Marketing Basics

A want is a culturally defined way to fulfill a need.

In the past, marketing was viewed as a problem-solving tool, such as a way to reduce inventory.

A culturally defined way the consumer can fill a need.

Strategy where producers & manuf. promote product to wholesalers and retailers who will promote the product to consumers

Follow-up services, guarantees, and warranties are considered part of which element of the marketing mix?

When a firm uses the marketing concept, planning begins with

Marketing consists of only a few basic activities such as promotion and distribution.

The first step in the consumer decision-making process is recognizing that what exists?

Understanding and meeting consumer needs is relatively easy to do because most people have the same needs.

Strategy where producers & manuf. promote their product directly to consumer so consumer requests product from retailer.

A plan that identifies how a company expects to achieve its goals.

Pure competition is where there are many businesses offering the same product.

They have many competitors but customers see some differences among the choices.

Studying and prioritizing market segments to locate the best potential based on demand and competition is known as

Marketing is involved in all important business decisions and considered an essential part of the business.

Companies that use the mkting concept develop products they want to offer rather than responding to customer needs.

Which of the following is NOT an element of the marketing mix?

An oligopoly

New markets as well as ways to improve a company's offerings in current markets.

Service businesses face unique mkting challenges that make it difficult to assure consistency between experiences in

With many variables, it is impossible to set a product / service price based strictly on the concepts of supply & demand

Because effective mkting requires large amounts of info., most companies are now developing mking info. systems.

A group of similar consumers within a larger market.

A clearly defined segment of the market to which a business wants to appeal.

Promotion is NOT an important marketing mix element for most nonprofit organizations.

Made up of all of the businesses involved in completing marketing activities as products move from producer to consumer.

The consumer decision-making process is used most often with infrequent, important buying decisions.

The mkting mix concept keeps focus on customer's needs during the planning, production, distribution, & promotion.

In monopoly situations, businesses face ________competition?

Spending money to improve marketing usually results in increased profits for the company.

Marketing costs today are considered to be

The marketing mix elements all act independently of one another.

Using the mkting concept, mkting planning will be done by mkting specialists working apart from others in the company.

With the marketing concept, planning does not consider the customer.