Principles of marketing

What do suppliers do?

They deliver the products to the market.

When consumers agree with the environmental stance a company takes, they are demonstrating _[blank]_. Which answer best fills in the blank to complete the sentence?

consumer acceptance

When Jarrod is deciding which shoe company to buy from, what concept is he demonstrating?

consumer choice

The decisions that people make about what and why to buy are called what?

consumer choices

What defends people from unfair business practices?

consumer protection

What is the set of laws designed to shield people from unfair business and trade practices?

consumer protection

When marketing around the world, the message a business sends should match the _[blank]_ environment of the target consumers. Which answer best fills in the blank to complete the sentence?

cultural

When looking at opportunities in the international market, a company needs to understand the _[blank]_. Which answer best fills in the blank to complete the sentence?

cultural environment

Read the sentence. When smartphones became popular, basic cell phones without Internet capabilities entered the _[blank]_ stage of their product life cycle. Which option best completes the sentence?

decline

What refers to the degree to which demand for a product is affected by a change in price?

demand elasticity

Where should a movie company advertise its new action film?

during another action movie

Which is an activity that relates to the buying and selling of goods over the Internet?

e-commerce

Which are examples of market trends?

e-commerce smartwatches electric vehicles

What concept of pricing is based on location?

geographic

Labor resources include which of these?

hours that employees work

Amber enjoys spending her time with friends at musicals and plays. These friends and her time spent at the theater make up her what?

social environment

When marketing to people, businesses consider the groups and connections they are part of. What is this called?

social environment

What are the two main components of the pricing function?

supply and demand

What is the complex interaction between how much of a good consumers want and how much of the good is available for consumers to purchase?

supply and demand

What is a regulatory challenge businesses face?

technology rules

Which are key components of a marketing strategy? Select all that apply.

the 4 P's the marketing mix

Which options are benefits of e-commerce? Select all that apply.

the ability to offer customers real-time service and support the ability to make profits without having a physical location

What is demand elasticity?

the degree to which demand for a good or service varies with its price

What will cause a consumer to pay more for a product that is scarce?

the importance of the product to the consumer

What is business risk?

the possibility of a business losing money or failing due to various factors

What is reputational risk?

the possibility of a business loss due to receiving bad publicity

What is strategic risk?

the possibility of a business loss due to taking a plan of action

What is operational risk?

the possibility of a business loss from internal failures or external events

What is supply and demand?

the relationship between how much of a good consumers want and how much of the good is available for purchase

What is the definition of a product life cycle?

the stages a product goes through during its "lifetime"

What economic utility is concerned with having products available when consumers want them?

time

Which economic utility is based on goods being available when consumers are ready to purchase them?

time

Why might a company decide to lower the price of a product?

to increase consumer demand for the product

What is the main incentive for a business in a market economy?

to make a profit

Why might a company consider using solar power for its manufacturing plant, though it might cost them more?

to meet the cultural environment of its target consumers

What is the main purpose of an incentive?

to motivate a person or group of people

Why do economic systems exist?

to provide for the wants and needs of people

What is a current movement toward or away from a style or interest?

trend

What is a key factor in targeting the consumer market?

understanding what consumers want

Which options are examples of business trends?

using live streaming videos utilizing e-commerce donating to the community

Match each product life cycle stage with the correct description. 1. Introduction 2. Growth 3. Maturity 4. Decline

1. A product is released to the market. 2. A product experiences success. 3. A product's sales begin to fall. 4. A product is discontinued.

Match each term with its correct definition. 1. Market Trend 2. e-commerce 3. business model

1. a current movement toward a style or interest 2. trade conducted through digital contact of sellers and customers 3. how and where a business operates in the pursuit of making a profit

Match each key term with its correct definition. 1. tax incentive 2. consumer protection 3. innovation 4. competition 5. antitrust laws

1. a government practice that encourages businesses and consumers to spend or save money 2. statutes that protect the public from unfair business practices 3. activities that lead to development and production of better goods for consumers 4. component of capitalism in which producers vie for consumer business 5. statutes that ensure fair business competition

Match each key term with its correct definition. 1. Rebate 2. Coupon 3. Product Sample

1. a return of part of the original payment for a good or service 2. a voucher allowing for a discount of a particular good or service 3. something given to consumers to stimulate sales

Match each key term with the correct definition. 1. price-fixing 2. marketing costs

1. an agreement between sellers to sustain prices at a certain level 2. expenses associated with getting goods and services to consumers

Match the business cycle phase with its correct definition. 1. expansion 2. peak 3. contradiction 4. rough

1. the phase of the business cycle that shows growth and recovery from recession 2. the highest point of prosperity in a business cycle before a downturn begins again​ 3. the phase of the business cycle that reflects a decline in the overall economy 4. the lowest point in a business cycle before the market begins to recover again

What can you do in advance to directly benefit your marketing career plan?

Acquire new skills.

What is the relationship between price and demand?

As price goes down, demand goes up.

A new company just developed its logo and is starting to build its brand. How will branding help this new company effectively reach its customers? Select all that apply.

Branding creates a connection to consumers. Branding focuses on the target market. Branding increases credibility.

You decide to start a new e-commerce company. You will need to raise money to get it off the ground. What type of resource are you seeking to help get your business started?

Capital

What type of sales promotion intentionally reduces a product's original selling price to increase its sales?

Discount

Which answer demonstrates a consumer choice?

Dwayne bought a used jacket in a thrift store because a new jacket in the desired brand cost too much at the mall.

Which economic utility is the value a consumer places on a specific product based on wants and needs?

Form

What is produced and traded for, including agricultural products and manufactured items?

Goods

When evaluating what to sell as a business, there are two types of products to offer: services and what else?

Goods

Read the scenario. Ryan designed a product that keeps his lunch warm. His new product is being manufactured, people are hearing about this product, and sales are rapidly increasing. Ryan's product is in the _[blank]_ stage of its product life cycle. Which option best completes the sentence?

Growth

A farmer grows crops and harvests them by hand to feed family members. Which economic resources are primarily being used? Select two that apply.

Human Natural

What do market and traditional economic systems have in common?

In both economies, people can trade whatever they choose.

What trend did Jeff Bezos identify that sparked the development of Amazon?

Internet usage

What question do people always ask themselves before they purchase a product that has become scarce?

Is the rising cost worth the purchase?

Why is profit important for businesses?

It allows them to continue selling products.

How does the effective communication and design of an advertisement best contribute to a successful marketing campaign?

It helps customers to connect with the product and find it appealing.

What is one benefit of radio advertising?

It is cheaper than television advertising.

What is one benefit of television advertising?

It is easy to reach a wide customer base.

What is one benefit of print newspaper advertising?

It provides one of the least expensive options among advertising mediums.

Suppose many consumers own a specific product sold by a particular company. There are lots of competitive, similar models of the product on the market. Sales are beginning to drop.What stage of the product life cycle is this product in?

Maturity

Why might a business choose to run print newspaper ads?

Newspaper ads cost less than other media.

Why did Nike choose the name for its brand?

Nike is the name for the Greek goddess of victory.

What is one benefit of online advertising?

Online ads are easy to personalize.

The first of the 4 P's in the marketing mix is product, which includes three steps involved in creating a product. What is the second step in the product creation process?

Product development

How is publicity different from public relations?

Publicity is attention a business gets through any unpaid form of media. Public relations is the creation and maintenance of a good relationship between a business and a community through paid or unpaid communications, often through the media.

UNITS 1-2

REVIEW

UNITS 3-4

REVIEW

What is the income generated by the sale of goods or services?

Revenue

What is the condition of having an inadequate supply for the demand?

Scarcity

What is a benefit of advertising on television?

TV ads actively engage multiple senses.

Catalogs are still good for advertising. Is the previous statement true or false?

True

What is a possible benefit of working in different disciplines within the marketing industry?

Working in different disciplines can expand one's skill set.

Which are good strategies to implement when career planning? Select all that apply.

You can email companies, schools, and professionals to ask questions and seek advice about the career path you have chosen. You can call companies and schools to request information about position requirements and educational programs. You can conduct Internet research and then map out the steps needed to reach your career goals.

How does maintaining a good reputation benefit you in your career path?

Your boss trusts you with important roles.

What educational credential is necessary for working in marketing?

a bachelor's degree

Which option is a type of advertisement?

a radio commercial

When you have your career path all mapped out, how should you view a serious obstacle?

as a challenge that you can make a plan to overcome

Which are types of advertisements?

billboards Internet banners TV commercials

What type of pricing provides promotional benefits to the consumer and the company?

bundle pricing

How was Nike able to reach its target market?

by advertising to people interested in athletics

How did Nike creatively market its brand?

by using winning athletes in ads to form an emotional connection with consumers

What do special marketing teams evaluate during an advertising campaign?

consumer awareness and sales

Which is a job responsibility carried out by advertising account managers?

creating marketing plans

Which best defines consumer choice?

decisions that consumers make when buying products

What has an opposite relationship with price?

demand

A company decides to better manage the communication between the business and its community. What new position should the company look to fill?

director of public relations

Your career plan should be written according to your personal interests. What else does a thoughtful and detailed career plan include? Select all that apply.

educational and training pathways a series of achievable goals related to your career

What type of utility deals with the physical aspects of a product and the value it will provide consumers?

form

What benefit does membership in a professional marketing association or organization offer?

guidance from experienced marketing professionals

Which elements are essential to help you successfully meet the goals on your career path? Select all that apply.

knowledge aptitude skills

What term is most similar to incentive?

motivation

Which concept describes price changes?

peaks and troughs

Which of these factors provides the strongest motivation for success in a particular marketing field?

personal interest in the discipline

Which option is included in the marketing mix?

place

Which type of economic utility makes products readily available and convenient to purchase?

place utility

Which are economic utilities used in advertising? Select all that apply.

possession time

What type of advertisement appears in newspapers and magazines?

print media advertising

Which options are economic challenges? Select all that apply.

recession contraction

What is a result of tax incentives?

reduced taxes for businesses

What can slow down innovations made by businesses?

regulation

What is one measure a company uses to evaluate the effectiveness of its marketing campaign?

sales

Which character traits will benefit your career path? Select all that apply.

sense of responsibility respect for others trustworthiness

How can governmental regulations affect how much businesses pay employees?

setting minimum wages

What is the process called when an employer evaluates a potential candidate by checking online sites for the applicant's posts and photos?

social media screening

Which are key components of a marketing strategy? Select all that apply.

the marketing mix the 4 P's

What economic utility refers to having products available when people are most likely to have a need for them?

time

Which are some ways in which you can use the Internet to benefit your marketing career plan? Select all that apply.

to track the appearance of new trends to keep up with current industry news

A store is promoting certain products. Where should it place these promotional items?

wherever the items will have maximum exposure and be readily available to customers

What is a likely outcome as scarcity increases?

Consumers will pay higher prices for the product.

Which option has the closest meaning to the word innovate?

Create

A company in the food industry had an idea for a new type of snack. It performed research and development work, designed packaging, and launched a marketing campaign. Last week, the company released the new snack to the market. Which is the product life cycle stage of this new snack?

Introduction

Read the sentence. A typical marketing trend is to launch a substantial marketing campaign during the _[blank]_ stage of a product's life cycle. Which option best completes the sentence?

Introduction

What is an advertisement?

an announcement promoting a product or service

What effect can the government have on an industry by deregulating it?

an increase in innovation and competition

What is the relationship between price and supply?

as supply goes up, price goes up as supply goes down, price goes down

Money and assets are examples of which type of resources?

capital

Which is a type of resource?

capital

In what type of economy does the government control what products are made and provided to consumers?

command

What pricing factor is considered when store brands price against name brands?

competition

What is an important factor in marketing that shows how well consumers agree with a company or like a product?

consumer acceptance

What is the approval or favorable attitude of the public toward a company or product

consumer acceptance

What occurs when consumers purchase the product despite changes in price?

consumer acceptance

When a consumer approves of a business and purchases products from it, what is the consumer demonstrating?

consumer acceptance

Match each economic resource with its correct example. 1. Entrepreneurship 2. Capital 3. Human 4. Natural

1. Idea and risk taking 2. Equipment and funds 3. Labor and skills 4. Water and Land

Match each key term with the correct definition. 1. Profit 2. incentive

1. the amount of money made, after subtracting costs from earnings 2. a reward, such as money, that encourages someone to act in a certain way

Match each key term with the correct definition. 1. Scarcity 2. Goods 3. Supplier 4. consumer choice

1. the condition of having an inadequate supply for the demand of a particular good or service 2. anything produced and traded for, including agricultural products and manufactured items 3. a person, group, or company that provides something others use, such as products or equipment 4. the decisions that people make about what to buy, including the reasons behind those decisions

Which option best describes an economic resource?

A teacher conducting classes in a high school is an example of a human economic resource.

Who provides the products for the market?

Suppliers

A company just developed a new pair of shoes for track athletes. Understanding the social environment of their target market, the company markets in _[blank]_. Which answer best fills in the blank to complete the sentence?

TV ads during track competitions

When is it a good time to lower prices?

When there is a desire to drive demand

Which is a good?

a container of nuts

What is something tangible that people find useful and want to acquire?

a good

What is an economic system?

a structured process of providing for the wants and needs of people within a society

What is a service?

a valuable effort that fulfills a demand

What is an announcement that promotes a product?

advertisement

After desktop computers were first released, they became quite popular. Many different models were created, and most homes had one. Eventually, laptops—computers that could go anywhere—were created. As a result, sales of desktop computers fell drastically. Which stages of the product life cycle have desktop computers gone through?

introduction, growth, maturity, and decline

Which scenario demonstrates scarcity?

not having enough fruit for everyone who wants some

A company wants to market a new baby toy it has for sale. It decides to put ads in _[blank]_. Which answer best fills in the blank to complete the sentence?

parenting magazines

In addition to product, which options are part of the 4 P's of the marketing mix? Select all that apply.

price place promotion

What is one of the biggest factors in pricing?

product competition

The first of the 4 P's in the marketing mix is product, which includes three steps involved in creating a product. What is the second step in the product creation process?

product development

Every product goes through stages during its "lifetime." What is this called?

product life cycle