Intro to Business

_____________ focuses on using information about the customer to create marketing strategies that develop and sustain desirable customer relationships.
Customer relationship management
A pair of shoes is given ________________ when it is shipped from a factory to a department store.
Place Utility
A business philosophy that a firm should provide goods and services that satisfy customers' needs through a coordinated set of activities that allow the firm to achieve its objectives is most often called the _____________
Marketing Concept
By Abram's Company buying products to use in the manufacture of other products, it has demonstrated that it is part of the ______________.
Producer Market
Centrum Silver is a multiple vitamin marketed to individuals over fifty years old. The company divides its market into Centrum Silver for women 50+ and Centrum Silver for Men 50+. The organization is using a ________________ approach to market these products.
concentrated market segmentation
When considering the external marketing environment, organizations must consider _________________, which is the actions of competitors who are in the process of implementing their own marketing plans.
Competitive forces
The purpose of a _________________ is to establish a unified vision for an organization and to communicate this vision among the firm's employees.
Marketing Plan
Managers rely on __________________ to purchase raw materials, schedule production, secure financial resources, consider plant or equipment purchases, plan inventory levels, and hire personnel, therefore they must be accurate.
Sales Forcasts
______________ is an important step of the marketing process because it involves collecting and analyzing data on what consumers want and need, their consumption habits, trends, and changes in the marketing environment.
Marketing research
____________ often differs based on the product being purchased. For instances, low-cost items are purchased with routine response behavior and very little search or decision-making, but expensive, seldom-purchased items call for extended research and decision making.
Consumers' buying behaviors
Marketing is based on many different relationships between customers, wholesalers and producers, buyers, and sellers. What does the term relationship marketing refer to?
Marketing decisions and activities focused on achieving long-term, satisfying relationships with customers
Many homes are decorated in spring colors because these colors are deemed to be uplifting; however, most department stores do not carry products in spring colors in the fall and winter when the focus is on browns and greens. Which of the following utilities explains the reason for spring-colored product availability?
Time utility
Which part of the marketing concept is concerned with using information about present and potential customers to provide a product that will satisfy them at a price that is acceptable to them, that will yield a profit, that will promote the product, and ensure that the product is distributed so that it is available to customers where and when it is needed?
Implementing
A market is a group of individuals or organizations, or both, that need products in a given category and that have the ability, willingness, and authority to purchase them. Which of the following is the name given to the market for intermediaries who buy finished products and sell them for a profit?
Reseller market
Businesses need to direct their product marketing strategies to the individuals most likely to purchase it. Often marketing managers examine potential markets for their possible effects on the firm's sales, costs, and profits. Which of the following is the designation given for the group to which marketing managers direct the focus of their marketing efforts for a product?
Target Market
Which of the following is not normally included in the external marketing environment?
Finances
Which of the following is not normally included as a central component of a marketing plan?
Consumer protection laws
To determine the potential of a specific market segment an organization makes predictions based on a specific relevant time frame, geographic boundaries, and an estimate for the specific product item, product line, or an entire product category. What is the name given to the estimate of the amount of a product that an organization expects to sell during the specific period based on a specified level of marketing effort?
Sales forecast
Which of the following is not a step in the marketing research process?
Estimate sales
Buying behavior may be defined as the decisions and actions of people involved in buying and using products. Which of the following is normally included as a major focus in the study of buying behavior?
Consumer buying behavior
Consumer buying behavior is affected by the individual's buying power. Which of the following is not included in an individual's buying power?
Interest and dividend income
_____ behavior is the decision process and actions of people who purchase and use products.
Buying
What are the five stages of the consumer buying decision process (in chronological order), when deciding what to purchase?
Recognize the problem, search for information, evaluate alternatives, purchase, and evaluate after purchase
Which of the following is least likely to influence the consumer buying decision-making process?
Technological environment
Which type of income do marketers have a particular interest in monitoring?
Discretionary
Which of the following uses information about customers to create marketing strategies that develop and sustain desirable customer relationships?
Customer relationship management (CRM)
Which of the following is a benefit of retaining customers?
They can refer new customers of similar value.
Generally, when marketers focus on customers chosen for their lifetime value,
the company earns higher profits in future periods than when they focus on customers selected for other reasons.
Utility created by converting production inputs into finished products is known as:
form utility.
Physical distribution creates ______ and ______ utility by making products available when and where they are wanted, with adequate service and at minimum cost.
time; place
The business philosophy that a firm should provide goods and services that satisfy customers' needs through a coordinated set of activities that allow the firm to achieve its objectives is commonly known as:
marketing concept.
What does a firm do if it adopts a customer orientation?
The firm has to first determine what customers need and then develop goods and services to fill those particular needs.
What is the first step in implementing the marketing concept?
Obtain information about its present and potential customers
What is a market?
A market is a group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas.
Which type of market consists of individuals and business organizations that buy certain products to use in the manufacture of other products?
Producer markets
A marketing strategy has two major components: selecting a target market, and
developing an appropriate marketing mix.
A group of high school soccer girls with the need, desire, ability, and authority to purchase soccer gear can best be referred to as a:
target market.
The _______ assumes that individual customers have similar needs and that most customers can be satisfied with a single marketing mix. When customers' needs vary, the _______ should be used.
undifferentiated approach; market segmentation
All of the following are marketing activities that are part of the marketing mix, except:
sponsorship.
Which of the following is not part of the external marketing environment that marketing managers attempt to understand and/or control?
Inventory control forces
External forces, which are generally uncontrollable, that can have a significant impact on a firm's marketing activities are known as:
marketing environment.
Which of the following is not a major component of the marketing plan?
Buying behavior analysis
All of the following are true about a marketing plan, except:
It is static and does not need to be updated.
Managers of companies may rely on sales forecast figures for all the following, except to:
determine a target market
All of the following are methods used by businesses to forecast sales, except:
environmental analysis.
Data from a marketing information system are collected from _______ sources, such as sales figures and marketing costs, and _______ sources, such as data from an organization's supplier or data from customers.
internal; external
_______ is an important step of the marketing process because it involves the process of systematically collecting, recording, and analyzing data on what consumers want and need, their consumption habits, trends, and changes in the marketing environment.
Marketing research
In what order should you complete the six steps of the marketing research process?
Define the problem, make a preliminary investigation, plan the research, gather factual information, interpret the information, and reach a conclusion
What best describes an online information service?
It offers subscribers access to email, websites, downloadable files, news, databases, and research materials.