Introduction to Marketing

In today's market environment, you might pay $16 for a vinyl LP record by your favorite musical artist. Approximately how much of that price goes to activities related to marketing (promotion, distribution, profit margins)?

$8.00

United airlines introduced a new "basic economy" seat category to better compete with discount airlines like SouthWest and Spirit. Which of the following aspects of the marketing mix is United likely altering?

Price

Target's tagline "Expect More, Pay Less" emphasizes which marketing mix variable

Pricing

The element of the marketing mix used to increase awareness of a product or company is

Promotion

According to Boston Consulting Group, which of the following has a small share of a growing market and usually requires a large amount of cash to build market share?

Question Marks

___ strategy determines the means for utilizing resources in the functional areas of marketing, production, finance, research and development, and human resources to acheive the organizations goals

Corporate

Analyzing demographic information, customer needs, preferences, and behaviors with repsect to product design, pricing, distribution, and promotion is which of the following parts of strategic planning?

Developing marketing objectives and marketing strategies

When the right combination of circumstances occurs at the right time to allow an organization to take action toward a target market, the firm is faced with a

Market Opportunity

Herbal Organics used actor and NFL player Sweet Dave Brown to act as its spokesperson. It went viral online. Sales increased substantially from the previous year. What type of competitive growth strategy did Herbal Organics use?

Market penetration

Recent years have seen the introduction of Uber and Lyft. In many cities, the two services undercut traditional taxi fares, leading to phenomenal growth. Uber and Lyft are best described as the

Sharing economy economic model

A company's customers, employees, shareholders, suppliers, governments, communities, and competitors comprise its

Stakeholders

An analysis of ____ examines internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets

Strengths and weaknesses

Because of its history of innovation and well-known brand name, Sony has a _____ advantage over Vizio

Sustainable competitive

To be truly useful for sales analyses, marketers must compare current sales data with forecasted sales, industry sales, specific competitors sales, and

The costs incurred from marketing efforts to acheive the sales volume

Which one of the following statements by a company president best relfects the marketing concept?

We have organized our business to make certain that customers get what they want