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ME Unit 1: The World of Marketing Flashcards | StudBud
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ME Unit 1: The World of Marketing
ME Unit 1: The World of Marketing
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Questions
15
Answers
1
A customer profile contains information about a target market such as:
Gender
Age
Geographic Location
All of the above
2
Tangible items that have monetary value and satisfy one’s needs and wants.
Goods
Services
Ideas
Products
3
The benefits of marketing does not include
New & Improved Products
Higher Prices
Economic Utility
Lower Prices
4
Communication with consumers that is an economic benefit of marketing
Information Utility
Form Utility
Price Utility
Possession Utility
5
The term “Market” refers to all the people who might buy a product
True
False
6
The 4 p’s of the marketing mix are:
Product, Price, Place, Personality
Product, Price, Promotion, Place
Price, Product, Place, People
Product, Price, Predicament, People
7
The process of classifying people who form a given market into even smaller groups.
Channel Marketing
Market Segmentation
Customer Profile
Target Market
8
Marketing supports competition yet does not benefit consumers
True
False
9
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings...
Economics
Public Relations
Marketing
Product Development
10
Having a product available at a certain time of year or a convenient time of day is which economic benefit of marketing?
Possession Utility
Form Utility
Time Utility
Price Utility
11
New and improved products create competition that fosters ideas.
False
True
12
Consumers purchase goods and services for operational use. Businesses buy products for personal use.
True
False
13
The four basic marketing strategies called the four P’s: product, place, price, and promotion.
Marketing Strategies
Marketing Ideas
Marketing Concepts
Marketing Mix
14
Higher prices increases demand
False
True
15
Based on cost and what competitors charge for the same product
Channel Management
Price
Product/Service Management
Selling
