Marketing Applications Unit 1 – Flashcards
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Control events in order to accomplish priorities
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The essence of time management is to achieve which goal?
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A gain in market share
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If a business lowers the price of a product for the purpose of taking business away from its competitors, which action is often the result?
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Acting unethically
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An energy company has misrepresented its financial status on its latest accounting reports. This is an example of which negative action?
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Variety-seeking
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What type of buying behavior includes low customer involvement, significant brand awareness, and a desire for change?
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When the product is expensive
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Customers are more likely to spend a lot of time evaluating several options before buying a product during which situation?
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It's actions
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Positive and negative results can often be directly related to which factors about a company?
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Customers may feel they are losing the human touch
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Technological advances can help companies provide more customer service with fewer employees, but why must the companies be careful?
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Align strategies and activities with goals
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Morgan Health Supply Company wants to expand its product line this year. It uses its budget surplus to invest in new products rather than to remodel its offices. This is an example of which positive action?
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Cars
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Complex buying behavior is most likely involved when the customer is purchasing which items?
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Physiological
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Motives, perception, attitude, lifestyle, personality, and abilities are which factors influencing consumer behavior?
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Habitual
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When customers have low involvement with a product and there is little difference among brands, what type of buying behavior are they exhibiting?
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The team can plan strategies with more precision
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How does a marketing plan affect the way the marketing team plans its strategies?
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Opportunities and threats
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The purpose of the marketing planning process is to balance the internal strengths and weaknesses of a company with which external factors?
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Objectives
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One of the main reasons for developing a marketing plan is to identify the strategies necessary to achieve which component or components of marketing?
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Pricing strategies
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What type of information do businesses include in their marketing plans?
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Industry growth
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When conducting an external environmental analysis, businesses often focus on which factor or factors?
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A new product line is to be offered by the business
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Which is an example of an internal change that could affect a sales forecast?
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Factual basis
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To convince someone to use quantitative sales forecasting, which factor should be stressed?
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The situation analysis
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An international soft-drink company that wants to add bottled spring water to its product mix has determined that there are four major brands that hold the majority of the market share for that product. The strengths and weaknesses of each potential competitor have been examined. This is an example of what factor?
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Production should be increased
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A manufacturer expects product sales to increase during the coming year. How does this information affect product production?
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Benefits
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The financial component of a marketing plan helps a business to compare the projected costs of implementing the plan with which expected factors?
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Offer products that consumers want to buy
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What does applying the customer-orientation element of the marketing concept enable the business to do?
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Product or service management
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Paul's plant food is losing its popularity among his customer base. Which marketing function would come up with the improved product?
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Contacting customers
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What does the selling function involve that makes it so important?
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Market planning
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Which marketing function helps businesspeople forecast how much will be sold in a given period?
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Promotion
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Which marketing function provides information to consumers that will assist them in making a decision to purchase a good or service?
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Setting aside funds to research what customers want
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According to the marketing concept, which option shows company commitment?
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Improved the quality of life
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By increasing awareness of the need for environmental controls, what has marketing done?
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Product or service management
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After the popularity of a product dropped, the business needed a new product to promote that would help to improve its image. Which marketing function would come up with the new product?
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Market planning
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Company XYZ has predicted it will sell 3,000 new microwaves during the "Back to School" sale. Which marketing function is this business using?
