Marketing Concepts, Functions, and Segmentation

Question 1

A company’s percentage of the total sales volume in a given market.

Accepted Answer

Market Share

Question 2

Changing raw materials or putting parts together to make something more useful.

Accepted Answer

Form Utility

Question 3

Everyone who share similar wants and needs and have the ability to purchase your products.

Accepted Answer

Market

Question 4

Consists of consumers who purchase goods and services for personal use.

Accepted Answer

Consumer Market

Question 5

All activities marketers undertake to inform consumers about their products.

Accepted Answer

Promotion

Question 6

These are produced and consumed in the same moment.

Accepted Answer

Services

Question 7

Includes all businesses that buy products for use in their operations.

Accepted Answer

Industrial Market

Question 8

Informing potential consumers about a product or service.

Accepted Answer

Information Utility

Question 9

A customer becomes this when they use a good or service.

Accepted Answer

Consumer

Question 10

How well the target market is defined and how well decisions are directed toward market.

Accepted Answer

People

Question 11

The goods and services combination the company offers to the target market.

Accepted Answer

Product

Question 12

Attribute of a product/service that makes it capable of satisfying consumers' wants and needs.

Accepted Answer

Utility

Question 13

A person/business who purchases a product.

Accepted Answer

Customer

Question 14

The marketing concept states in order to make profit, a company must satisfy these two things.

Accepted Answer

Needs and wants

Question 15

A group of people identified as those most likely to become customers.

Accepted Answer

Target Market

Question 16

Should reflect what customers are…Willing to Pay and Able to Pay.

Accepted Answer

Price

Question 17

The exchange of a product for money.

Accepted Answer

Possession Utility

Question 18

Having a product where customers can buy it.

Accepted Answer

Place Utility

Question 19

Getting the product into the consumer’s hands is this part of the marketing mix.

Accepted Answer

Place

Question 20

Having a product available at a convenient moment in a day or portion of a year.

Accepted Answer

Time Utility

Questions 20