What are the economic utilities that relate to marketing?

Form, place, time, possession, and information utility

A customer is hesitant in buying a phone & think it will be less in a year. How do you respond?

Provide the customer with all facts and prices you know

What are the components of the marketing mix?

Product, place, price, and promotion

What is demographics?

The statistics re a population's personal characteristics

What is the purpose of an environmental scan?

Analysis of outside influences that may impact a business

The 80/20 rule states that 80% of sales comes from 20% of cusotmers. Total sales is $1,893,750

the sale form 20% of customers is $1,515,000

What is discretionary income?

The money a person has left after paying for basic needs

What are the components of a SWOT analysis?

Analysis of strengths, weaknesses, opportunities, and threat

Select the statement that best describes marketing

plan, price, promote, sell & distribute ideas, goods, srvcs

A city has a population of 780,000 w/ 60% Caucasian, 25% African-American, and 15% Hispanic.

117,000 is the hispanic target market

Organizational buyers

Purchase goods for business purposes

What is a marketing plan?

Written doc that describes a company’s marketing activities

What is a target market?

A group of people most likely to become customers

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Marketing Essentials - Unit 1 Self Test

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A #marketing #introduction to get ready for the #NOCTI #Fundamental Marketing Concepts

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Questions 20

Answers

1
What are the economic utilities that relate to marketing?
Form utility, place utility, time utility, promotion utility
Financing, info mgmt, prdt magmt, pricing, promotion & sell
Form, place, time, possession, and information utility
Market share, target market, and customer profile
2
A customer is hesitant in buying a phone & think it will be less in a year. How do you respond?
Provide the customer with all facts and prices you know
You tell the customer that the price will not be reduced
Discuss market trends and bet money back if the price lowers
Say whatever you need to so the customer will buy the phone
3
What are the components of the marketing mix?
Product, place, price, and promotion
none of the above
Product, place, and price
Form, place, time, possession, and information
4
What do we know about a neighborhood music store target market?
Psychographics
All of these
Buying Behavior
Geographics
5
What is demographics?
Generation Y
A population’s median age
The statistics re a population's personal characteristics
Statistics that describe how much money people have
6
What is the purpose of an environmental scan?
Analysis of the environmental damage a company might cause
An analysis of business opportunities
Analysis of outside influences that may impact a business
A company profile
7
Short-lived content is trending in mktg & appeals to what market re their short attention span?
Baby Boomers
Generation Y
Generation Z
Generation X
8
The 80/20 rule states that 80% of sales comes from 20% of cusotmers. Total sales is $1,893,750
the sale form 20% of customers is 1,000,000
the sale form 20% of customers is $1,253,570
the sale form 20% of customers is $1,515,000
the sale form 20% of customers is $5,189,750
9
What are the functions of marketing?
All of the above
Pricing, selling, and product/service management
Distribution and financing
Marketing information management and promotion
10
What is discretionary income?
A person’s income
disposable income
The money a person has left after paying for basic needs
An illegal income someone needs to be discreet about
11
Ann is careful to pay her bills and save before going to the movies using her _________ income.
disposable
taxable
tax free
discretionary
12
What section of the Markting Plan determines if a company's goals & objectives were not met?
Executive Summary
Evaluation and Control
Objectives
Marketing Strategies
13
What are the components of a SWOT analysis?
Price, promotion, place, and product
Analysis of strengths, weaknesses, opportunities, and threat
An analysis of the competition
Analysis of strengths, weaknesses, opportunities, and tactic
14
Select the statement that best describes marketing
advertising and selling products
deciding what to sell
advertising good and services
plan, price, promote, sell & distribute ideas, goods, srvcs
15
A city has a population of 780,000 w/ 60% Caucasian, 25% African-American, and 15% Hispanic.
312,000 is the hispanic target market
897,000 is the hispanic target market
117,000 is the hispanic target market
663,000 is the hispanic target market
16
Organizational buyers
All of the above
Sometimes get involved with production planning
Create merchandise plans
Purchase goods for business purposes
17
What is a marketing plan?
An executive summary
A set of performance standards
Sales forecast
Written doc that describes a company’s marketing activities
18
Amazon provides all of the following utility to customers except
Form Utility
Place Utility
Time Utility
Information Utility
19
What is a target market?
A group of people most likely to become customers
A business-to-business market
A group of people who have enough money to buy a product
A company’s market share
20
What marketing function in at work to release a new product & maintain sales of old products?
Product/Service Management
Promotion
Pricing
Channel Management

Marketing Essentials - Unit 1 Self Test Flashcards | StudBud