IBT - Chapter Marketing (CH. 13)

A group of customers who share common wants and needs

• relationship marketing 
• global economy 
• market 
• marketing mix

Product, place, price, and promotion, collectively known as the four P's is called the

• supply and demand 
• marketing mix 
• market segmentation 
• revolution 

When total revenues and sales equals total costs and expenses of developing & offering a product or service is called 

• breakeven point 
• market segmentation 
• cost of good sold 
• gross income 

When goods or services are sold from the producer directly to the consumer

• marketing demographics 
• direct distribution 
• breakeven point
• indirect distribution 

Which of the following questions would you ask when determining the price of a product? 

• How much are the customers willing to pay?
• Is the price competitive with other products?
• Can the company make a profit?
• all of these 

Advertising and offering discounts are two popular methods of promotion.

• True 
• False

Promotion involves making customers aware of a product.

• True 
• False 

In recent years many people have begun to include a fifth P for people for marketing strategies

• True 
• False

Getting the money that is necessary for setting up and running a business is called ________________. 

• pricing 
• distribution
• financing 
• marketing information manger 

__________ is the process of getting goods and services to customers

• Distribution 
• Financing 
• Selling 
• Promotion