marketing flashcards 4 (100)

People 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