Download Copy of Marketing Basics Outline, Quiz, and Answers

Business Basic
Chapter 10.1 Outline
Define the following terms:
MarketingMarketing strategyTarget marketMarketing mixMarketing orientationConsumer decision-making processBuying motivesAnswer the following questions:
What are the seven Marketing Functions?
How much more does the marketing activities cost than the selling price of a product or service?
What are the two steps of developing a marketing strategy?
Why do many new businesses fail?
What’s the difference between a final consumer and a business consumer?
List the five steps in the consumer decision-making process1.
2.
3.
4.
5.
Why do consumers decide what products or services to purchase?
Answer Key
Define the following terms:
MarketingAn organizational function and set of processes for creating, communicating, and
delivering value to customers and for managing customer relationships in ways that
benefit the organization and its stakeholders.
Marketing strategyA company’s plan that identifies how it will use marketing to achieve its goals.
Target marketA specific group of customers who have similar wants and needs.
Marketing mixThe blending of four marketing elements-product, distribution, price, and
promotion.
Marketing orientationConsiders the needs of customers when developing a marketing mix.
Consumer decision-making processThe specific sequence of steps consumers follow to make a purchase.
Buying motivesReason consumers decide what products and services to purchase.
Answer the following questions:
What are the seven Marketing Functions?
-Product & Service Management
-Distribution
-Selling
-Marketing Information Management
-Financial Analysis
-Pricing
-Promotion
How much more does the marketing activities cost than the selling price of a product or
service?
Marketing activities often cost 50 percent or more of the selling price of a product
or service.
What are the two steps of developing a marketing strategy?
First Step: Identifying a target market.
Second Step: Creating a marketing mix.
Why do many new businesses fail?
The owners have an idea for a product but fail to consider customers and their
needs.
What’s the difference between a final consumer and a business consumer?
Final consumers are persons who buy products and services mostly for their own
business. Business consumer are persons, companies, and organizations that buy
products for the operation of a business, for incorporation into other products and
services, or for resale to their customers.
List the five steps in the consumer decision-making process1.Recognize a need.
2.Gathering information
3.Select and evaluate alternatives
4.Make a purchase decision
5.Determine the effectiveness of the decision
Why do consumers decide what products or services to purchase?
Buying motives, understanding the motives of consumers help businesses plan a
marketing mix.
Quiz 1-1
Matching:
1.Marketing__
their own
2.Final Cosumer__
t
r
3.Target Market__
4.Distribution__
f
c
A.
People who buy products and services mostly for
own use.
B.
Involves determining the best ways for customers
to locate, obtain, and use products and services of an
organizational.
C.
When people are guided by facts and logic.
D.
5.Rational Buying Motives__ E.
wa
nts
needs.
Organizational function with a set of processes
for creating, communicating, and delivering value to
customers.
Is a specific group of consumers who have similar
wants and
True or False
1. The first step in developing a marketing strategy is to create a marketing mix.
2.Promotion is communicating directly with potential customers to determine
and satisfy their needs?
Multiple Choice
1. Which is not a function of marketing?
a) selling
b) financial analysis
c) orientation
d) distribution
2. Which is an example of marketing activities?
a) see or hear advertisements
b) brand names
c) interact with sales-people
d) all of the above
3. Which of the following is an example of an emotional buying motive?
a) safety
b)economy
c) self-image
d) curiousity
_________
_________
Answer Key
Matching:
1.Marketing__
own
own use.
D.
A. People who buy products and services mostly for their
2.Final Cosumer__A. B. Involves determining the best ways for customers
t
to locate, obtain, and use products and services of an
organizational.
3.Target Market__E. C. When people are guided by facts and logic.
4.Distribution__B.
f
customers.
D.
Organizational function with a set of processes
for creating, communicating, and delivering value to
5.Rational Buying Motives__C.
similar wa
nts
wants and needs.
E. Is a specific group of consumers who have
True or False
1. The first step in developing a marketing strategy is to create a marketing mix.
2.Promotion is communicating directly with potential customers to determine
and satisfy their needs?
Multiple Choice
1. Which is not a function of marketing?
a) selling
b) financial analysis
c) orientation
d) distribution
2. Which is an example of marketing activities?
a) see or hear advertisements
b) brand names
c) interact with sales-people
d) all of the above
3. Which of the following is an example of an emotional buying motive?
a) safety
b)economy
c) self-image
d) curiousity
False
False