GenBus reef questions – Flashcards
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Marketing is;
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a systematic approach to satisfying customers
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When you give $4 to the cashier and receive a loaf of bread, what has just happened?
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exchange
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_____ is the only business function that is directly responsible for creating sales and revenue.
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marketing
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One function of marketing is risk taking which involves the chance of loss associated with marketing decisions. t/f?
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true
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According to the marketing concept, a business must first develop the good, service or idea and then find out what customers desire. t/f?
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false
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a customer's subjective assessment of benefits relative to costs in determining the worth of a product is know as ______.
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value
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A marketing research representative who interviews shoppers in a mall collecting the following type of information;
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primary data
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Which of the following environmental forces dictates what elements cannot be included in advertising?
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political, legal and regulatory forces
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To develop an effective marketing strategy, first select the target market and then develop a marketing mix. t/f?
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true
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Marketing is just selling and advertising. t/f?
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false
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a marketer must understand buyers' needs and desires to determine what products to make available. t/f?
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true
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If you build a better mousetrap, consumers will beat a path at your door. t/f?
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false
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if a company develops an advertising campaign that targets a segment of consumers with a certain income and education, the company is using what segmentation variable?
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demographic
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Which type of data is probably least expensive to collect?
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secondary data
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Which environmental forces influence marketing strategy by dictating what elements cannot be included in advertising?
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political, legal and regulatory forces.
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The best products in the world will not be successful unless they are where consumers want them, at the right time. t/f?
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true
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Distribution channels for consumer products and business products are the same. t/f?
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false
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Whether to distribute a product intensively, selectively or exclusively depends on buyer behavior, the nature of the target market and the competition. t/f?
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true
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Promotion is used to sell products. t/f?
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false
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When apple pays a television network to air its commercial, it is using ________.
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advertising
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Which of the promotion mix variables is best for promoting expensive products with specialized uses, such as houses?
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personal selling
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Products can be goods, services and ideas. t/f?
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true
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of the thousand of products introduced every year, most succeed. t/f?
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false
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new product ideas can come from customers. t/f?
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true
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most new products ideas are rejected during the business analysis stage. t/f?
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false
