Chapters 1 and 2

boycott
an organized effort to influence a company by refusing to purchase its products
code of ethics
a set of standards or rules that guide ethical business behavior
consumerism
the organized actions of groups of consumers seeking to increase their influence on business practices
ethics
moral principles or values based on honesty and fairness
green (environmental) marketing
marketing activities designed to satisfy customer needs without negatively impacting the environment.
international trade
the sale of products and services to people in other countries
self regulation
taking personal responsibility for actions
social responsibility
concern about the consequences of actions on others
marketing
the creation and maintenance of satisfying exchange relationships
marketing concept
using the needs of customers as the primary focus during planning, production, distribution, and promotion of a product or service
market
the prospective customers a business wants to serve and the location of those customers
marketing mix
blending of the 4 ps by the business
Product
anything offered to a market by the business to satisfy needs, including physical products, services and ideas
production
the business function that creates or obtains products or services for sale
Price
the actual amount customers pay and the methods of increasing the value of the product to the customers
relationship marketing
focuses on developing loyal customers who continue to purchase from the business for a long period of time
distribution (place)
the locations and methods used to make the product available to customers
bartering
exchanging products or services with others by agreeing on their values without using money
accounting and finance
the accounting and finance function plans and manages financial resources and maintains records and information related to a business’s finances.
central market
a location where people bring products to be conveniently exchanged.
management
involves developing, implementing, and evaluating plans and activities of a business
merchandising
offering products produced or manufactured by others for sale to customers is known as merchandising
money system
established the use of currency as recognized medium of exchange.
operations
the ongoing activities designed to support the primary function of a business and keep it operating efficiently are known as operations.
promotion
includes the methods used and information communicated to encourage customers to purchase and to increase their satisfaction
self sufficient
means you do not rely on others for the things you need to survive. People were able to find or produce the food and materials needed for themselves and their families.
specialization of labor
concentrating on one thing or a few related activities so that they can be done well
-marketing involves which of the following
a. advertising
b. transporting products
c. taking surveys
d. all of the above
d all of the above
-a business with a limited marketing role is
a retailer
a farmer or rancher
a physician’s office
none of the above has a limited marketing role
a physician’s office
-which of the following is the best description of an important goal of marketing
satisfying exchanges
profitable distribution
creation of new products
attention getting promotions
satisfying exchanges
– in which business function are consumers most likely to be involved
production
accounting
finance
marketing
operations
marketing
-exchanging products or services with others by agreeing on their values is known as
specialization of labor
marketing
developing a money system
bartering
bartering
-the ongoing activities designed to support the primary function of a business and to keep a business operating efficiently are known as
operations
management
accounting and finance
merchandising
operations
the management function of business involves___________, ____________, and ____________ the plans and activities of a business
developing, implementing, evaluating
True or False: Marketing has not always been viewed as an important part of business.
true
Which of the following is true about conditions facing businesses in the early 1900…
-transportation of products to consumers was quite easy
-consumers had many choices of products on which to spend money
-businesses were mostly concerned about producing products that customers could afford and would purchase
-all are true
businesses were mostly concerned about producing products that customers could afford and would purchase
Using the needs of customers as the primary focus during the planning, production, pricing, distribution, and promotion of a product or service is known as the marketing
-mix
-concept
-philosophy
-approach
which of the following is not one of the marketing mix elements
-product
-distribution
-price
-planning
All of the following tend to occur when the marketing concept is used effectively except
-customer satisfaction increases
-sales go up
-prices go up
-costs are reduced
prices go up
all of the following are examples of marketing jobs except
-web site designer
-sales representative
-public relations specialist
-all of the above are marketing jobs
all of the above marketing jobs
the effects of marketing on society include all of the following except
-better products
-decrease in international trade
-more jobs
-improvements to the enviornment
decrease in international trade
on average, marketing costs represent what percentage of the price that a consumer pays for a product
-2
-10
-50
-75
50
true or false- marketing activities result in lower product prices in the long run
true
complaints about marketing include all of the following except
-marketing leads to unneeded purchases
-marketing creates an imbalance in supply and demand
-marketing is a waste of money
-marketing is not necessary for all products
marketing creates an imbalace in supply and demand
Effective uses for marketing include
-contributing to social improvement
-matching supply with demand
-selling products that do not meet consumers’ needs
-both a and b
both a and b
Which national elected leader proposed the consumer bill of rights
-Jimmy Carter
-Ronald Reagan
-John F. Kennedy
-none of the above
John F. Kennedy
Which of the following is not one of the four basic rights enumerated in the Consumer Bill of Rights?
-right to adequate and accurate information
-right to fair prices
-right to safe products
-right to product choices
right to fair prices
Marketing activities covered in the American Marketing Association’s code of ethics include
-promotions, ricing, and distribution
-promotions, distribution, and consumerism
-product development, pricing, and self regulation
-none of the above
promotions, pricing, and distribution
True or false, the better business bureau is a consumer protection organization sponsored by consumer groups
false