Mktg Review Chapters 1&2

On average, marketing costs represent how much of the selling price of a product?

• 5%

• 50%

• 10%

• 2%

Distribution includes:

• Determining best methods and procedures to get the product/service to the customer

• Communicating with prospective customers

• Managing and using market information

• Assisting in the design and development of products and services

The primary focus of the marketing concept is:

• Stockholders

• Retailers

• Suppliers

• Consumers

The first step in the marketing concept is:

• Identifying the target market

• Determining a fair and appropriate selling price for the product

• Developing a marketing mix

• Developing the product

A statement of responsibilities for honest and proper conduct is a:

• Mission statement

• Code of conduct

• Disclosure statement

• Code of ethics

Marketing can apply to:

• Individuals

• Ideas

• Products or services

• All of the above

The "money system" era of marketing developed because:

• There was a greater variety and quantity of products available

• People could not always agree upon a one-to-one exchange value

• Specialization of labor was more common

• All of the above

Management functions include which activities:

• Planning, organizing, leading, and controlling

• Product, price, promotion, distribution, and development

• Obtaining raw materials, agriculture, work in process, and or/services

• Building maintenance, customer service, budgeting, and planning

The "marketing department" era was during the (blank) and emphasized (blank).

• 1920s; satisfying customer needs

• 1960s; satisfying customer needs

• 1930s; advertising and salespeople convincing customers to buy

• 1960s; developing new marketing activities

"Central Market" is defined as:

• A remote location where people can come together to buy products or services

• An inconvenient location which makes it difficult for consumers to exchange goods or services

• A remote location where people can come together to exchange products or services

• A convenient, well-traveled location where people can come together to buy products or services