Introduction to Business

What are some of the methods of collection for primary data?

Customer comments Observation Focus groups

B2B marketing is different from consumer marketing because B2B?

Customers are generally more rational Customers are large

Choose the factors that are part of the technological environment

Data interchange Bar codes Telecommunications

A brand name is an important use of words, letters, or groups of words or letters because it ____________________ your product from others

Differentiates

When marketers adapt their products by offering less expensive products that are tailored to consumers with modest incomes, they are paying close attention to?

Economic factors

In setting a product's _____________________, a business needs to take into account the costs of producing, distributing, and promoting the product as well as a profit margin

Price

Telephone surveys, online surveys, mail surveys, and personal interviews are the most common form of gathering?

Primary data

When setting price, a company must consider many factors including the costs of?

Production Distribution Promotion

Focusing on the goods that will earn the most _________________ will enable the organization to survive and expand to serve more consumer wants and needs

Profit

All of the techniques sellers use to inform people about and motivate them to buy their products or services is called?

Promotion

Promotion includes?

Public relations Advertising Personal sales

Nonprofits need to use marketing to?

Raise funds to meet their objectives Increase awareness of their causes

What are some of the industries that will benefit from the increase in the over 65 population?

Recreation Nursing homes Prescription drugs

A ________________ group is a group that you look up to in forming your beliefs, attitudes, values, or behaviors

Reference

Marketers must monitor social trends since population growth and changing demographics affect sales and ______________________ with customers

Relationships

If a student majors in marketing, which career options will be available?

Retail store manager Advertising Public relations

The new Mobile/On-Demand Marketing Era uses __________________ technologies

Search

Marketers should gather ______________ data first because it is already available and to avoid incurring unnecessary expenses

Secondary

Select the technological innovations that companies use to develop products and services that match consumers' wants and needs more effectively

Social networking Data bases Blogs

Customers, employees, dealers, shareholders, and others provide some of the research that companies gather. These groups are directly affected by the company are called?

Stakeholders

When one belongs to a specific ethnic group which creates a set of values and attitudes, then that person belongs to a(n)?

Subculture

Testing a product among potential users is?

Test marketing

Education, freedom, and diversity are _________________ of the U.S. culture

Values

With marketing research, marketers analyze markets to determine?

opportunities and challenges

A marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements is _____________________ marketing

relationship

The strategy focused on keeping individual customers over time by offering them products that meet their exact needs is?

relationship marketing

The internet helps buyers in the purchasing process because customers are able to?

search and compare to find the best price

One-to-one marketing focuses on developing a unique mix of goods and services for each _____________________ customer

individual

Consumer orientation is finding out what the consumers _________________ and providing it for them

Want

The segmentation technique that divides the market by the amount of a product used is?

volume segmentation

What are some of the activities involved in marketing?

Advertising Developing the exchange process

A word, letter, or group of words or letters that differentiates one seller's goods and services from those of competitors is called the?

Brand name

A market that consists of all the individuals and organizations that want goods and services to use in producing other goods and services is called the?

Business-to-business market

The key advantage of secondary data is that the cost of collecting the data is __________________ than for primary data

Cheaper

Consumers who make a major purchase may have doubts about whether they got the best product at the best price. This is known as?

Cognitive Dissonance

The internet allows a company to provide customers easy access to?

Communicate with them directly Research information about their products Inform them of product problems

Developing an accurate description of your business idea and asking people if the idea appeals to them is called ________________ testing

Concept

The key objective of the service orientation is the marketing concept is?

customer satisfaction

Why are B2B sales based on personal selling?

1. Customers demand personal service for larger investments 2. Large Purchases cost more and are complex

List the four steps of the marketing research process in order from first to last

1. Defining the question 2. Collecting research data 3. Analyzing the research data 4. Choosing and implementing the best solution

The marketing process requires these steps before developing the marketing mix. Rank the steps that come before the four P's with the first step in the process at the top to the third step at the bottom of the list.

1. Find opportunities 2. Conduct research 3. Identify a target market

List the steps of the consumer decision-making process from the first to the last with the first step on top and the last step on the bottom

1. Problem Recognition. 2. Information search 3. Alternative evaluation 4. Purchase decision 5. Postpurchase evaluation

List the steps of the consumer decision-making process from the first to last with the first step on top and the last step on the bottom

1. Problem recognition 2. Information search 3. Alternative evaluation 4. Purchase decision 5. Postpurchase evaluation

Rank order the different areas of marketing by putting the earliest at the top to the most recent at the bottom

1.) Production 2.) Sales 3.) Marketing Concept 4.) Customer relationship

One of the fastest-growing segments of the U.S. population is people over the age of?

65

Product, price, place, and promotion are the four elements in the?

Marketing Mix

Global, technological, sociocultural, competitive, and economic influences are all factors within the?

Marketing environment

The process of finding small but profitable market segments and designing or finding products for them is called ________________ marketing

Niche

The segmentation technique where the product features appeal to certain groups is?

benefit segmentation

________________ is the set of values, attitudes, and ways of doing things passed from one generation to another in a given society

culture

The process of learning as much as possible about present customers and doing everything you can over time to satisfy them is?

customer relationship management (CRM)

Sociocultural, competitive, technological, global, and economic are the major influences in the marketing?

environment

Identifying the factors in the environment that affect marketing success is the process called?

environmental scanning

Shifts in the U.S. population have created new challenges for marketers as they adjust their products to meet the tastes and preferences of the growing number of?

ethnic groups

Instead of selling your product throughout the United States, you might concentrate on one or two regions. This is an example of which type of segmentation?

geographic

Identify some of the factors used to divide the market in psychographic segmentation

interests attitudes

These people perform many of the activities required to move products efficiently from producers to consumers or industrial buyers and are often wholesalers or retailers?

intermediaries

Mass marketing means that products and promotions are developed in order to please?

large groups of people

When markets gather information on business trends, global trends, and consumer buying patterns they are conducting?

market research

Data that you gather yourself to meet a specific need is called _____________ data

primary

Other secondary data does not provide all the information managers need for decision making, and they must gather ________________ data

primary

A physical good, service, or idea that satisfies a want or need is called a(n)?

product

The belief that companies should produce as much as they can because there is limitless market for products was the philosophy during the?

production era

Marketers must pay attention to the dynamic competitive environment because?

the internet gives consumers information instantly change is occurring more rapidly

Business buyers use which of the following to make decisions?

total product offer rational processes product specifications

Customer orientation is finding what the consumers ________________ and providing it for them

want

________________ provide(s) companies with an opportunity to observe people interacting with one another, expressing their own opinions, forming relationships, and commenting on various goods and services

Online communities

The textbook discusses the study of a specific generation whose values and attitudes it is important to study. The psychographic study of a specific group would include such interests as?

Personalities they like best TV shows they watch

Information that has already been complied by others and published in journals, books, or online is called?

secondary data

The process of dividing total market into groups whose members have similar characteristics is market?

segmentation

When production capacity exceeded the immediate market demand, the business philosophy changed from the production era to the ____________________ era

selling

An important addition to online market research is?

social media

The B2B market includes?

Government Institutions Manufactures

There are relatively few customers in the B2B market because there are just a few construction or mining companies compared to 125 million households in the U.S. ________________ market

Consumer

The investigation of consumer thought processes at each stage in a purchase in order to determine the best way to help the buyer buy is called?

Consumer behavior

The marketing concept is a business philosophy that involves three orientations. From the list below choose the three factors that make up the marketing concept

Customer Service Profit

Select the characteristics of the United States cultural values

Education Diversity Freedom

In the United States, most but not all companies have evolved by passing through the four _________________ of marketing

Eras

People over 65 have become one of the _____________ growing segments of the U.S. population

Fastest

A small group of people who participate in a facilitated discussion about a company or its products is called a(n)?

Focus group

Dividing a market by cities, counties, states, or regions is ________________ segmentation

Geographic

What are the two most common methods of segmenting markets?

Geographic Demographic

Compared to the consumer market, buyers in the B2B market tend to be?

Geographically concentrated

Pick out the influences in the marketing environment

Global Competitive Economic

Pick out the attributes typically used to differentiate consumer groups

Income Age Education

Which of the following criteria are considered examples of demographic segmentation?

Income Age Education

The consumer market is made up of?

Individuals Households

Managers may not understand marketing and/or data collection techniques, so marketers must collect the data, interpret it, and convert it to useful _________________ for managers

Information

One reason that the B2B market is larger than the consumer market is that?

Items are often sold and resold before reaching final consumers

Changes in an individual's behavior resulting from previous experiences and information is?

Learning

Choose the secondary sources of data collection from the list

Magazines Government publications

The activities buyers and sellers perform to facilitate manually satisfying exchanges is?

Marketing

Sociocultural, competitive, economic, global, and technological are all factors influencing?

The marketing environment

B2B markets such as producers tend to be geographically concentrated because?

The resource is found in only a few locations

The key function of an intermediary is to assist with getting the product?

To the customer when and where they want it

States use marketing to attract many groups. Choose the two main groups from the list that states try to attract.

Tourists New Businesses

The ______________ to ___________________ market includes manufactures, intermediaries, hospitals, schools, charities, and the government

business-to-business

A focus group is a group of people who meet under the direction of a discussion leader and?

express their concerns about specific issues Express their opinions about an organization or product

There is a wider variety of careers in _________________ than in most business disciplines

Marketing

A three-part business philosophy that involves a customer, service, and profit orientation is the?

Marketing Concept

The set of values, attitudes, and ways of doing things that differentiates a group as belonging to a certain ethic, racial, or other group is a(n)?

subculture

Selecting which groups or segments an organization can serve profitably is called?

target marketing