to buy the product.

Craft store holding workshops on how to paint a portrait:

When a product becomes popular, this results in:

Focusing all marketing decisions on a very specific group of people who you want to reach.

The added value to a product in economic terms is called:

Understanding concepts, strategies, and systems needed to interact effectively with others.

Higher demand for a product results in higher unit cost.

Starbucks opens across from a college campus:

Getting the necessary information to make sound business decisions.

Carvana drives / ships your car to you:

Dunkin' selling pumpkin spice lattes in October:

Junkyard sells scrap metal to be repurposed:

The process of developing, promoting, and distributing product to satisfy customers’ needs and wants.

Weis' upgrades self-checkout to accept Apple Pay:

When a product becomes popular, more competitors enter the market.

Higher demand for a product will affect unit cost by:

Costs that remain the same every month are referred to as:

Changing raw materials or putting parts together to make them more useful:

Marketing includes all of the following EXCEPT:

The exchange of a product for some monetary value.

Understanding the monetary principles and concepts that are basic to marketing.

The kinds of things that can be touched or held in your hand:

The attributes of a product or service that make it capable of satisfying consumers’ wants and needs:

Changing old tires into rubber mulch: