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