Maketing 1 - Final Exam Study Guide

Question 1

To provide utility a product must provide _______ to the customer.

Answer 1

Satisfaction

Question 2

What are the three economic benefits of marketing?

Answer 2

New and improved products, lower prices, value/utility

Question 3

A product that provides utility for one person may provide none for another person because utilities completely ________! Not constant, not unchanging

Answer 3

Relative

Question 4

To discover a products level of utility, businesses measure the consumers

Answer 4

Satisfaction

Question 5

Changing an existing goods form involves adding a _______ to the good

Answer 5

New feature

Question 6

When conducting a swot analysis, which are the two internal factors?

Answer 6

Strengths and weaknesses

Question 7

Where a product is available for purchase is referred to as _____ utility

Answer 7

Place

Question 8

The marketing concept is all about the _______

Answer 8

Customers

Question 9

It’s important for businesses to provide products when______ need them

Answer 9

Consumers

Question 10

When conducting a small analysis which are the two external factors

Answer 10

Opportunities and threats

Question 11

Cameron has always wanted a guitar and he has finally saved enough money to buy one very soon. In marketing terms, Cameron is a ________

Answer 11

Market

Question 12

To buy product, customers in a market must first be ______ to buy it and have the _____ to buy it

Answer 12

Willing and money

Question 13

A target market can be described as the group of _______ the business seeks to _____

Answer 13

Customers and Attract

Question 14

Tommy’s tux rentals has determined that it will focus its marketing efforts on senior high school boys. Tommy’s tux rentals is engaged in ________ marketing

Answer 14

Target

Question 15

The same person can be included in more than one ________

Answer 15

Target market

Question 16

Marcus segmentation is about dividing the market into _______ groups

Answer 16

Specific

Question 17

When the total market is divided, one of its groups is called a market ________

Answer 17

Segment

Question 18

When sellers offer one-size-fits-all products that will appeal to most buyers, they are using ________ marketing

Answer 18

Mass

Question 19

The Grayson company decided it would be more successful if it divided the total market for its products into smaller and more specific groups of consumers. This business is engaged in market ___________

Answer 19

Segmentation

Question 20

Marketers divide their markets by group and customers according to their __________

Answer 20

Similarities

Question 21

Sorting customers by their physical social characteristics is called ____________ segmentation

Answer 21

Demographic

Question 22

The nearby art school has decided to market its evening classes to women between the ages of 18 and 30 who are high school graduates. This is _______ segmentation

Answer 22

Demographic

Question 23

The geographic segmentation is dividing a market by where customers _____

Answer 23

Live

Question 24

When marketers sort customers with _________ segmentation, they divide them by lifestyle habits

Answer 24

Psychographic

Question 25

If a company profit is affected by a government tariff in increasing the cost of their products parts, this is a__________, and specifically which portion of the pest analysis?

Answer 25

Threat and political

Question 26

_______ is an example of an item that would be marketed to a specific market

Answer 26

Baby food

Question 27

Changing customer preferences could be an opportunity or a threat for a business which part of the pest analysis is this factor

Answer 27

Socio culture

Question 28

Businesses that identify customers on the basis of their personality, interests and activities are using ________ segmentation

Answer 28

Psychographic

Question 29

A large store directed its advertising to the majority of its customers who have been loyal to the store and it’s merchandise for many years. The store segmented the market based on ________ segmentation

Answer 29

Behavioral

Question 30

A salon that groups it market into people who frequently sell them or never visit is basing its segmentation on _________

Answer 30

Behavioral / rate of use

Question 31

Marketer set _____ which describe where they’re headed objectives they plan to fulfill and identify where they want to be by a certain date

Answer 31

Goals

Question 32

When planning a marketing strategy, you should choose the most ____ route

Answer 32

Efficient

Question 33

Tactics should be in line with the marketing _____

Answer 33

Strategies

Question 34

To select the best strategy available to them marketers should consider how the ___________ applies to their situation

Answer 34

Marketing concept

Question 35

The fifth P is

Answer 35

People

Question 36

When they are working on the _______ element of marketing marketers should consider what level of quality should be produced

Answer 36

Product

Question 37

To achieve the companies, pricing objective of raising the products value in the customer’s eyes the company might ask a _____ price for the product

Answer 37

Higher

Question 38

Balancing ____ And______ for the customer with company profit is part of the price element of marketing

Answer 38

Value and satisfaction

Question 39

The_______ element of marketing refers to the various types of communication that marketers use to inform persuade or remind customers of their products

Answer 39

Promotion

Question 40

If a marketer changes one marketing mix element, they should expect that ___ of the other elements will also change

Answer 40

All

Question 41

Conducting a small analysis is the first step in the _________ process

Answer 41

Strategic planning

Question 42

Providing a _____ for a great deal of information is one benefit of conducting SWOT analysis

Answer 42

Filter

Question 43

SWOT analysis is especially helpful when you have a ______ amount of time to make a decision

Answer 43

Limited

Question 44

Determining the____ and _____ is the first step in the SWOT analysis process

Answer 44

Goals and objectives

Question 45

_______ SWOT interviews work best

Answer 45

One on one

Question 46

When conducting SWOT analysis, consider strengths and weaknesses in relation to the _______

Answer 46

Competition

Question 47

What can we improve? Is an appropriate question for determining ___________

Answer 47

Weaknesses

Question 48

A PEST analysis is a scanning of _________ on an organization

Answer 48

Outside influences

Question 49

An effective method for gathering external information for use in SWOT analysis is _______

Answer 49

Environmental

Question 50

What obstacles do we face is an appropriate question for determining

Answer 50

Threats

Question 51

Researchers use market research because it helps identify what _________ want

Answer 51

Customers

Question 52

In the marketing research step of__________ ___ _______the retailer states the problem and the information needed to solve it

Answer 52

Identifying the problem

Question 53

Market_____ is the process of gathering, recording, analyzing and reporting information regarding customers or potential customers

Answer 53

Research

Question 54

Increase_________ is a disadvantage of a large sample size one conducting market research

Answer 54

Cost/expense

Question 55

Marketers are in charge of studying and analyzing customer

Answer 55

Satisfaction

Question 56

Task utilities about making changes to the characteristics of a

Answer 56

Service

Question 57

If a business owner is interested in predicting what special events result in higher demand for their service services, they should conduct behavioral segmentation based on

Answer 57

Occasion response

Question 58

Conducting a SWOT analysis and looking internally, what are the 3cs that we consider?

Answer 58

Competition company customers

Question 59

Primary data

Answer 59

Something we create

Question 60

Secondary data

Answer 60

Exist somewhere else/someone else creates it