Business Principles Final Review

is 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.

• Selling

• Advertising

• Marketing

• Production

According to the concept, a firm must find out what customers want and provide it, make sure everyone in the organization has customer satisfaction as an objective, and provide goods and services that will earn a profit.

• stakeholder relationship

• consumerism

• marketing

• segmentation

A key element of customer relationship management is to

• keep the price of goods as low as possible.

• develop a strategy to achieve the largest possible market share.

• allow customers to participate in the management decisions of the firm.

• learn as much as possible about customers.

A firm's marketing mix refers to the combination of

• goods the firm offers to different market segments.

• advertising media the firm utilizes to promote its products.

• strategies regarding product, price, place, and promotion.

• people directly involved in making marketing decisions.

consists of all the techniques sellers use to motivate consumers to buy their goods and services.

• Advertising

• Promotion

• Research

• Closing

Which term involves the analysis of markets to identify opportunities and challenges?

• market analysis

• marketing research

• opportunity identification

• market prospecting

A____ firm gathers Blank data by conducting surveys, interviewing customers, or sending out questionnaires.

• primary

• secondary

• competitor

• unbiased

Exploring____data first helps marketers minimize marketing research costs.

• focus group

• personal interview

• primary

• secondary

What is a step in the marketing research process?

• designing a product to meet the need based on research

• defining the question and determining the present situation

• planning for product modifications and test advertising

• setting the price for a product

A ____marketing strategy develops products and promotions designed to please large groups of people.

• niche

• mass

• relationship

• value