Obj. 1.01 Nature of Marketing and Functioning
One reason the selling function is so important is because it involves
Contact with customers
Conducting research to identify products that would satisfy customers
Finding out about the customer
According to the marketing concept, which option demonstrates customer orientation
Finding out what a buyer wants
There are many activities in marketing that are interrelated and similar in purpose. These activities are referred to as marketing
Functions
Tangible objects and materials
Goods
How does the marketing function of selling benefit society?
Helps to increase employment
Overall, what does marketing allow us to do?
Live our daily lives
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Marketing
A philosophy of conducting business that is based on the belief that all business activities should be aimed toward satisfying customer wants and needs while achieving company goals
Marketing Concept
Gathering, accessing, synthesizing, evaluating, and disseminating data for use in making business decisions is the responsibility of
Marketing-information management
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
To be successful, businesses need to set prices that cover costs and
Maximize return
Taking a product for a "test drive"
Offering the products customers want
The form of promotion that determines client needs and wants and responds through planned, personalized communication that influences purchase decisions and enhances future business opportunities
Personal Selling
Which of the following is a method used to communicate with customers:
Personal selling
Which of the following is an activity in the product/service management function:
Phasing out unprofitable products
Determining how to coordinate all of the marketing activities
Planning how to carry out the marketing process
Making both buyers and sellers feel they are getting good value is part of the __________ function of marketing.
Pricing
Which function of marketing determines how much gross profit a business will make on a good or service?
Pricing
Marketing element referring to what goods, services, or ideas a business will offer its customers
Product
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
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
Which marketing function can remind customers of items that they want to purchase?
Promotion
Any nonpersonal presentation of ideas, goods, or services that is not paid for by the company or individual that benefits from or is harmed by it
Publicity
Determining where customers are likely to purchase a certain product
Putting products where they need be
Promotional activities other than advertising, personal selling, and publicity that stimulate customer purchases
Sales Promotion
The marketing function which involves the matching and satisfying of customer wants and needs with available goods or services is
Selling
Intangible activities that are performed by other people for money; productive acts that satisfy economic wants
Services
According to the marketing concept, which option shows company commitment?
Setting aside funds to research what customers want
The general conditions in which people live; quality of life
Standard of living
In an overall sense, where does marketing occur?
Wherever the customers are
The purpose of communicating with customers is to
attract customers' interest
For both the customer and the seller, striking the right pricing balance makes the exchange
beneficial
In the marketing concept, whose point of view matters the most
buyer's
How do marketers get their messages to customers
by communicating with them
Marketing links producers to
customers
An effective marketing-information management function enables marketers to
determine what products customers want
Without marketing, producers and customers would be
disconnected from each other
Marketing is described as creating
exchanges
According to the marketing concept, keeping the company goals in mind means to
maintain the firm's purpose
What provides the basis for all marketing goals and actions?
planning
Communicating information to consumers or clients about products, images, or ideas to achieve a desired outcome is the __________ function.
promotion
Marketing encourages people from different countries to __________ frequently
trade
A product being in great demand is a factor that might encourage businesses to
Adjust prices
Any paid form of nonpersonal presentation of ideas, goods, or services
Advertising
The marketing function that is responsible for the flow of goods or services from the producer to the customer is
Channel Management
Which marketing function involves determining where products will be sold?
Channel Management
Which of the following marketing functions enables businesses to have their products in the right place at the right time:
Channel Management
Of the following, which is a durable good
Coffee mug
Sponsoring a charity event
Communicating with customers
Which of the following is a marketing activity
Communicating with the customers
Which of the following is the most common reason for businesses to search for ways to make their products better and cheaper
Competition
Identifying a price that buyers and sellers both like
Determining how much to charge
Which of the following activities is an aspect of marketing a service:
Determining how much to charge for a haircut