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Questions and Answers
Marketing is _______________.
exchange
No money is exchanged in ___________, the process of exchanging goods and services between two parties.
barter
Marketing exists because people have ________________ that they are willing to give up things of value to satisfy.
needs and wants
When an individual donates money to a charity, a ____________ transaction has taken place.
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When an individual 'sells' her time and labor to an organization, a marketing transaction takes place.
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___________________ is the process of setting marketing goals, planning and executing activities to meet these goals, and measuring progress toward their achievement.
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A product is a good, service, or idea to _______ the customer's needs.
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__________ is/are the means of communication with the customer.
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Robert Louis Stevenson once said that 'Everyone lives by _________ something.'
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If the National Institutes of Health issued a guideline with cautions about the intake of certain types of artificial sweeteners, this would be an example of marketing.
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It is important that any employees that interact with a company's customers carry 'marketing' as part of their job titles.
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Roughly ___ % of the dollar price paid by consumers for a product goes to cover the cost of marketing.
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Which of the following is NOT one of the marketing functions required to get products from producers to consumers?
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Which company is generally credited with originating the marketing concept?
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Which of the following management orientations makes profits through sales volume?
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The __________ concept recognizes that people don't really buy products; they buy solutions to problems.
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Which of the following is not a reason that marketing needs data?
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Which of the following offers a solution to the problem that everyone has an opinion about the quality of marketing's efforts?
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Data and measurements can be used to prove the effectiveness of marketing efforts.
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Which of the following is not a benefit of marketing analytics?
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Companies that have no marketing analytics process, make decisions by instinct, and view marketing as an expense might be referred to as _________________.
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'Pseudo Analytics' are marketing analytics that rely on proxy data from external sources.
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The first step in the Marketing Analytics Process is to
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One outcome of taking improvement actions (as a stage in the Marketing Analytics Process) is identifying the right metrics.
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The 'right' marketing analytics metrics are typically related to:
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Marketing's objectives are ________ derived from the overall business objectives.
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Study Notes
Marketing Fundamentals
- Marketing is often defined as exchange, where values are traded between parties.
- Bartering is a non-monetary transaction facilitated through direct exchange of goods and services.
- Marketing exists due to people's needs and wants, which prompt the exchange of value.
Marketing Transactions
- Donations to charities are classified as non-marketing transactions.
- Selling time and labor to an organization is considered a marketing transaction.
Marketing Management
- Marketing management involves setting goals, planning, executing activities, and measuring success.
- A product is a good, service, or idea created to satisfy customer needs.
Communication and Interaction
- Promotion serves as the primary means of communication with customers.
- Robert Louis Stevenson's quote highlights the pervasive nature of selling in human activities.
Credibility and Effectiveness in Marketing
- Guidelines from authoritative organizations, like the National Institutes of Health, serve to inform marketing practices but aren't marketing themselves.
- Interaction with customers does not necessitate marketing in job titles.
Financial Aspects of Marketing
- Approximately 25% of the dollar price paid by consumers covers marketing costs.
- Different marketing functions including physical distribution, matching, and promotion are essential to connect producers and consumers.
History and Concepts in Marketing
- Ford is credited with originating the marketing concept, emphasizing customer needs.
- The solutions concept stresses that customers buy solutions rather than just products.
Data-Driven Marketing
- Data is essential for marketing to demonstrate its contributions, assess effectiveness, and make improvements.
- Customer insight research is vital in addressing diverse opinions about marketing performance.
Analytics in Marketing
- Marketing analytics provide evidence of campaign effectiveness, build credibility, and require resource investment.
- Companies lacking analytics may operate “flying blind,” relying on instinct rather than data.
Steps and Metrics in Marketing Analytics
- The first step in the Marketing Analytics Process is identifying the right metrics for evaluation.
- The right metrics typically relate to revenues and are derived from overall business objectives, highlighting their unified nature.
Cultural Influences
- A company’s culture can act as a barrier to effective marketing if it discourages employee engagement or innovative approaches in marketing.
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Description
Prepare for your Marketing exam with this comprehensive study guide. It covers fundamental concepts such as marketing definitions, the process of exchange, and the reasons behind market transactions. Test your knowledge and get ready for exam day!
