INTRO TO BUSINESS EXAM 4
QUESTIONS WITH 100% CORRECT
ANSWERS
\.What is form, time, and place utility? - ANSWERS✔-Form: The actual product
itself and its value to a customer
Time: Making sure that your product is there when customers need them
Place: Availability of your product that is convenient to your customers
\.What is the marketing concept? - ANSWERS✔-Customer satisfaction is the
central focus of an organization
\.What is customer relationship management? - ANSWERS✔-Ongoing process of
acquiring, maintaining, and growing profitable customer relationships by
delivering unmatched value
\.What is a marketing plan? - ANSWERS✔-Determining who your target market is
and how you are going to reach them, updated on a yearly basis
\.What is market segmentation? - ANSWERS✔-Dividing the market into groups of
people that are similar to one another
, \.What is a target market? - ANSWERS✔-The group of people who are most likely
to buy your product
\.What are the characteristics of a target market? - ANSWERS✔-Size: Must be
enough people in your group to support a business
Profitability: People spending more than the cost of making your product
Accessibility: Target must be reachable through channels that your business can
afford
Limited competition: Look for markets with limited competition
\.What do consumer marketers do? - ANSWERS✔-Direct their efforts to people
who are buying products for personal consumption
\.What is demographic segmentation? - ANSWERS✔-Dividing market based on
age, income, gender, ethnicity
\.What is geographic segmentation? - ANSWERS✔-Dividing market based on
where consumers live
\.What is psychographic segmentation? - ANSWERS✔-Dividing market based on
attitudes, interests, values
\.What is behavioral segmentation? - ANSWERS✔-Dividing market based on
behavior towards product
QUESTIONS WITH 100% CORRECT
ANSWERS
\.What is form, time, and place utility? - ANSWERS✔-Form: The actual product
itself and its value to a customer
Time: Making sure that your product is there when customers need them
Place: Availability of your product that is convenient to your customers
\.What is the marketing concept? - ANSWERS✔-Customer satisfaction is the
central focus of an organization
\.What is customer relationship management? - ANSWERS✔-Ongoing process of
acquiring, maintaining, and growing profitable customer relationships by
delivering unmatched value
\.What is a marketing plan? - ANSWERS✔-Determining who your target market is
and how you are going to reach them, updated on a yearly basis
\.What is market segmentation? - ANSWERS✔-Dividing the market into groups of
people that are similar to one another
, \.What is a target market? - ANSWERS✔-The group of people who are most likely
to buy your product
\.What are the characteristics of a target market? - ANSWERS✔-Size: Must be
enough people in your group to support a business
Profitability: People spending more than the cost of making your product
Accessibility: Target must be reachable through channels that your business can
afford
Limited competition: Look for markets with limited competition
\.What do consumer marketers do? - ANSWERS✔-Direct their efforts to people
who are buying products for personal consumption
\.What is demographic segmentation? - ANSWERS✔-Dividing market based on
age, income, gender, ethnicity
\.What is geographic segmentation? - ANSWERS✔-Dividing market based on
where consumers live
\.What is psychographic segmentation? - ANSWERS✔-Dividing market based on
attitudes, interests, values
\.What is behavioral segmentation? - ANSWERS✔-Dividing market based on
behavior towards product
