Business Essentials Chapter 13 Worksheet – Flashcards
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Marketing a CD requires the same strategy as marketing diamond earrings
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false
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Marketing is used to find out if there is a demand for a product
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true
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Once it has been determined that there is a demand for a product, there is no need to decide how and where customers will buy their goods and services
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false
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Brainstorming occurs when workers get together to socialize
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false
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To evaluate customer acceptance, once a product is introduced, marketers track customers and their responses to it.
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true
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To market a product successfully, a company has to understand what
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people want to buy
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In order to decide how and what to sell, companies need to know what specific, defined groups of people ____ ___ ____
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want and need
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The function of marketing that involves decisions about how much to charge for products and services is called
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pricing
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Distribution includes all of the following except a. purchasing. c. stock handling. b. Internet ordering. d. inventory control.
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b
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Some people support the inclusion in the marketing mix of a fifth "p," which stands for
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people
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Improving upon a product that is already on the market is part of the marketing function called
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product/service management
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Advertising is part of the marketing function called
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promotion
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Selecting the right channel of distribution is part of the marketing mix strategy called
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place
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Market researchers commonly ask shoppers to respond to _____ to discover their wants and needs
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surveys
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Demographics do not include
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behavior
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When a company focuses its market research and marketing mix strategies on the people most likely to buy its goods and services, the company is
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target marketing
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Once the idea for a product is generated, the idea for the product is ______
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screened
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A prototype is a. an actual model of a product. b. created during product development. c. used to test a product's design and functionality. d. all of the above
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d
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The goal of test-marketing a product is to collect
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customers responses
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The last step of product development is
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evaluate customer acceptance
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A pathway to direct products to consumers
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channel of distribution
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One or more intermediaries between a producer and a consumer
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indirect distribution
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Gathering and analysis of information on the size, location, and makeup of a market
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market research
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The process of creating, promoting, and presenting a product or service to meet the wants and needs of consumers, wherever they are
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marketing
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The sale of goods or services by a producer directly to a consumer
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direct distribution
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To offer a product in a limited market for a limited time
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test market
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The division of a market for a product into groups of customers who have the same needs and traits
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market segmentation
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Facts about the population
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demographics
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The point at which total revenues, or sales, equal total costs and expenses of developing and offering a product or service
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break even point
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The act of a company focusing on the people most likely to buy its goods and services
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target marketing
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getting the money that is necessary for setting up and running a business
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financing
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The marketing mix consists of four basic marketing strategies
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product place price promotion
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Marketers analyze and label their markets by
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demographics
