Principles of Marketing: Chapter 1 Test Review

Using high-profile entertainment or news to get people to talk about your brand is called _

the amount that customers pay & the method of increasing the value of a product to customers.

Each of the 9 marketing functions occurs every time a product or service is developed and sold.

This marketing function provides security for products, personnel & customers.

Marketing activities & jobs have not changed much over the past 100 years.

Exchanging products or services with others by agreeing on their values is known as

Being self-__ means you don't rely on others for the things you need to survive.

The primary reason for a business to exist is to provide employment for people.

The first step of the marketing concept is

Concentrating effort on one or a few related activities so they can be done well.

FrostyWhip budgets 65% of its total exp. for mrktng. Total exps are $500,000. What's budget $?

__ is the creation and maintenance of satisfying exchange relationships.

In the Production Era, business's only marketing effort was devoted to

When you buy an ice cream cone or a digital camera, you are involved in marketing.

Distribution, or _, includes the locations & methods used to make product available to customer

Using the needs of customers as the focus during planning, pro., pricing, distrib., &promotion

Offering products produced or manufactured by others for sale to customers is known as

A __ system established the use of currency as a recognized medium of exchange.

Which of the following businesses is directly involved in marketing?

A _ is a description of a unique group of prospective customers/location a bus. wants to serve.

What are the four P's of markting (the marketing mix) ?

Which business fx. involves developing, implementing, & evaluating plans & activities of bus.?

__ marketing focuses on developing loyal customers who continue to purchase from the co.

A location where people bring products to be conveniently exchanged is a

An approach to customer service that gives employees authority to solve customer problems is