MM51 BM

Which of the following factors is most important for marketers to consider when planning Promotions

Costs

What might happen if a business's customers feel that they are not getting the most value for their money?

Customers spend money elsewhere.

How does the marketing function of selling benefit society?

Helps to increase employment

What does continuously monitoring internal marketing information enable businesses to Do?

Identify problems

Which marketing career field involves determining why customers do what they do?

Marketing Research

Identify the marketing function in the following situation, while shopping at the mall, Susan is asked her opinion of different brands of shampoo

Marketing-information management

What marketing function is concerned with obtaining information about the preferences, opinions, habits, trends, and plans of current and potential customers?

Marketing-information management

Which of the following is an activity in the product/service management function

Phasing out unprofitable products

Which function of marketing determines how much gross profit a business will make on a good or service?

Pricing

Identify the term that best represents marketing's role in society

Problem solver

Dennis has a great idea for a new type of tennis ball that, if produced, would be better than any ball currently on the market. He pitches his idea to a few investors. Which of the four Ps should these investors consider first?

Product

Dennis has a great idea for a new type of tennis ball that, if produced,would be better than any ball currently on the market. He pitches his idea to a few investors. Which of the four Ps should these investors consider first?

Product

Manny has a new idea for a new mop that would decrease the time in cleaning tiledfloors. He thinks this product would be better than any mop currently on the market. Which of the four Ps should these investors consider first?

Product

Paul's plant food is losing its popularity among his customer base. Which marketing function would come up with the improved product?

Product or service management

In what marketing activity do businesses engage to meet the wants and needs of Consumers?

Product/Service management

Which marketing function involves creating the correct product mix for a business?

Product/Service management

Which marketing function can remind customers of items that they want to purchase?

Promotion

Which market segment represents customers who prefer a variety of reasonably priced recreational activities?

Psychographic

Which of the following is a type of internal marketing information

Sales reports

According to the marketing concept, which option shows company commitment?

Setting aside funds to research what customers want

Which of the following is a consideration in the price element of marketing

Should the business offer discounts?

Dairy King Restaurant allows customers the opportunity to enter drawings in order to win a birthday cake. Customers register by providing their contact information on a card. What does entering the drawings represent?

Tactic

To promote its new 2021 menu, Moe's Magnificent Meatballs take-out restaurant plans to e-mail a $5.00-off coupon to its regular customers next Tuesday. The coupon will be valid from January 15 through March 30. What does use of the coupon represent?

Tactic

To promote its summer menu, Danielle's Diner plans to e-mail a $5.00-offcoupon to its regular customers next Tuesday. The coupon will be valid from June 1 through June 15. What does use of the coupon represent?

Tactic

XYZ Company is interested in developing, producing, and selling a new product. Before it does so, the company spends six months conducting marketing research. What are the primary advantages of this course of action?

To determine customer preferences and minimize losses

What is one way that businesses use marketing information?

To develop new products

Why do businesses need to obtain marketing information?

To learn about customers

Can prices be set too low?

Yes; customers may feel quality is too low.

A product being in great demand is a factor that might encourage businesses to

adjust prices.

Which of the following is part of the promotional element of marketing

advertising

To buy a product, customers in a market must first

be willing to buy the product.

The owner of a business is meeting with the company's managers and supervisors to set objectives for the next year. This group is developing the company's

business goals.

The marketing function that is responsible for the flow of goods or services from the producer to the customer is

channel management.

One reason the selling function is so important is because it involves

contact with customers.

The marketing concept emphasizes the importance of a __________-oriented way of doing business

customer

Sorting customers by their physical and social characteristics is called _________ Segmentation

demographic

An effective marketing-information management function enables marketers to

determine what products customers want.

When using mass marketing, marketers seek to appeal to the

entire market.

To set prices, businesses must price the physical product and all of its associated

features.

There are many activities in marketing that are interrelated and similar in purpose. These activities are referred to as marketing

functions

North Face is launching a new Denali jacket and will be sending a catalog to all households in the 12958 area code. This apparel company is segmenting the market based on _____________________________________ segmentation

geographic

A target market can be described as the

group of customers the business seeks to attract.

A marketer who changes the product element in the marketing mix should re-evaluate the other marketing elements because the elements are

interrelated

The customer characteristic that reflects where customers fit in the day-to-day buying routine is known as

life stage.

Geographic segmentation is dividing a market by where customers are

lifestyle habits.

Geographic segmentation is dividing a market by where customers are

living

All potential customers who share common needs are known as a___________________________

market

A group of unique individuals that share common characteristics are known as a ___________________________.

market segment

A business's pricing objectives should be compatible with its ______________.

marketing objectives

Gathering, accessing, synthesizing, evaluating, and disseminating data for use in making business decisions is the responsibility of

marketing-information management.

Promotions that educate customers are especially important for __________ products

new

The most immediate impact of the marketing function is its relation to

offering a variety of goods and services.

Sellers must carefully set prices so that buyers feel they are receiving __________ value for their money

optimum

What is a consideration for the product element of marketing?

packaging

A promotion is considered to be successful if prospective customers are __________ to buy the product

persuaded

One of the advantages of obtaining and using marketing information is that it helps business managers to

predict and control risks.

Making both buyers and sellers feel they are getting good value is part of the __________ function of marketing

pricing

Marketing can best be thought of as a(n)

process

The general role of marketing in our private enterprise system is to coordinate

production and pricing.

Communicating information to consumers or clients about products, images, or ideas to achieve a desired outcome is the __________ function

promotion

Identify the marketing function illustrated in the following situation. Martha wants a winter coat and sees a style she likes in a magazine advertisement

promotion

Some of the major functions of marketing are

selling, pricing, promotion, and channel management.

Marketers divide their markets by grouping customers according to their

similarities.

Market segmentation is about dividing the market into __________ groups.

specific

One of the ways in which marketing benefits people is by improving their

standard of living.

A business plans to reduce shoplifting by 10% this year by installing electronic security cameras at key locations. Installing the cameras would be classified as a(n)

tactic

The same person can be included in more than one

target market.

Designing an effective marketing strategy is important

to the success of the business

A group of people who all enjoy watching Panthers Football would be considered a market that is segmented on the basis of ______________________ characteristics

psychographic

Changes that occur in the marketplace may cause an established business to __________ its marketing strategies.

redesign

When the total market is divided, one of its groups is called a market

segment.

The marketing function which involves the matching and satisfying of customer wants and needs with available goods or services is

selling

What is the overall reason that marketing strategies are designed and implemented?

Achieving planned goals

Which is the overall reason that marketing strategies are designed and implemented?

Achieving planned goals

Which of the following marketing functions enables businesses to have their products in the right place at the right time

Channel Management

Which marketing function involves determining where products will be sold?

Channel management

Which of the following is a consideration in the place element of marketing

Choosing distribution channels

Which of the following is a type of external marketing information that helps businesses make decisions

Demographic trends