MK-001 Learning Guide
Businesses need to set prices that cover costs and include a __________.
Businesses need to set prices that cover costs and include a profit.
List the three groups that benefit from selling.
Businesses, customers, and society benefit from selling.
What function helps businesses decide on the products to produce or sell?
Product/Service Management helps businesses to decide on which products to produce or sell.
Determines product packaging
Product/Service management
Involves developing a product or service mix in response to market opportunities.
Product/Service management
Monitors products throughout their life cycle
Product/Service management
Can involve advertising and publicity
Promotion
Informs, persuades, or reminds customers about a business and/or its products
Promotion
What function might a business use to help create a certain image?
Promotion can be used for a business to help create a certain image.
Actually provides customers with the product they want
Selling
Determines client needs and wants and responds through planned, personalized communication that influences purchase decisions and enhances future business opportunities
Selling
Requires matching customer wants and needs with products that are available for sale
Selling
What is the goal of marketing for most businesses?
The goal of marketing for most businesses is to attract their target customers.
Determines prices to maximize return and meet customers' perceptions of value
Pricing
Sets the amount to charge a customer
Pricing
Changes in the market often cause businesses to adjust __________.
Changes in the market often cause businesses to adjust prices.
Identifies, selects, monitors, and evaluates sales channels
Channel Management
What function gets products from producers to customers?
Channel Management gets products from producers to customers.
Determines which channel members are responsible for promoting products
Channel management
Interrelated activities that must work together to get goods and services from producers to customers are __________.
Interrelated activities that must work together to get goods and services from producers to customers are the marketing functions.
How does market planning help businesses avoid wasting time and money?
Market Planning guides decision making and keeps campaigns organized with missions and objectives to avoid the waste of time and money.
Determining activities, goals, and procedures necessary to carry out strategies to attract the target customer
Market planning
Includes creating a marketing budget
Market planning
What function helps businesses to make informed decisions rather than guessing?
Marketing-Information Management helps businesses make informed decisions.
Gathers, accesses, synthesizes, evaluates, and disseminates information
Marketing-information management
Helps a business find out who its customers are
Marketing-information management
Helps businesses determine what products their customers want
Marketing-information management
Can involve making price adjustments
Pricing
The promotion function helps to create or increase __________ for a product.
The promotion function helps to create or increase demand for a product.
