Module 1-5

Question 1

What is Marketing?

Answer 1

the action or business of promoting and selling products or services, including market research and advertising

Question 2

What are the four parts of the Marketing Mix?

Answer 2

Product, Price, Promotion, Distribution

Question 3

What is beneficial exchanging?

Answer 3

Each party has something of value other wants

Question 4

Ethics

Answer 4

systems of principles and rules concentrating on duty

Question 5

Morality

Answer 5

Difference between good & evil

Question 6

legal compliance

Answer 6

conforming with formal laws and regulations

Question 7

social responsibility

Answer 7

contributing to community welfare

Question 8

Sherman Act 1890

Answer 8

earliest anti trust law, unlawful to monopolize

Question 9

Clayton Act 1914

Answer 9

prohibits mergers and acquisitions that substantially create a monopoly

Question 10

Federal Trade Commission Act 1914

Answer 10

outlaws unfair methods of competition

Question 11

Robinson-Patman Act 1936

Answer 11

price discrimination is unlawful

Question 12

Technology

Answer 12

Application of knowledge to solve problems/perform tasks more efficiency

Question 13

Marketing Research

Answer 13

formal systematic design, collection, interpretation and reporting.

Question 14

Segmentation

Answer 14

is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs and priorities, and then designing and implementing strategies to target them

Question 15

Target Market

Answer 15

is a group of customers towards which a business has decided to aim its marketing efforts

Question 16

Target Market selection

Answer 16

identifying a strategy, select variables, evaluate segments, select target markets

Question 17

consumer behavior

Answer 17

study humans as buyers and consumers