Questions and Answers
Which major function of marketing is riddled with thefts, obsolescence, and lawsuits? a.risk taking b.standardizing c.financing d.information gathering e.selling
When fresh vegetables are shipped to Oklahoma from Mexico, which utility is added? a.form b.place c.price d.possession e.time
The sales orientation was predominant during the a.late 1800s b.1920s c.1940s d.late 1950s e.1970s
To implement the marketing concept, the firm must mobilize its marketing resources to a.price the product at a level that is acceptable to buyers b.provide a product that will not satisfy the firm's objectives c.minimize promotion d.reduce the number of distribution sites e.obtain incorrect marketing information
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Women in the market can be classified as a.market segmentation b.a marketing mic c.a market segment d.an independent market e.a producer market
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What element of the marketing mix provides information to consumers? a.product b.price c.promotion d.distribution e.quality
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Which element of the marketing mix focuses on transportation, storage, and intermediaries? a.product b.price c.distribution d.promotion e.buying
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Which environmental force influences change in consumers' attitudes, beliefs, norms, customs, and lifestyles? a.legal, political, and regulatory b.competitive c.technological d.economic e.sociocultural
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What situational influence can affect the consumer buying process? a.they have uses for the products b.they like the convenience that products provide c.they take pride in ownership of products d.they believe that products will enhance their wealth e.all of the above
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What type of income is Ramona's $2,450 monthly take-home amount after taxes? a.ordinary b.personal c.disposable d.gross e.discretionary
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Study Notes
Major Functions of Marketing
- Risk taking is critical as it involves dealing with thefts, obsolescence, and lawsuits.
Utility in Marketing
- Transportation of fresh vegetables from Mexico to Oklahoma adds place utility, enhancing product availability.
Historical Perspective on Marketing
- Sales orientation was notably prevalent during the 1920s, shaping marketing strategies of the time.
Implementation of Marketing Concepts
- To effectively implement the marketing concept, firms must price products at levels acceptable to buyers to align with market expectations.
Market Segmentation
- Women in the market can be classified as a market segment, highlighting the relevance of gender-based segmentation strategies.
Marketing Mix Elements
- Promotion serves to provide information to consumers about products, enhancing awareness and engagement.
Distribution Importance
- Distribution focuses on the logistics of transportation, storage, and the role of intermediaries in getting products to consumers.
Influencing Consumer Change
- Sociocultural environmental forces significantly influence shifts in consumer attitudes, beliefs, norms, customs, and lifestyles.
Consumer Buying Process
- Multiple situational influences, including product utility, convenience, pride in ownership, and perceived wealth enhancement, can affect the consumer buying process.
Understanding Personal Income
- Ramona's $2,450 monthly take-home pay represents personal income, which is crucial for measuring disposable financial resources after taxes.
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Description
This quiz covers key principles of marketing, including functions, utility, historical perspectives, and market segmentation strategies. It also addresses the marketing mix and the critical role of distribution in product availability and consumer engagement.
