Ch. 20 Marketing terms

Retailers are

• businesses that buy products from other businesses to resell them

• businesses that only sell industrial goods

• businesses that sell directly to final consumers

• all of the above

keeping the needs of the consumer foremost in mind during the design, production and distribution of a product is

• the marketing mix

• marketing plan

• marketing concept

• target markets

a sales oriented firm is a firm which

• emphasizes sale of products with sales people

• emphasizes widespread distribution and promotion to sell products

• company which only uses on-line ads to sell its products

• all of the above

types of buyers a business wishes to attract and where those buyers are located is a definition of

• market

• customers

• marketing

• none of the above

Market research is defined as

• the set of activities that results in the sale of your products

• the research and study of a company's current and prospective customers

• amount of research needed to design a product

• all of the above

Target markets are defined as

• markets targeted by competitors

• any future customer regardless of their ability to purchase my products or not.

• groups of customers with very similar needs to whom the company plans to sell its products

• all of the above

a product is defined as

• anything a customer is willing to pay for

• all attributes, both tangible and intangible, that customers receive in exchange for the purchase price.

• goods that primarily use labor to satisfy customer needs

• none of the above

a marketing plan is a plan which

• describes how a company will make its financial goals

• a detailed written description of the product offerings

• a written description of all marketing activities that a business must accomplish to sell its products

• details a company's customers from the last 5 years

The blend of all decisions related to the four elements of marketing (product, price, promotion, distribution) is called

• the marketing plan

• the marketing strategy

• the target market

• the marketing mix

Price is defined as

• the marketing cost of a product

• the amount of money needed to acquire a product

• the amount of money needed to make a profit

• none of the above