marketing vocabulary #1

The definition of marketing includes two of the following:

• the need to earn a profit

• the process of determining customer wants and needs

• profitably providing customers good and services that meet their needs

• producing the goods for the customer

Define the term market.

• a place where similar products are grouped together

• a place where buyers and sellers trade

• a basket of goods

Which form of strategic orientation focuses on customers needs and wants and the competition.

• customer orientation

• product orientation

• sales orientation

• market orientation

In the twentieth century, many organizations moved away from a ___________ focus to a market focus.

What is the basic property of a service that makes it different from a product?

• Shape

• Size

• Price

• Intangibility

The percentage of sales in a total market sold by one organization is termed

• The market

• Market size

• Market share

• Market growth

The firm that has the largest market share in an industry either by value or volume

• the market leader

• has the first mover advantage

• has a monopoly in that market

• is the market front-runner

An advantage to being a market oriented business is

• Strong R&D investment

• Innovative products can be developed

• Higher prices can be charged

• Greater flexibility

Which of the following is least likely to be an objective of social marketing of a non-profit organization?

• To develop new products

• To improve brand recognition

• To increase membership support

• To generate and raise awareness of a cause

This type of marketing refers to any activity that seeks to influence social behavior to benefit the target audience and society as a whole.

• commercial marketing

• social marketing

• services marketing

• for profit marketing