Marketing Chapter 4 Test – Flashcards
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Channel Members
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the businesses used to provide many of the marketing functions during the distribution process.
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Channel of Distribution
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all of the businesses involved in completing marketing activities as products move from the producer to the consumer.
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Decision
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a choice among alternatives.
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Integrated
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occurs when marketing is considered an essential part of the business and is involved in all important business decisions.
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Market Opportunity Analysis
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studying and prioritizing market segments to locate the best potential based on demand and competition.
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Market Segments
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groups of similar consumers within a larger market.
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Non-Business Organization
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has something other than providing products and services for a profit as its primary focus.
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Strategy
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a plan that identifies how a company expects to achieve its goals.
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Target Market
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a clearly defined segment of the market to which a business wants to appeal.
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Gray Marketing
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An unofficial market where new issues of shares are bought and sold before they become officially available for trading on the stock exchange.
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Pure Competition
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Where there are many businesses offering the same product.
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Monopoly
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Offering a product or service with little or no direct competition.
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Oligopoly
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Where only a few companies compete in the same market but offer products in which consumers see few, if any, differences.
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Stages of a Decision
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Recognize a Need, Identify Alternatives, Evaluate Choices, Make a Decision, Assess Satisfaction
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Challenges faced by businesses providing a manual service include
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Consistent Quality Promotion of Intangibles Distribution Planning
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Businesses involved in moving goods from producer to consumer are called
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Channel Members
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Marketing costs today are considered to be
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more of an investment than an expense.
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One of the ways that marketing has changed is that today's marketers are involved in all important business decisions, including product planning
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TRUE
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Marketing is responsible for identifying opportunities and helping a company to plan for those opportunities.
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TRUE
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Value Means?
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Any of the above, depending on the consumer
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When a firm uses the marketing concept, planning begins with
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conducting research to identify potential customers and their needs.
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Follow-up services, guarantees, and warranties are considered part of which element of the marketing mix?
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the product
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The final stage in the consumer decision-making process is
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assessing satisfaction
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In response to intense competition, the goal of any product change is to
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achieve both a and b
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Marketing is increasingly becoming more of a creative art than a scientific process.
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FALSE
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Types of market research include
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All of the above
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A target market is
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a clearly defined market segment to which a business wants to appeal.
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Satisfied Customers
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are a result of the right marketing mix.
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Which of the following is not an element of the marketing mix?
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satisfied customers
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For businesses adopting the marketing concept, marketing is valued primarily as a problem-solving tool.
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FALSE
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Under the marketing concept, marketing planning will be done by marketing specialists working apart from others in the company.
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FALSE
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The process of studying and prioritizing market segments to locate the best potential based on demand and competition is known as
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Market Opportunity Analysis
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Planning that identifies how a company expects to achieve its goals is known as
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strategy
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Under the marketing concept, all consumers are viewed as potential customers with similar needs.
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FALSE
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Marketing consists of only a few basic activities such as promotion and distribution
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FALSE
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In the past, marketing was used basically as a problem-solving tool, such as a way to reduce inventory.
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TRUE
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Spending money to improve marketing concept requires a total commitment to satisfying customers' needs.
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TRUE
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Understanding and meeting comsumer needs is relatively easy to do because most people have the same needs.
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FALSE
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The marketing mix elements all act independently of each other.
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FALSE
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Because of so many other variables, it is impossible to set a product or service price based strictly on the concepts of supply and demand.
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TRUE
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The promotion element of the marketing mix is the communication link between the seller and the buyer.
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TRUE
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Because effective marketing requires large amounts of information, most companies are now developing marketing information systems that collect and store information.
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TRUE
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Primary Focus of Marketing Concept?
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Customers Needs
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Common Forms of Promotion
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Personal Sales, Sales Display, Visual Display, Management
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A strategy for a company in intense competition that uses the marking concept is to
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change the marketing mix different and more satisfying to customers.
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The marketing mix element that usually receives the most attention from producers and manufacturers is
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product
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Wholesalers emphasize ____ while retailers are responsible for most final ____ decisions
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distribution planning, pricing
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What part of Marketing Mix Element Have Greater Control?
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Price
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Non-business organizations have something older than __ as their primary focus
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Profit
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Name three things businesses use marketing research for?
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Conduct Research, Study of potential and current customers, Studying alternate marketing strategies
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Competition Most Businesses Face?
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Intense Competition (Pure Competition)
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From a consumer perspective, which type of competition offers the most choice?
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Monopoly
