Chapter 4

Question 1

What occurs when marketing is considered an essential part of the business and is involved in all imp. bus. decisions?

Accepted Answer

integrated

Question 2

When a firm uses the marketing concepts, planning begins with:

Accepted Answer

conducting research to identify potential customers and their needs.

Question 3

What are the three types of competition

Accepted Answer

Intense, Monopolistic, Limited

Question 4

What is a plan that identifies how a company expects to achieve its goals?

Accepted Answer

strategy

Question 5

Marketing costs today are considered to be:

Accepted Answer

more of an investment than an expense

Question 6

What are the 4 parts of the Marketing Mix? (P's)

Accepted Answer

Product, Price, Place, Promotion

Question 7

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

Accepted Answer

the product

Question 8

Businesses that are used to provide many of the marketing functions during the distribution process.

Accepted Answer

channel members

Question 9

Consumers make a series of decisions when deciding on a purchase. The Stages of a Decision

Accepted Answer

• 1. Recognize 2. Identify 3. Evaluate 4. Decision 5 Assess

Question 10

What has something other than providing products and services for a profit as its primary focus?

Accepted Answer

non-business organization

Question 11

A choice among alternatives.

Accepted Answer

decision

Question 12

Challenges faced by businesses providing a manual service include:

Accepted Answer

All off the above

Question 13

What are groups of similar consumers within a larger market?

Accepted Answer

market segments

Question 14

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

Accepted Answer

target market

Question 15

Studying and prioritizing market segments to locate the best potential based on demand and competition.

Accepted Answer

market opportunity analysis

Question 16

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

Accepted Answer

channel of distribution

Questions 16