Introduction to Business
What are some of the methods of collection for primary data?
Customer comments Observation Focus groups
B2B marketing is different from consumer marketing because B2B?
Customers are generally more rational Customers are large
Choose the factors that are part of the technological environment
Data interchange Bar codes Telecommunications
A brand name is an important use of words, letters, or groups of words or letters because it ____________________ your product from others
Differentiates
When marketers adapt their products by offering less expensive products that are tailored to consumers with modest incomes, they are paying close attention to?
Economic factors
In setting a product's _____________________, a business needs to take into account the costs of producing, distributing, and promoting the product as well as a profit margin
Price
Telephone surveys, online surveys, mail surveys, and personal interviews are the most common form of gathering?
Primary data
When setting price, a company must consider many factors including the costs of?
Production Distribution Promotion
Focusing on the goods that will earn the most _________________ will enable the organization to survive and expand to serve more consumer wants and needs
Profit
All of the techniques sellers use to inform people about and motivate them to buy their products or services is called?
Promotion
Promotion includes?
Public relations Advertising Personal sales
Nonprofits need to use marketing to?
Raise funds to meet their objectives Increase awareness of their causes
What are some of the industries that will benefit from the increase in the over 65 population?
Recreation Nursing homes Prescription drugs
A ________________ group is a group that you look up to in forming your beliefs, attitudes, values, or behaviors
Reference
Marketers must monitor social trends since population growth and changing demographics affect sales and ______________________ with customers
Relationships
If a student majors in marketing, which career options will be available?
Retail store manager Advertising Public relations
The new Mobile/On-Demand Marketing Era uses __________________ technologies
Search
Marketers should gather ______________ data first because it is already available and to avoid incurring unnecessary expenses
Secondary
Select the technological innovations that companies use to develop products and services that match consumers' wants and needs more effectively
Social networking Data bases Blogs
Customers, employees, dealers, shareholders, and others provide some of the research that companies gather. These groups are directly affected by the company are called?
Stakeholders
When one belongs to a specific ethnic group which creates a set of values and attitudes, then that person belongs to a(n)?
Subculture
Testing a product among potential users is?
Test marketing
Education, freedom, and diversity are _________________ of the U.S. culture
Values
With marketing research, marketers analyze markets to determine?
opportunities and challenges
A marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements is _____________________ marketing
relationship
The strategy focused on keeping individual customers over time by offering them products that meet their exact needs is?
relationship marketing
The internet helps buyers in the purchasing process because customers are able to?
search and compare to find the best price
One-to-one marketing focuses on developing a unique mix of goods and services for each _____________________ customer
individual
Consumer orientation is finding out what the consumers _________________ and providing it for them
Want
The segmentation technique that divides the market by the amount of a product used is?
volume segmentation
What are some of the activities involved in marketing?
Advertising Developing the exchange process
A word, letter, or group of words or letters that differentiates one seller's goods and services from those of competitors is called the?
Brand name
A market that consists of all the individuals and organizations that want goods and services to use in producing other goods and services is called the?
Business-to-business market
The key advantage of secondary data is that the cost of collecting the data is __________________ than for primary data
Cheaper
Consumers who make a major purchase may have doubts about whether they got the best product at the best price. This is known as?
Cognitive Dissonance
The internet allows a company to provide customers easy access to?
Communicate with them directly Research information about their products Inform them of product problems
Developing an accurate description of your business idea and asking people if the idea appeals to them is called ________________ testing
Concept
The key objective of the service orientation is the marketing concept is?
customer satisfaction
Why are B2B sales based on personal selling?
1. Customers demand personal service for larger investments 2. Large Purchases cost more and are complex
List the four steps of the marketing research process in order from first to last
1. Defining the question 2. Collecting research data 3. Analyzing the research data 4. Choosing and implementing the best solution
The marketing process requires these steps before developing the marketing mix. Rank the steps that come before the four P's with the first step in the process at the top to the third step at the bottom of the list.
1. Find opportunities 2. Conduct research 3. Identify a target market
List the steps of the consumer decision-making process from the first to the last with the first step on top and the last step on the bottom
1. Problem Recognition. 2. Information search 3. Alternative evaluation 4. Purchase decision 5. Postpurchase evaluation
List the steps of the consumer decision-making process from the first to last with the first step on top and the last step on the bottom
1. Problem recognition 2. Information search 3. Alternative evaluation 4. Purchase decision 5. Postpurchase evaluation
Rank order the different areas of marketing by putting the earliest at the top to the most recent at the bottom
1.) Production 2.) Sales 3.) Marketing Concept 4.) Customer relationship
One of the fastest-growing segments of the U.S. population is people over the age of?
65
Product, price, place, and promotion are the four elements in the?
Marketing Mix
Global, technological, sociocultural, competitive, and economic influences are all factors within the?
Marketing environment
The process of finding small but profitable market segments and designing or finding products for them is called ________________ marketing
Niche
The segmentation technique where the product features appeal to certain groups is?
benefit segmentation
________________ is the set of values, attitudes, and ways of doing things passed from one generation to another in a given society
culture
The process of learning as much as possible about present customers and doing everything you can over time to satisfy them is?
customer relationship management (CRM)
Sociocultural, competitive, technological, global, and economic are the major influences in the marketing?
environment
Identifying the factors in the environment that affect marketing success is the process called?
environmental scanning
Shifts in the U.S. population have created new challenges for marketers as they adjust their products to meet the tastes and preferences of the growing number of?
ethnic groups
Instead of selling your product throughout the United States, you might concentrate on one or two regions. This is an example of which type of segmentation?
geographic
Identify some of the factors used to divide the market in psychographic segmentation
interests attitudes
These people perform many of the activities required to move products efficiently from producers to consumers or industrial buyers and are often wholesalers or retailers?
intermediaries
Mass marketing means that products and promotions are developed in order to please?
large groups of people
When markets gather information on business trends, global trends, and consumer buying patterns they are conducting?
market research
Data that you gather yourself to meet a specific need is called _____________ data
primary
Other secondary data does not provide all the information managers need for decision making, and they must gather ________________ data
primary
A physical good, service, or idea that satisfies a want or need is called a(n)?
product
The belief that companies should produce as much as they can because there is limitless market for products was the philosophy during the?
production era
Marketers must pay attention to the dynamic competitive environment because?
the internet gives consumers information instantly change is occurring more rapidly
Business buyers use which of the following to make decisions?
total product offer rational processes product specifications
Customer orientation is finding what the consumers ________________ and providing it for them
want
________________ provide(s) companies with an opportunity to observe people interacting with one another, expressing their own opinions, forming relationships, and commenting on various goods and services
Online communities
The textbook discusses the study of a specific generation whose values and attitudes it is important to study. The psychographic study of a specific group would include such interests as?
Personalities they like best TV shows they watch
Information that has already been complied by others and published in journals, books, or online is called?
secondary data
The process of dividing total market into groups whose members have similar characteristics is market?
segmentation
When production capacity exceeded the immediate market demand, the business philosophy changed from the production era to the ____________________ era
selling
An important addition to online market research is?
social media
The B2B market includes?
Government Institutions Manufactures
There are relatively few customers in the B2B market because there are just a few construction or mining companies compared to 125 million households in the U.S. ________________ market
Consumer
The investigation of consumer thought processes at each stage in a purchase in order to determine the best way to help the buyer buy is called?
Consumer behavior
The marketing concept is a business philosophy that involves three orientations. From the list below choose the three factors that make up the marketing concept
Customer Service Profit
Select the characteristics of the United States cultural values
Education Diversity Freedom
In the United States, most but not all companies have evolved by passing through the four _________________ of marketing
Eras
People over 65 have become one of the _____________ growing segments of the U.S. population
Fastest
A small group of people who participate in a facilitated discussion about a company or its products is called a(n)?
Focus group
Dividing a market by cities, counties, states, or regions is ________________ segmentation
Geographic
What are the two most common methods of segmenting markets?
Geographic Demographic
Compared to the consumer market, buyers in the B2B market tend to be?
Geographically concentrated
Pick out the influences in the marketing environment
Global Competitive Economic
Pick out the attributes typically used to differentiate consumer groups
Income Age Education
Which of the following criteria are considered examples of demographic segmentation?
Income Age Education
The consumer market is made up of?
Individuals Households
Managers may not understand marketing and/or data collection techniques, so marketers must collect the data, interpret it, and convert it to useful _________________ for managers
Information
One reason that the B2B market is larger than the consumer market is that?
Items are often sold and resold before reaching final consumers
Changes in an individual's behavior resulting from previous experiences and information is?
Learning
Choose the secondary sources of data collection from the list
Magazines Government publications
The activities buyers and sellers perform to facilitate manually satisfying exchanges is?
Marketing
Sociocultural, competitive, economic, global, and technological are all factors influencing?
The marketing environment
B2B markets such as producers tend to be geographically concentrated because?
The resource is found in only a few locations
The key function of an intermediary is to assist with getting the product?
To the customer when and where they want it
States use marketing to attract many groups. Choose the two main groups from the list that states try to attract.
Tourists New Businesses
The ______________ to ___________________ market includes manufactures, intermediaries, hospitals, schools, charities, and the government
business-to-business
A focus group is a group of people who meet under the direction of a discussion leader and?
express their concerns about specific issues Express their opinions about an organization or product
There is a wider variety of careers in _________________ than in most business disciplines
Marketing
A three-part business philosophy that involves a customer, service, and profit orientation is the?
Marketing Concept
The set of values, attitudes, and ways of doing things that differentiates a group as belonging to a certain ethic, racial, or other group is a(n)?
subculture
Selecting which groups or segments an organization can serve profitably is called?
target marketing
