Question: Retailers

Answer: Businesses that sell directly to final customers

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Question: Marketing Concept

Answer: Keeping the needs of the consumer uppermost in mind during the design, production, and distribution of a product

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Question: Sales Oriented

Answer: Emphasizing widespread distribution and promotion to sell products

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Question: Market

Answer: Types of buyers a business wishes to attract and where those buyers are located

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Question: Market Research

Answer: The study of a company's current and prospective customers

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Question: Target Market

Answer: Groups of customers with very similar needs to whom the company plans to sell its product

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Question: Product

Answer: All attributes, both tangible and intangible, that customers receive in exchange for the purchase price

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Question: Marketing Plan

Answer: Detailed written description of all marketing activities that a business must accomplish to sell its products

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Question: Distribution (place)

Answer: Set of activities required to transport and store products and make them available to customers

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Question: Marketing Mix

Answer: Blend of all decisions related to the four elements of marketing-product, price, place, and promotion

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Question: Price

Answer: Amount of money given to acquire a product

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Question: Growth Stage

Answer: Product life cycle stage in which several brands of the new product are available

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Question: Business that buy products from businesses and sell them to other businesses are called:

Answer: wholesalers

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Question: A _____ producer concentrates on making more kinds of products in greater quantities

Answer: production oriented

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Question: The four stages of sales and profit performance through which a product progresses are called the:

Answer: product life cycle

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Question: In the _____ stage, a brand new product enters the market and there is only one brand of the product available for consumers to purchase/

Answer: Introduction

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Question: In the _____ stage, there are many competing brands with very similar features and customers have a hard time identifying differences among brands.

Answer: Growth

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Question: Inexpensive items that consumers purchase regularly without a great deal of thought are called:

Answer: Convenience goods

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Question: Providing money for various marketing activities, such as obtaining credit when buying and extending credit when selling, is called:

Answer: financing

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Question: Marketing activities when performed well, help to match production and consumption

Answer: true

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Question: Marketing is defined as the transportation of products from producer to consumer

Answer: false

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Question: The goal of effective marketing is to create and maintain satisfying exchange relationships

Answer: true

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Question: Retailers are businesses that sell to other businesses

Answer: false

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Question: Marketing jobs exist in firms that do not have marketing as the primary focus of the business

Answer: true

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Question: One of the most important marketing activities is production

Answer: false

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Question: The average cost of marketing is approx. 25 cents of every dollar consumers spend

Answer: false

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Question: Businesses that emphasize distribution and promotion in order to sell the products produced are said to be sales oriented

Answer: false

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Question: A company that adopts the marketing concept will use other firms that specialize in marketing to compose the major marketing activities

Answer: false

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Question: For cost reasons, it is usually unwise to attempt to reach all customers for a product

Answer: true

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Question: Finding the best marketing locations enables a business to operate more efficiently

Answer: true

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Question: Target market are groups of customers with very similar needs to whom a company can sell their product

Answer: true

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Question: The blending of all decisions that relate to the four elements of marketing is called marketing research

Answer: false

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Question: The marketing elements include product, place, price, and advertising

Answer: false

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Question: Two major methods of promotion are advertising and personal selling

Answer: true

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Question: Pricing is the easiest of the marketing decisions because it involves only setting a price the customers will pay for the product

Answer: false

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Question: Order processing is part of a distribution element of the marketing mix

Answer: true

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Question: One purpose of a marketing plan is to help coordinate marketing activities

Answer: true

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Question: The concept of a product life cycle implies that successful products move through rather predictable stages

Answer: true

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Question: Consumer goods are products used by other businesses in the production for consumers

Answer: false

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