Unit 10

Question 1

Any form of communication used to inform, persuade, or remind

Answer 1

promotions

Question 2

Exchange of information so there is common understanding by all participants

Answer 2

effective communication

Question 3

A business needs to provide information to consumers in order to
_____________
them to make a purchase

Answer 3

pursued

Question 4

When the focus of a business is a
__________ ___________, communication can be very specific to the
needs of that group using media that are familiar to and trusted by those consumers

Answer 4

personalized promotion

Question 5

Communicates directly with each customer using information tailored to that person

Answer 5

personal marketing

Question 6

Direct, individualized communication with prospective customers to assess and satisfy their needs

Answer 6

personal selling

Question 7

Communicates with many people at the same time with a common message

Answer 7

mass promotion

Question 8

Any paid form of communication through mass media directed at identified consumers to provide information
and influence their actions

Answer 8

advertisement

Question 9

Includes a set of promotional activities designed to generate sales in the retail setting

Answer 9

merchandising

Question 10

Which of the following is not a part of effective communication?

Answer 10

the advertisement

Question 11

The most expensive but also most effective type of promotion is…

Answer 11

personal selling

Question 12

Buyers usually want to pay the
_____________ the _____________ highest _____________ price possible.

Answer 12

Buyers usually want to pay the lowest the seller highest price possible

Question 13

Amount of money available to the business after all costs and expenses have been paid

Answer 13

net profit

Question 14

High demand = _____________ _____________, low demand = _____________ _____________.

Answer 14

High demand = high price, low demand = low price.

Question 15

The money a customer must pay for a product or service

Answer 15

price

Question 17

Difference between the selling price and the product costs

Answer 17

profit

Question 18

The amount added to the cost of a product to set the selling price

Answer 18

markup

Question 19

Markup on Cost =
_________________________________________

Answer 19

Product coast x percent markup

Question 20

Locations and methods used to make a product or service available to the target market

Answer 20

distribution

Question 21

Consumers only need a small number of products at a given time

Answer 21

quantity

Question 22

Products move from the producer straight to the consumer with no other businesses participating in the
exchange

Answer 22

direct channel distribution

Question 23

One or more other businesses between the product and the consumer

Answer 23

indirect channel distribution

Question 24

Which of the following conditions will result in a lower rather than a higher price?

Answer 24

a large quantity of available products

Question 25

When businesses specialize in producing a specific type of product, a channel of distribution will be needed to adjust differences in...

Answer 25

assortment

Question 26

Finding solutions to problems through carefully designed studies involving consumers

Answer 26

marketing research

Question 27

What are the five steps to marketing research?

Answer 27

1. define the market 2. study situation 3. develop a data 4. gather and analyze 5. propose a solution

Question 28

Everything a business offers to satisfy a customer’s needs

Answer 28

product

Question 29

A way to build customer confidence in a company’s products is by offering a...

Answer 29

guarantee or warranty

Question 30

What are the six steps to product planning?

Answer 30

1. idea 2. idea screening 3. strategy development 4. production and financial 5. limited products 6. full scale

Question 31

Services are consumed at the same time they are produced

Answer 31

inseparable

Question 32

Availability of a service must match the demand for that service at a specific time...

Answer 32

perishable

Question 33

True or False: Most new products introduced by companies are not totally new, but are improvements on existing products.

Answer 33

true

Question 34

True or False: The first step in marketing research is to develop a data collection procedure.

Answer 34

false

Question 35

The availability of a service must match the demand for that service at a specific time because it is...

Answer 35

perishable

Question 36

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

Answer 36

marketing

Question 37

See or hear _____________________ for products and services

Answer 37

advertisement

Question 38

More time and money is spent in ________________________________ than in marketing products and services to final consumers

Answer 38

business-to-business marketing

Question 39

What are the seven marketing functions?

Answer 39

1. product 2. distribution 3. selling 4. marketing info 5. financial analyst 6. pricing 7. promotion

Question 40

A company’s plan that identifies how it will use marketing to achieve its goals...

Answer 40

marketing strategies

Question 41

Two things to do when creating a marketing strategy:

Answer 41

1. find a target market 2. create a target market

Question 42

People who buy products and services mostly for their own use

Answer 42

final

Question 43

People, companies, and organizations that buy products for the operation of a business or for resale to their customers

Answer 43

business consumers

Question 44

Five steps to the consumer decision making process:

Answer 44

1. recognize a need 2. gather info 3. pros/cons 4. make a purchase 5. determine effectiveness

Question 45

Reasons consumers decide what products and services to purchase

Answer 45

buying motives

Question 46

Purchase based on feelings, beliefs, and attitudes

Answer 46

emotions buying

Question 47

Purchase based on facts and logic

Answer 47

ration buying

Question 48

The best definition of marketing is...

Answer 48

producing and distributing products and services to customers

Question 49

The two steps in a marketing strategy are...

Answer 49

identifying a target market and developing a marketing mix

Question 50

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

Answer 50

economy

Question 51

4 P's of Marketing, also known as the Marketing Mix

Answer 51

1. product 2. price 3. place 4. promotion

Question 52

What's the most popular type of mass promotion?

Answer 52

advertising

Question 53

Why is Cayson so awesome?

Answer 53

Because he's hardworking, he perseveres, and he knows what it takes to succeed. :-)