Business Chapter 10 Test Answers

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Marketing
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the activity, set of institution, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
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Marketing functions
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function occur every time a product or service is developed or sold
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Product and Service Management
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Designing, developing, maintaining, improving, and acquiring products and services that meet consumer needs
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Distribution
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involves determining the best ways for customers to locate, obtain, and use the products and services that meet consumer needs
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Marketing Strategy
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a company’s plan that identifies how it will use marketing to achieve its goals
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Target Market
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a specific group of consumers who have similar wants and needs
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Marketing Mix
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the blending of four marketing elements
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marketing orientation
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considers the needs of customers when developing a marketing mix
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Final consumers
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persons who buy products and services mostly for their own use
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Consumer decisions making process
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the specific sequence of steps consumers follow to make a purchase
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Buying motives
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the reasons consumers decide what products and services to purchase
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Marketing Research
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finding solutions to problems through carefully designed studies involving consumers
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Experiment
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two carefully controlled alternatives to subjects in order to determine which is preferred or has better results
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Basic Product
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not unique item, usually available by several companies
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Services
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activities that are consumed at the same time they are produced
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Pricing factors
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decisions about a fair price
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Product costs
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the cost to the manufacturer of producing the product or the price paid by other businesses to by the product
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gross margin
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the difference between the selling price and the product costs
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Markup
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the amount added to the cost of a product to set the selling price
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distribution
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the locations and methods used to make a product or service available to the target market
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Channel of Distribution
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the route a product follows and the businesses involved in moving a product from the producer to the final consumer
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Wholesalers
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intermediaries between manufacturers and retailers
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Retailers
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the final business organization in an indirect channel of distribution for consumer products
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Promotion
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any form of communication used to inform persuade or remind
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Personalized Promotion
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communicated directly with each customer using information tailored to that person
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Mass promotion
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communicates with many people at the same time with the common message
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Advertising
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any paid form of communication through mass media directed at identified consumers to provide information and influence their actions
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Personal Selling
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direct, individualized communication with prospective customers to assess their needs and assist them in satisfying those needs with appropriate products or services
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Public relations
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an ongoing program of non-paid and paid communications
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Merchandising
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a set of promotional activities designed to generate sales in the retail setting
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No
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Is marketing non-paid promotional communication presented by the media?
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Yes
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Is a marketing mix the blending of product, distribution, price, and promotion?
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No
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Does a focus group involve observing the actions of consumers?
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Yes
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Is it easier to control the quality of a service than the quality of a product?
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Yes
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Does convenience affect the price consumers are willing to pay for a product?
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no
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Is a product’s route from the producer to the consumer its stream of revenue?
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No
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Does personal selling always involve face-to-face contact with the customer?
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Yes
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Is mass promotion less expensive than personalized promotion?
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Pricing
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Setting and communicating the value of products and services
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Brand Name
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A unique identification for a company’s products
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Services
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An activity consumed at the same time it is produced
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Target Market
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a specific group of consumers with similar wants and needs
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Markup
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an amount added to the cost of a product to establish the selling price
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Promotion
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Communication used to inform, persuade, or remind

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