Marketing Yearly Review

The four basic marketing decisions are price, place, possession, and promotion.

Marketing concepts will list things such as ethnic background, age, income level.

People who share similar needs & wants and who can purchase your products are called a market.

When demand & production for a product increases, prices usually decrease.

Which U.S. ethnic population is declining, relative to other ethnic populations?

Giving information for their products is important for businesses using non-price competition.

What is the term for the struggle between companies for customers?

The owner of a miniature golf business provides her customers with?

In the United States, the most rapidly increasing ethnic population is African-Americans.

Expert craftspeople who give their customers advice about project increases the ___ utility.

A period of renewed economic growth is

Business risk is the potential for loss or failure.

A Music Comp. wants to send catalogs to teachers. What type of data is helpful?

What is the organized way a nation provides for the needs and wants of its people?

Understanding ethnic backgrounds and household income is part of market segmentation.

Jen completed a form rating a hotel's service, food & accommodations. This is an example of ?

Without competition nothing can stop a company from acting without regard for the customer.

A bookstore gives seminars 2 groups & the books cost more here.They engage in price competition

Ol'BBQ is marketing a sauce that includes spices from Asian cuisine. How is it segmenting?

"Buy one get one free." This is an example of distribution.

According to the text, the place is the means of getting the product into the consumer's hands.

Sales and rebates are examples of what market strategy?

When supply exceeds demand there is a shortage.

Marketing is the process of planning, pricing, promoting, ___, and ___ ideas.

In communist economy, government decides the type of education children will receive.

Stores offer customers installment or layaway plans to increase the ___ utility .

A combination of 4 strategies used to market a product.

Which of the following purchases would most likely be made with discretionary income?

Germany has a socialist economy; thus German people pay much less in taxes then Americans pay.

A Pottery company sells its mugs in the local espresso shops. What type of marketing decision?

Selling camping gear thru catalogs mailed to outdoors people is an example of place utility.

What is the function of a licensing agreement?

In a command economy, individual consumers decide what will best satisfy their wants & needs.

Informing persuading, or reminding potential customers about a product or service is called

What is the group that decides whether or not a business will survive?

Which of the following is not directly related to marketing?

The last 3 months of the year, a store has alot of pumpkin to increase the pumpkin's __ utility

Market segmentation is separating large groups into smaller groups based on characteristics.

Because they prevent competition, monopolies are prohibited in a free enterprise system.

The law of supply is

In business, ethics are guidelines for good behavior.

Transforming old glass bottles into new sculptures is an example of information utility.

In economic terms, land, labor, and capital refers to...

In a market economy, who decides whether a business will survive or fail?

As a factor of production, the term labor refers to both skilled and unskilled workers.

Info about the values and attitudes that shape consumers' lifestyles are called demographics.

After watching cartoons, Bob asked his mom to buy him Honey Nut Cheerios. Bobby is considered..

In a market economy, who decides how products are produced?

In a catering business. Ovens, food & money used to start the business are examples of capital

Businesses lower a product's price when the supply of product exceeds the demand for it.

A country's infrastructure includes its sewers, highways, and phone lines.

Geographic, demographic, & psychographic data about people is used to create a customer profile

Which economy would best describe that of the U.S.?

Resource scarcity forces nations to make economic choices.

All things used in producing goods and services is

The price of a gallon of gas continues to rise due to oil ___ in the mid-East.

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

The US and Japan are classified as socialist economies & have a democratic form of government.