Organizational buyers

Purchase goods for business purposes

What are the components of a SWOT analysis?

Analysis of strengths, weaknesses, opportunities, and threat

What is demographics?

The statistics re a population's personal characteristics

What are the components of the marketing mix?

Product, place, price, and promotion

What is a target market?

A group of people most likely to become customers

What is a marketing plan?

Written doc that describes a company’s marketing activities

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

117,000 is the hispanic target market

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 the purpose of an environmental scan?

Analysis of outside influences that may impact a business

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 economic utilities that relate to marketing?

Form, place, time, possession, and information utility

Select the statement that best describes marketing

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

What is discretionary income?

The money a person has left after paying for basic needs

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

Marketing Essentials - Unit 1 Self Test Flashcards | StudBud