Exam 10: Marketing: Providing Value to Customers

Marketing includes everything that organizations do to identify and satisfy customer needs.

The four P's of the marketing mix are product,price,place and public relations.

With skimming pricing,a company starts off with the highest price that very interested customers will pay.

Coke and Pepsi are brand competitors who have engaged in cola wars for decades.As long as Coke watches Pepsi and Pepsi watches Coke,both companies will remain competitive.There is no need to watch other companies.

Wholesalers buy goods from suppliers and sell them to businesses that resell them.

_____ is not a social influence on buying behavior.

Mass marketing is the practice of sending out messages to a vast audience of anonymous people.

Marketing is just advertising and selling.

_____ is the most prevalent form of promotion.

Using a strategy of _____,a company orders only what it needs,thus cutting the time and cost required to move raw materials into and out of storage.

Setting a price for a product is a tool of the marketing mix.

When you're studying the information that you've gathered about a product,you're said to be in the evaluation step of the five-step consumer buying process.

The dairy industry still uses cow’s milk as the base for its varied products. Over time, however, competition from other types of milk has forced changes in the traditional American taste for milk, ice cream, cheese, cottage cheese, yogurt, frozen yogurt, and sherbet. Currently, for example, soy milk and other related items are making inroads in this traditional market. -Whole or 4% milk is in either the _____ or _____ stage of the product life cycle.

The basic philosophy of satisfying customer needs while meeting organizational goals is called the marketing strategy.

Which of the following is not involved in a company's supply chain?

If you stood outside an NBA championship game and sold your ticket for double the original price,you'd be engaged in _____ pricing.

When deciding to purchase or use a product,you may go through the _____ process.