Marketing Concepts Review

Goods are:

• tangible items that can be bought or sold

• services provided to people

• ideas shared between people

• laws created by the government

Distribution is one of the seven functions of marketing. What does distribution refer to?

• The process of getting goods and services to customers

• The creation of advertising campaigns

• The setting of product prices

• The design of product packaging

The marketing concept focuses on _________________________________.

• satisfying customer needs and wants while making organizational profit.

• maximizing production regardless of customer needs.

• increasing sales through aggressive advertising only.

• reducing costs by minimizing product quality.

Lower prices benefit marketing because:

• they attract more customers and increase sales.

• they reduce product quality.

• they make products less desirable.

• they increase production costs.

Describe the following term: Place.

• Place utility is the value added by having a product available where customers can buy it.

• Place refers to the time when a product is manufactured.

• Place is the process of setting the price for a product.

• Place is the act of promoting a product through advertising.

Describe the following term: Market _________________________________.

• A market is a group of potential customers who have the desire and ability to purchase a product or service.

• A market is a place where only sellers gather to exchange goods.

• A market is a government agency that regulates trade.

• A market is a type of advertisement for new products.

Market Segmentation
Demographics are characteristics of a population. Which of the following is an example of demographics?

• Age, gender, income

• Product features, price, promotion

• Customer satisfaction, loyalty, feedback

• Market trends, competition, technology

In the four P's of marketing, place: ____________

• refers to how the product will be provided to the customer or where it will be available for purchase.

• refers to the price at which the product is sold to the customer.

• refers to the promotional strategies used to market the product.

• refers to the physical characteristics and features of the product.

Customer Analysis is defined as:

• The process of identifying and understanding the needs, preferences, and behaviors of customers.

• A method for analyzing competitors in the market.

• A strategy for increasing product prices.

• A technique for managing employee performance.

Competitive Position/market share is defined as:

• The standing of a company in relation to its competitors in the market.

• The total revenue generated by a company in a fiscal year.

• The number of employees working in a company.

• The location of a company’s headquarters.