Exam 1: Scope and Concepts of Marketing

Match the following as a good, service, idea, or experience: -A golf lesson by a golf pro

The gross domestic product is the sum of all goods

The main disadvantage of the product and the production orientation is that the focus is the product and production process rather than

Explain the differences between needs, wants, and demands. Give an illustration of each.

Match the following as a good, service, idea, or experience: -A battery for an automobile

When a retail store has a large end-of-season sale to unload excess inventory, they are using the marketing concept.

A want becomes a demand when

The sales era was the result of a production efficiency that created a situation of overproduction.

Communication in the form of advertising, personal selling, sales promotions, and public relations is the _____ component of the 4 P's.

The marketing concept(s) that predominated in the United States between 1930 and 1950 was/were the

The marketing concept(s) which are most likely to lead to marketing myopia is(are) the

Companies with a value-based philosophy ensure that their customers' needs are addressed in a manner that delivers goods and services of high quality and value that ultimately leads to customer satisfaction.

Services refer to

The marketing concept assumes that

When the patent on a new drug expires, competing firms will often develop alternative medicines that offer consumers the same drug at a cheaper price. This philosophy of marketing is based on the

In the process of adopting the societal marketing concept, many companies will

The societal marketing concept assumes that a company can compete more effectively if it first researches consumers' generic needs, wants, and preferences, as well as product related attitudes and interests, and then delivers the goods and services more efficiently and effectively in a manner that maximizes society's well-being.

More than 30 million Americans work directly within the marketing system, with advertising people accounting for the largest segment.

A match between consumer expectations and good or service performance, is the definition of

The marketing concept assumes that consumers left alone will normally not purchase the products that the firm is selling, or not purchase enough products.