Marketing Concepts

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 is ____________________________.

• Marketing
• Goods 
• Services
  Services
• Pricing

 The process of classifying people who form a given market into even smaller groups are __________________.

• targeting
• market segmentation
• isolating 
• target markets

A company’s percentage of the total sales volume generated by all companies that compete in a given market is called_________.

• target market
• market share
• promotion
• marketing mix

The group of people most likely to become customers, identified for a specific marketing program are __________________.

• Groups
• target markets
• segmented markets
• markets

Why are the “Seven Pillars of Marketing” important to marketing strategies?

• Are need-satisfying offerings from companies

• First step to effective market segmentation

• Helps companies focus on specific consumers

• Help overcome separations and discrepancies between producers and consumers

What is persuading a customer to purchase a product/service that will satisfy their needs/wants?

• Promotion 
• Selling
• Purchasing
• Pricing 

What is granting credit to customers so they can buy or providing money needed to operate a business?

• Selling
• Financing
• Purchasing
• Risk Management 

When you buy a product for personal use you are demonstrating a  _______  market

• Industrial 
• Sellers
• Target
• Consumer

When a business decides how they will inform their target market, what piece of the marketing mix are they displaying?

• Price
• Product
• Promotion
• Planning

Collection and analysis of data used by firms by to plan and execute its marketing activities is called...

• Product/Selling Planning
• Marketing Information Management 
• Risk Management
• Pricing