marketing final exam review

Marketing refers to

• The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

• The strategies used in the advertising and promotion of products and services to customers around the globe.

• The production of products or services that will generate the highest return on investment.

• The process of identifying target market segments for a product or service.

Which of the following statements best describes a good?

• Goods are physical objects

• Goods are intangible concepts and thoughts about ideas or causes

• Goods are either tangible or intangible

• Goods are the only currency that can be used in an exchange.

Whether an individual is buying for personal or household use, or an organization is buying for its own use or resale, the individual or organization would be considered

• A prospective customer

• A dual-purpose marketing decision maker

• An informed buyer

• A potential distributer

A want is a _______________ that is shaped by a person’s knowledge, culture, and personality.

• Need

• Craving

• Desire

• utility

The marketing mix refers to

• The marketing manager’s controllable factors-product, price, promotion, and place – that can be used to solve a marketing problem.

• The environmental forces—social, economic, technological, competitive, and regulatory—that impact the marketing decisions for a particular product at any given time.

• The specific ratio within a budget that divides resources between advertising, sales promotion, and personal selling.

• The allocation of resources within a firm toward individual marketing programs.

Which of the following statements best describes a good?

• Services are intangible items

• Services are physical objects

•  Services are thoughts about concepts, actions, or causes

• Services are the benefits organizations receive in exchange for selling products

A product

• Consists of the benefits or customer value received by its sellers

• Is the set of intangible activities or benefits that and organization provides to satisfy consumer’s needs in exchange for money or something else of value.

• Is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfy consumers’ needs and is received in exchange for money or something else of value.

• Is the cluster of benefits that an organization promises customers to satisfy their needs

Marketing issues not specifically addressed by existing laws and regulations.

• Ethics

• Social Responsibility

• Constitutional

• Legal documentation

A(n) ________________ is a privately owned organization that serves its customers to earn a profit so that it can survive.

• Agency

• Non-profit organization

• For-profit organization

• Cooperative

The terms ___________________ and a mission statement are often used interchangeably.

• Goal

• Idea

• Vision

• Protocol