Marketing Study Guide
Test 1 1. A target market is a. One or more specific groups of potential consumers toward which an organization directs its marketing program 2. The first task of a market is to b. Discover the needs of consumers 3. The four Ps of the marketing mix are c. Product, promotion, price, and place 4. ___ is a trade of things of value between a buyer and seller so that each is better off d. Exchange 5. One or more specific groups of potential consumers toward which an organization directs its marketing program is e. A target market 6. Which of the following statements best defines needs and wants f. Needs occur when a person feels physiologically deprived of something and wants are determined by a person’s knowledge, culture, or personality 7. The four utilities created by marketing are g. Form, place, time, and possession 8. According to the American Marketing Association ___ is an organizational function and a 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 h. Marketing 9. The activity in which two or more parties give something of value to each other to satisfy perceived needs is known as i. Exchange 10. The societal marketing concept is j. The view that an organization should discover and satisfy the needs of its consumers in a way that also provides for society’s well being 11. Which of the following conditions must exist in order for marketing to occur k. Two or more parties with unsatisfied needs, a desire and ability to satisfy them, a way to communicate, and something to exchange 12. The ratio of the sales revenue of the firm to the total sales revenue of all firms in the industry, including