Economics Ch 1 Practice Quiz – Flashcards
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Sound and Cinema is a company that will turn an ordinary basement into a home theater. It advertises in publications that are mailed to homeowners in subdivisions in which the least expensive home costs $550,000. These homeowners are the __________for Sound and Cinema.
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target market
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The uncontrollable forces in a marketing decision involving social, economic, technological, competitive and regulatory forces are referred to as
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environmental forces
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Which of the following statements is the primary reason that explains why U.S. businesses moved from the production era to the sales era?
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Competition grew and the production of goods increased
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Market refers to
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people with both the desire and with the ability to buy a specific product
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In terms of marketing, which of the following statements about small business is most accurate?
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Small businesses are the source of the majority of new jobs in the United States
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Which of the following statements is an example of place utility?
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ATM machines in thousands of locations
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The concept of __________links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits.
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relationship marketing
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Who would most likely be the best target market for the latest Disney animated movie?
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parents of children between the ages of 6 and 12
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When Eastman Kodak Company concerns itself with disposal of its disposable camera packaging in national parks by promoting the slogan "Take only pictures, leave only footprints," it is acting in accordance with
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the societal marketing concept
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A convalescent center put advertisements in a local newspaper requesting volunteers to help read to patients. Jack volunteered and read to patients twice a week. He felt satisfied because he was contributing to his community. Was this a marketing exchange?
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yes, because reading to patients was exchanged for a feeling of satisfaction
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From a marketing perspective, prospective customers include
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individuals or organizations making purchases either for themselves or others, regardless of whether it is for personal use or for resale.
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Which of the following statements about the marketing program for Post-it® Flag Highlighters is most accurate?
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3M will introduce product extensions to attract new customers while still retaining existing customers
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The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace is referred to as
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customer relationship management
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The first objective in marketing is to
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discover the needs of prospective consumers.
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The view that an organization should satisfy the needs of consumers in a way that also provides for society's well-being is known as
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the societal marketing concept
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The primary purpose of 3M's 15% rule is to
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provide inventors with an opportunity to do initially unfunded research that might lead to marketable 3M products.
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Which of the following would a marketer use as a synonym for controllable marketing mix factors?
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the four Ps of marketing
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In the period known as the __________era, General Electric emphasized that marketing ideas are fed into the production cycle before an item is designed, rather than after it is produced.
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marketing concept
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If you feel hungry, marketers would say you most likely have developed a(n) __________ to eat something.
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need
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After discovering consumers' needs, marketing's next task is to
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translate information about consumer needs into concepts that are converted into a tangible marketing program.
