Studied by 0 peoplePeople who are self sufficient
Do not rely on others
When people did not have products on hand to exchange they could obtain products
With money
The accounting and finance function includes
Developing budgets
In the early part of the 20th century, the primary way to sell more products was
To be able to deliver them to a larger number of customers
Marketing assists in international trade by
Determining where products can be sold
Unlimited wants and needs, combined with limited resources, resulting in
Scarcity
In which type of economic system does the government attempt to own and control important resources and make the decisions about the about what will be produced and consumed...
Controlled economy
All of the consumers who will purchase a particular product or service comprise a(n)...
Economic market
The demand curve for a business in a purely competitive market...
Appears straight
The demand curve for a business in a monopoly...
Appears straight
Changes in the tangible parts of a product or service affect a product's...
Form utility
The earliest use of marketing was
To move products from the producer to the consumer
Prices can be changed by
Allowances
The most difficult type of competition businesses face is a market in which they compete with other businesses offering
Similar products
Many of the marketing functions during the distribution process are provided by
Channel members
Information about consumers that will help a business make effective marketing decisions includes
Product purchases
Information developed from activities that occurred within your organization is known as
Internal information
Internal information that can help you make decisions can be found in
marketing plans.
performance information.
customer records and sales information
For managers and other decision-makers, the most important part of a marketing information system is the
output
When you write a survey, you can force a respondent to choose an existing answer rather than developing their own answer by asking
a closed-ended question
Reasons to purchase based on feelings, beliefs, or attitudes are known as
emotional motives
The lifestyle, values, and beliefs that are common to a group of people are known as
social class
The concept that people who live in the same physical location might have the same wants and needs is referred to as
geographic segmentation
Competition among businesses is beneficial because
it encourages product improvements
Shop at your competitor's business to
find information about current pricing and promotions
The correct sequence of stages that businesses follow as they develop their e-commerce presence on the
Internet is
information, interaction, integration
Today, a business will miss some customers if it has not placed information on the Internet about its
location
Internet advertisements are measured in
pixels
The Internet Advertising Bureau has established standards for
the size and appearance of Internet advertisements
Companies develop e-mail lists for advertising by
using addresses of current customers. using addresses of consumers who have sent inquiries.
c. purchasing e-mail lists from other companies
A component of the marketing mix that provides protection and security for the product until the consumer
can use it is
packaging
Convenience goods include
-staple goods
-emergency goods
-impulse goods
Consumers typically do not compare other products or brands when they are purchasing
convenience goods
Most of the major purchases made by consumers are
shopping goods
The success rate for new products is
50 percent
New products are often expensive because
the cost of development is passed on to consumers
A group of similar products with slight variations in the marketing mix to satisfy different needs in a market is known as
a product line
The goals of a not-for-profit organization that delivers services may be
-public service
-public awareness of a message or idea
-knowledge
Combining the price of several related services is
bundling
Wholesale businesses are considered to be
resellers
The most difficult purchasing situation occurs when
a new product or service is purchased
When a business purchase is technical or very expensive
-a lawyer will be involved in the transaction.
-an engineer may test the product.
-upper management will participate in the purchasing process
Inventory records should include
the source of the product
The two types of inventory systems are the
physical inventory and perpetual inventory
To operate more efficiently, most manufacturers
operate year-round
If the producer does not want to perform all of the marketing functions, some functions may be performed by
-the consumer
-another individual
-another business
Manufacturers usually make their profits from the sale of products and services to
wholesalers
The final business organization in an indirect channel of distribution for consumer products is
the retailer
A limited-line store
offers products from one category of merchandise
The government wants to encourage the development of new products and services so
consumers have additional choices to satisfy their needs
The highest possible price that can be charged is determined by the
target market
The major advantage of publicity is the
goodwill it can create
The major disadvantage of publicity is the
lack of control over the content
The information obtained from the market analysis is used primarily to enable the marketer to determine
the target market
Based on the target market, advertising can be customized by
changing the words
Advertising plans are carefully developed because
They involve huge sums of money
If the customer is dissatisfied with any part of the marketing mix or if competing products appear to meet customer needs better, the salesperson can
inform the company
The selling process will be much more productive if the salesperson knows
the needs of the prospective customer
how to contact each customer
-the location of the prospective customer
The series of mental stages followed by a consumer preparing to make a purchase includes
conviction
A salesperson will study the customer and his or her needs during the
preapproach step
The sale of products and services to people in other countries is known as
international trade
Often, business might decide not to enter the international market because
the process appears to be complicated and difficult
Multinational companies hire employees, including managers, from
-the main country where they operate
-countries where they hope to do business
-all countries where they operate
In a preindustrial country it is difficult to
-produce products.
-sell products.
-distribute products.
Money provided to a business to assist in the development and sale of its products is
a subsidy
To be an insurable risk, the risk must be
faced by a large number of people
When selecting from among several target markets, a company reduces its risks if
it selects markets that can be clearly identified
Some activities in the action plan will include
responsibilities for marketing activities responsibilities for risk reduction
responsibilities for the marketing strategy
When a company has choices of marketing mixes, the company tries to fashion a mix that
emphasizes its strengths
Long-term expenses include
vehicles
Short-term expenses include
operating expenses
The assortment and quantities of products the company maintains for sale to customers is its
inventory
The most effective way to develop the budget for marketing expenses is to
calculate the costs of performing the necessary marketing tasks
Accounts receivable are
sales for which the company has not yet been paid
What document must an entrepreneur prepare for review by potential investors in his or her business venture
business plan
What term identifies a person who is responsible for a business created and owned by others
manager
Which is not a characteristic of entrepreneurs
insecure
Which marketing function would a trucking company or storage center business be involved in?
distribution
Which of the following is defined as a business owned by people who purchase stock in the company?
corporation
Which of the following terms refers to the response rate for Internet advertisements?
click-through
Note
Flashcard