Marketing chapter 4 Vocabulary

Marketing opportunity analysis
Studying and prioritizing market segments to locate the best potential based on demand and competition
Occurs when marketing is considered an essential part of the business and is involved in all important business decisions
A plan that identifies how a company expects to achieve its goal
Non-business organization
Has something other than providing products and services for a profits as its primary focus
Market opportunity
New markets and ways improve a company’s offering in current markets
Market segments
Groups of similar consumers within a larger market
A choice among alternative
Channel members
The business used to provide many of the marketing functions during the distribution process
Channel of distribution
All of the business involved in completing marketing activities as products move from the producer to the consumer
Target market
A clearly defined segment of the market to which a business wants to appeal
T/F marketing has changed very little from the way it was used by businesses many years ago
t/f the earliest use of marketing was to move products from the producers to the consumer
t/f Marketing is more effective when it is integrated into other business activites
t/f Most marketing strategies are developed as a result of problems businesses encounter
t/f Market opportunities include new markets and ways to improve a company’s offerings in current markets
t/f In the past, many businesses reduced marketing efforts when faced with financial problems
t/f spending money on marketing reduces a company’s profit in the long run
t/f Businesses often fail when they don’t understand and use the marketing concept
Businesses that have adopted the marketing concept
use a totally new approach to thinking and planning
A business takes a big risk when it is unwilling to
study the needs of its customers
Today’s marketers are continuously looking for
marketing opportunities
t/f Without the marketing concept, a business will develop a product or service and then decide how to market the product
t/f various group of customers may have different needs
t/f Marketing and product planning should occur at the same time
t/f most of today’s consumers are not well informed
t/f Businesses that are not prepared for competition have a difficult time staying in the market
t/f A business that believes in the marketing concept focuses its business planing on increasing sales
if a company understand the marketing concept, its first step will be to
identify potential customers and their needs
Businesses that do not believe in the marketing concept believe
-consumers don’t know what they want
-they can influence consumer needs with well-designed products
-most consumers are similar in terms of their needs
consumers with different needs require
specialized products and services
which of the following is not a part of product mix element
probably the most difficult marketing decision to understand and plan is
t/f consumers want to choose the alternative that requires the least amount of money
t/f a consumer may be aware of products but will not make a purchase until a need exists
t/f consumers always spend a great deal of time and want a large amount of information when evaluating alternative choices
t/f Most decisions to purchase are made before the consumer has finished evaluating choices
t/f the most difficult type of competition businesses face is a market in which businesses compete with other offering very similar products
t/f customers using the products and services of a monopoly business often become dissatisfied with their lack of coice
t/f companies that use the marketing concept do not focus on specific groups of customers, but rather on all consumers in general
when the same purchase decision is repeated again and again
the decision becomes rountine
the typical purchasing process begins when consumers
recognize a need
the most important type of research for most businesses is the study of
potential and current customers
companies in ___ find the marketing concept to be the most value
monopolistic competition
t/f all businesses need to place the same amount of emphasis on each of the four marketing mix elements
t/f because producers and manufactures don’t sell directly to final consumers, they do not need to understandand respond to consumer needs
t/f producers and manufactures need to be concerned about the needs of other businesses in the channel of distribution
Customers will blame the manufactures rather than other channel members if a product doesn’t meet their needs
most service businesses don’t use a channel of distribution
distribution planning is important to service businesses b/c the service must be available where and when the customer wants it
a government agency is an example of a nonprofit organization
b/c nonprofit organization don’t have to be concerned about sales and expenses, they don’t benefit a great deal from marketing
which of the following businesses would not be part of a channel of distribution?
producer, retailer, and wholesaler would all be part of the distribution channel
retailers are responsible for most final ____ decisions
the price of a service is difficult to compare because
a middleman is usually involved

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