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Flashcards in 10.1 marketing basics Deck (49):
1

What are some less obvious examples of marketing activities?

  • storing products in warehouses and distribution centers
  • moving products to the places where they will be sold or used
  • establishing and accepting credit and arranging means of online payment

2

is budgeting for marketing activities, obtaining the necessary funds needed for operations, and providing financial assistance to customers so they can purchase the business' products and services

financial analysis

3

involves determining the best ways for customers to locate, obtain, and use the products and services of an organization

distribution

4

What are some examples of marketing?

  • see or hear advertisements for products and services
  • see brand names on the packages of food you eat
  • see brand names on the clothes you and friends wear
  • read product descriptions on a company's website
  • interact with salesperople in your favorite retail store

5

What happens if a product does not appeal to consumers?

the business will be forced to cut the price, which will lead to lower profits and even losses

6

persons, companies, and organizations that buy products for the operation of a business, for incorporation into other products and services, or for resale to their customers

business consumers

7

What are the two types of consumers that businesses can develop products for?

  1. final consumers
  2. business consumers

8

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

marketing

9

the designing, developing, maintaining, improving and acquiring products and services that meet consumer needs

product and service management

10

if a product appeals to a group of customers with unsatisfied needs, it has a real chance to ____

succeed

11

many new businesses ____ because the owners have an idea for a product but fail to consider customers and their needs

many new businesses fail because the owners have an idea for a product but fail to consider customers and their needs

12

the reasons consumers decide what products and services to purchase

buying motives

13

if customers do not see a need for a product or believe they have other choices that are better or less costly, the product will likely ______ (succeed/not succeed)

if custoemrs do not see a need for a product or believe they have other choices that are better or less costly, the product will likely NOT succeed

14

includes a range of activities and a number of businesses in the US economy

marketing

15

the blending of four marketing elements - product, distribution, price & promotion

marketing mix

 

the second step in developing a marketing strategy

16

What are the 2 steps in a marketing strategy?

  1. identify a target market
  2. create a marketing mix

17

the best definition of marketing is:

  • promotion and selling
  • producing and distributing products and services to customers
  • finding customers and convincing them to buy your products
  • none of the above is correct

none of the above

marketing is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large

18

Which of the 7 marketing functions involve careful shipping, handling and storing of products?

distribution

19

is communicating information about products and services to potential customers

promotion

20

persons who buy products and services mostly for their own use

final consumers

21

what is an example of an emotional buying motive?

  • buying a home security system to protect your family
  • buying gift or card for a holiday

22

_____ companies such as trucking, railroad, and air freight move products from producers to consumers

transportation companies such as trucking, railroad, and air freight move products from producers to consumers

23

What are the 5 steps in the consumer decision making process?

  1. recognize a need
  2. gather information
  3. select and evaluate alternatives
  4. make a purchase decision
  5. determine the effectiveness of the decision

24

What does a successful marketing mix do?

satisfies the needs and wants of the target market

25

What is an example of a rational buying motive?

  • when you buy a new car, you consider fuel use and repair costs to get the most cost effective one
  • when choosing a college, you compare cost of tuition and reputation of the college

26

Marketing ____ include advertising agencies and marketing research firms

marketing businesses include advertising agencies and marketing research firms

27

a company's plan that identifies how it will use marketing to achieve its goals

marketing strategy

28

considers the needs of customers when developing a marketing mix

marketing orientation

29

purchases guided by facts and logic

rational buying motives

30

_____ services companies issue and manage credit cards

fianancial services companies issue and manage credit cards

they can also provide loans to businesses for purchasing raw materials and finished goods

31

Does the consumer decision making process always take the same length of time to complete?

  • no, the length of time it takes to complete the process and the information used to complete each step is very different from one consumer to another

32

Which of the 7 marketing functions involve salespeople talking to customers in stores, on telephone, videoconferencing or online chats?

selling

33

the two steps in a marketing strategy are:

  • developing a product and promoting it to consumers
  • identifying a target market and developing a marketing mix
  • conducting marketing research and planning production
  • pricing a product and distributing it to customers

identifying a target market and developing a marketing mix

34

the setting and communicating the value of products and services

pricing

35

purchases guided by feelings, beliefs, and attitudes

emotional buying motives

36

which of the following is an example of a rational buying motive?

  • love
  • fear
  • economy
  • self-image

economy

37

marketing activities usually cost ___ percent or more of the selling price of a product or service

marketing activities usually cost 50% or more of the selling price of a product or service

38

What are the 7 marketing functions?

  1. product and service management
  2. distribution
  3. selling
  4. marketing information management
  5. financial analysis
  6. pricing
  7. promotion

39

What do businesspeople do with a marketing orientation?

  • businesspeople don't assume they know what customers want
  • they use research to study customers and their needs
  • the results of the research are used to plan a marketing mix designed to satisfy those needs
  • example - cruise ship company

40

Which of the 7 marketing functions includes companies receiving loans from banks for expansion?

financial analysis

41

obtaining, managing, and using market information to improve business decision making and the performance of marketing activities

marketing-information management

42

a specific group of consumers who have smiliar wants and needs

target market

 

first step in marketing strategy

43

is communicating directly with potential customers to determine and satisfy their needs

selling

44

shipping and _____ companies provide express pickup and delivery of documents and packages

shipping and delivery companies provide express pickup and delivery of documents and packages

45

Which of the 7 marketing functions include tv commercials, coupons, internet and direct mail?

promotion

46

understanding the motives of consumers helps businesses plan a ______

marketing mix

47

the specific sequence of steps consumers follow to make a purchase

consumer decision-making process

48

wholesalers and ____ participate in the distribution, storage, and sale of products to connect manufacturers and their customers

wholesalers and retailers participate in the distribution, storage, and sale of products to connect manufacturers and their customers

49

Which of the 7 marketing functions develop new products?

product and service management