Marketing Chapter 4

Most final pricing decisions are made by

• wholesalers.

• distributors.

• retailers.

• producers.

Which element of the marketing mix usually receives the most attention from producers and manufacturers?

• product

• price

• promotion

• distribution

Marketing is responsible for identifying and planning for opportunities.

• True

• False

Today, marketing has become so complex that it is not well understood by business people who do not have

marketing backgrounds; consequently, marketers usually work by themselves and have little contact with

others in the business.

• True

• False

In which of these economic environments do companies find the marketing concept to be of the most value?

• oligopoly

• pure competition

• monopolistic competition

• monopoly

Marketers use research techniques to

• identify customers.

• determine which marketing strategies work the best.

• analyze competitors.

• all of the aswers provided.

The first step in the consumer decision-making process is to

• evaluate choices.

• recognize a need.

• make a decision.

• identify alternatives.

Businesses deal with customer needs in a variety of ways. Which of the following is the most effective?

• They ignore their customers’ needs because they don’t consider them to be important.

• They believe their customers don’t understand their own needs.

• They try to understand how customers evaluate products and services to make decisions about what to purchase.

• They try to influence customer needs with well-designed products and effective pricing and promotion.

All of the following are common reasons for business failure except

• the business understands and uses the marketing concept.

• the business believes it knows what customers want.

• the business does not study the market.

• the business does not use any available marketing tools.

A plan that identifies how a company expects to achieve its goals is known as a(n)

• action plan.

• tactics.

• strategy.

• goals.