Chapter 1-Marketing

According to the text, which U.S. ethnic population is declining, relative to other ethnic populations?

Providing customers with goods and services they want

People who share similar needs and wants, and can purchase a company’s products make up a market.

The state of the ____________________ shapes both business costs and consumer spending.

A customer _________ includes a combination of geographic, demographic and psychographic data about a group of people.

A time frame will help determine if a marketing plan objective has been reached

Percentage of total sales generated by competing companies

An expectation that reflects a marketing plan’s objectives is called a(n) _________________________.

Product, price, place, promotion

Information regarding ethnic backgrounds and household income facilitates market segmentation.

A marketing concept includes information such as ethnic background, age, income level, and geographic location.

When a product’s demand and production increase, ____________________ usually decreases.

Planning, promoting, and distributing products

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

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

The added value of a product in economic terms

Deciding how goods get into customers hands

According to the U.S. Census Bureau, the most racially and ethnically diverse age group is Generation X.

Tangible items are

After requesting an installation appt from a cable tv company, Tom answered a phone survey to rate the customer service=

A marketing plan is a formal written document which directs activities for a specific time.

Dept store displays communicate info, just as packaging & labeling inform consumers about using product-what utility it?

Place utility would be selling camping gear & clothing through catalogs mailed to people belongingto nature organization

Deciding how much to charge for goods and services

Determining how and where a product will be distributed is a function of distribution utility.

Businesses can use database technology to provide products to a specified target market.

What does a miniature golf business provide to its customers?

Greenfield’s Dairy wants to introduce a new low-fat ice cream to increase sales by using a _______ marketing strategy.

Businesses that buy products for use in their operations

Obtaining, developing, or improving a produc