Chapter 4 – The basics of Marketing – Flashcards
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Today, marketing has become so complex that it is not well understood by business people who do not have marketing backgrounds; consequently, marketers usually work by themselves and have little contact with others in the business.
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False
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price
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what is the most difficult marketing decision to understand and plan
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Businesses that use the marketing concept first develop a product or service and then decide how it will be marketed.
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False
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A channel of __________ is made up of all of the businesses involved in completing marketing activities as products move from the producer to the consumer
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distribution
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The marketing concept keeps the main focus on customers' needs during the planning, production, distribution, and promotion of a product or service.
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True
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- identify customers - determine which marketing strategies work the best - analyze competitors
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marketers use research techniques to
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Effective companies focus almost exclusively on the quality of the products or services they offer.
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False
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A non-__________ organization has as its primary focus something other than providing products and services for a profit.
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business profit
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Bringing a new product to the marketplace is expensive.
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True
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__________ members are the businesses used to provide many of the marketing functions during the distribution process.
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channel
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Businesses that do not use the marketing concept assume that most people are potential customers for their products and can be persuaded to buy with adequate marketing.
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True
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recognize a need
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what is the first step in the consumer decision-making process
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Monopolies are often more concerned about protecting their market and making a profit than about meeting the needs of consumers.
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True
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In a(n) __________, only a few companies compete in the same market but offer products in which consumers see few, if any, differences
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oligopoly
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Most service businesses work directly with their customers rather than through a channel of distribution.
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True
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- marketing is usually thought of as a critical investment - marketing has expanded in scope from a few activities to a variety o activities
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Marketing today (true facts)
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this element of the marketing usually receives the most attention from producers and manufacturers
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product
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companies in this type of environment find the marketing concept to be of the most value
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monopolistic competition
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The most important type of marketing research for most businesses is the study of potential and current customers.
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True
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identifying potential customers and their needs
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with the marketing concept, planning begins by
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Service businesses usually have less control over pricing than businesses that sell products.
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False
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they try to understand how cutomers evaluate products and services to make decisions about what to purchase
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what is the most effective way of dealing with customers needs
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Of all marketing tools used today, promotion creates the most economic utility.
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False
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A choice among alternatives is called a(n) __________.
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decision
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A(n) __________ market is a clearly defined segment of the market to which a business wants to appeal.
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target
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the retailer
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most final pricing decisions are made by...
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Nonprofit groups such as the Red Cross have little need for marketing services.
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False
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Market __________ include new markets and ways to improve a company's offerings in current markets.
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opportunities
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Much of the planning efforts of a company are used to determine what to sell and how it will be presented to the customer.
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True
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A plan that identifies how a company expects to achieve its goals is known as a(n) __________.
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strategy
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Marketing is responsible for identifying and planning for opportunities.
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True
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Groups of similar consumers within a larger market are known as market __________.
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segments
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- the business believes it knows what the customers want - the business does not study the market - the business does not use any available marketing tools.
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common reasons for business failures
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Most products and services are exchanged directly between the producer and the customer.
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Flase
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The marketing __________ is a blend of the four marketing elements—product, distribution, price, and promotion
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mix
