Chapter 20 Review

Question 1

A company that has adopted the marketing concepts uses market research to identify markets

Accepted Answer

before products are developed

Question 2

Groups of people with similar needs to whom a business plans to sell its product.

Accepted Answer

target markets

Question 3

Retailers are businesses that sell to other businesses.

Accepted Answer

False

Question 4

The average cost of marketing is approximately 25 cents of every dollar consumers spend.

Accepted Answer

False

Question 5

Production is an important marketing activity.

Accepted Answer

False

Question 6

Attempting to reach all potential customers for a product is usually cost-prohibitive.

Accepted Answer

True

Question 7

Marketing is defined as the transportation of products from producer to consumer.

Accepted Answer

False

Question 8

Obtaining goods to be resold is a marketing activity known as

Accepted Answer

buying

Question 9

Blend of all decisions related to product, price, distribution, and promotion.

Accepted Answer

marketing mix

Question 10

Businesses that sell directly to the final consumer are

Accepted Answer

retailers

Questions 10