MKT CH 4 Review

The marketing mix elements all act independently of one another.

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

Using the marketing concept, marketing planning is done by marketing specialists.

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

In monopoly situations, businesses face ___________________ competition?

Service businesses face unique marketing challenges that make it difficult to assure consistency in_____________

It is impossible to set a product or service price based strictly on the concepts of supply and demand.

The marketing concept attempts to develop products that businesses think should be offered

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

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

The marketing concept keeps focus on customer's needs during all for Ps.

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

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

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

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

Most companies are now developing marketing information systems that collect and store information.

Marketing costs today are considered to be ____________________.

When a firm uses the marketing concept, planning begins with ____________________.

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

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