Comprehensive Business Review Fall 2013: Marketing Concepts and Economic Utilities
This review covers various aspects of business and marketing concepts from the Fall of 2013, including discussions on market segmentation, understanding consumer needs, economic utilities, and discretionary income expenditures. Key topics such as market definition, market segmentation, and economic utilities are explored through true/false statements.
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Presentation Transcript
Review Fall 2013 True/False In business, a marketing concept will list information such as ethnic background, age, income & geographic location.
True/False People who share similar needs and wants and who can purchase your products are called a market.
Understanding ethnic backgrounds and household income is part of market segmentation.
Which economic utility increased when fast food restaurants began accepting credit cards?
Which of the utilities is not directly related to marketing?
Which of the following purchases would most likely be made with discretionary income? a. fruits and vegetables c. underwear and socks a three- bedroom house b. magazine subscriptions d.
Informing, persuading, or reminding potential customers about a product or service is called ____________________.
Retailers offer their customers installment or layaway plans in order to increase the ____________________ utility of their products.
The employees of a home improvement warehouse are expert craftspeople who enjoy giving their customers advice about do-it- yourself projects. The employees' advice increases the ____________________ utility of their goods.
After conducting market research, Whole Breads Inc. decides to introduce a new low carb muffin to increase their sales. What basic marketing strategy applies? ____________________
When demand and production for a product increases in the world of Marketing, what usually decreases? ____________
A combination of geographic, demographic and psychographic data about a group of people can be used to create a customer ____________________.
Information about the values and attitudes that shape consumers' lifestyles is called ____________________.
Expectations that reflect a marketing plans objectives is called a(n) _________________________.
Political, economic, socio-cultural and technological are four areas that make up the _________________________.
The current state of the ____________________ is of interest to all businesses because it will shape both business costs and consumer spending.
Percentage of total sales generated by competing companies
