10-1 & 10-2 Review

Creating, communicating, and delivering value to customers and managing customer relationships

• Human Resources

• Operational Management

• Marketing

• Product & Service Management

The best definition of marketing is

• promotion and selling

• producing and distributing products and services to customers

• finding customers and convincing them to buy your products

• none of the above is correct

The two steps in a marketing strategy are

• developing a product and promoting it to consumers

• identifying a target market and developing a marketing mix

• conducting marketing research and planning production

• pricing a product and distributing it to customers

Which of the following is an example of a rational buying motive?

• love

• fear

• economy

• self-image

Rational buying motives are guided by emotions.

• True

• False

Consumers often take part in one or more of the marketing functions when they make a purchase.

• True

• False

In the distribution marketing function, producers and manufacturers develop new products.

• True

• False

Marketing activities often cost 50% or more of the selling price of a product or service.

• True

• False

To increase the chances of developing a product or service that meets customer needs and be sold at a profit, companies adopt a marketing orientation.

• True

• False

The blending of four marketing elements -- product, distribution, price, and promotion is best described as

• marketing strategy

• target market

• marketing mix

• marketing orientation