Chapter 10 & 15 Study Guide Marketing and Consumer Motives

What is the primary goal of marketing?

• Reduce production costs

• Satisfy customer needs and wants

• Hire skilled workers

• Determine interest rates

A marketing strategy includes:

• Product production and logistics

• Identifying a target market and developing a marketing mix

• Legal contracts and employment benefits

• Pricing and labor management

What is a target market?

• All people interested in any product

• A specific group of consumers a company aims to reach

• The location of distribution centers

• The wholesale suppliers

The marketing mix includes all EXCEPT:

• Price

• Promotion

• Place

• Profit

Marketing orientation means:

• Focusing only on sales

• Considering customer needs when planning marketing

• Using traditional advertising only

• Ignoring market trends

Final consumers are individuals who:

• Resell products

• Buy raw materials

• Purchase products for personal use

• Distribute goods

Business consumers purchase goods for:

• Business operations

• Family use

• Gifting

• Entertainment

The consumer decision-making process starts with:

• Recognizing a need

• Purchasing a product

Which of the following is a buying motive?

• Accounting

• Insurance

• Safety

• Rent

The 4 P’s of marketing are Product, Price, Promotion, and:

• Performance

• People

• Place

• Planning