Principles of Business, Marketing, and Finance
(BMF) Unit 9 Answers PHS
1. (L1) What is the process of promoting and selling products to identifiable
customers?: find out how to make what customers want
2. (L1) Marketing can be summarized with three simple ideas. Which is NOT
one of those ideas?: marketing
3. (L1) What is the marketing concept?:
4. (L1) Match the examples with the core elements of the marketing concept.
Answers may be used more than once.
Profit
Total Company Approach
Customer Satisfaction
Total Company Approach
Profit
Customer Satisfaction: Match the examples with the core elements of the market-
ing concept. Answers may be used more than once.
Without this, companies could not grow and develop new and better products
This element deals with leveraging the skills of all departments of a company to meet
customer demands
Without this, customers will instead buy from competitors
This element includes all functions of a company working to achieve desired goals
,Marketing exists to earn this
Effective marketing helps companies discover, create, and increase this
,5. (L1) What are the four Ps of marketing?: product, price, place, promotion
6. (L1) Define the four Ps of marketing in order.: Product: Any good or service
that can be bought and sold
Price: The amount of money requested in exchange for a good or service
Place: Knowing how and where to deliver products to customers
Promotion: The process of communicating ideas to customers to influence their
buying decisions
7. (L1) factors in which distribution channels to utilize.: Place
8. (L1) must be fair, yet lead to profitability.: Price
9. (L1) marketing involves developing these in such a way as to ensure
maximum satisfaction.: Product
10. (L1) includes media, print, and word of mouth.: Promotion
11. (L2) is when a satisfied customer either gives a written or oral
recommendation to another prospective customer.: Word-of-mouth advertising
12. (L2) What is the term for statistical data relating to particular groups within
a population?: demographics
13. (L2) Match the descriptions with the functions of business.
promotion
product and service management
financing
distribution
marketing research
selling
3 n/ n31
, pricing: Match the descriptions with the functions of business.
n n n n n n n n
n communicating ideas to customers to influence their buying decisions
n n n n n n n n
developing, maintaining, and improving a product or service to make it more appeal- in
n n n n n n n n n n n n n
to customers
n n
the process of finding money to fund the creation of new products and help advertise
n n n n n n n n n n n n n n
nthem once produced n n
the process of making a product or service available to potential customers
n n n n n n n n n n n
n the process of gathering information about potential customers
n n n n n n n
the process of connecting suppliers to customers and convincing them to buy or
n n n n n n n n n n n n
ncarry your products n n
the process of establishing fair and profitable rates for products and services
n n n n n n n n n n n
14. (L2) Choose True or False.
n n n n
True
n Fals
e
True
True: Choose True or False.
n n n n
The most desirable form of marketing for companies is word-of-mouth.
n n n n n n n n n
The unique style, technique, and feel a company or product holds that differentiates it
n n n n n n n n n n n n n
4 n/ n31
(BMF) Unit 9 Answers PHS
1. (L1) What is the process of promoting and selling products to identifiable
customers?: find out how to make what customers want
2. (L1) Marketing can be summarized with three simple ideas. Which is NOT
one of those ideas?: marketing
3. (L1) What is the marketing concept?:
4. (L1) Match the examples with the core elements of the marketing concept.
Answers may be used more than once.
Profit
Total Company Approach
Customer Satisfaction
Total Company Approach
Profit
Customer Satisfaction: Match the examples with the core elements of the market-
ing concept. Answers may be used more than once.
Without this, companies could not grow and develop new and better products
This element deals with leveraging the skills of all departments of a company to meet
customer demands
Without this, customers will instead buy from competitors
This element includes all functions of a company working to achieve desired goals
,Marketing exists to earn this
Effective marketing helps companies discover, create, and increase this
,5. (L1) What are the four Ps of marketing?: product, price, place, promotion
6. (L1) Define the four Ps of marketing in order.: Product: Any good or service
that can be bought and sold
Price: The amount of money requested in exchange for a good or service
Place: Knowing how and where to deliver products to customers
Promotion: The process of communicating ideas to customers to influence their
buying decisions
7. (L1) factors in which distribution channels to utilize.: Place
8. (L1) must be fair, yet lead to profitability.: Price
9. (L1) marketing involves developing these in such a way as to ensure
maximum satisfaction.: Product
10. (L1) includes media, print, and word of mouth.: Promotion
11. (L2) is when a satisfied customer either gives a written or oral
recommendation to another prospective customer.: Word-of-mouth advertising
12. (L2) What is the term for statistical data relating to particular groups within
a population?: demographics
13. (L2) Match the descriptions with the functions of business.
promotion
product and service management
financing
distribution
marketing research
selling
3 n/ n31
, pricing: Match the descriptions with the functions of business.
n n n n n n n n
n communicating ideas to customers to influence their buying decisions
n n n n n n n n
developing, maintaining, and improving a product or service to make it more appeal- in
n n n n n n n n n n n n n
to customers
n n
the process of finding money to fund the creation of new products and help advertise
n n n n n n n n n n n n n n
nthem once produced n n
the process of making a product or service available to potential customers
n n n n n n n n n n n
n the process of gathering information about potential customers
n n n n n n n
the process of connecting suppliers to customers and convincing them to buy or
n n n n n n n n n n n n
ncarry your products n n
the process of establishing fair and profitable rates for products and services
n n n n n n n n n n n
14. (L2) Choose True or False.
n n n n
True
n Fals
e
True
True: Choose True or False.
n n n n
The most desirable form of marketing for companies is word-of-mouth.
n n n n n n n n n
The unique style, technique, and feel a company or product holds that differentiates it
n n n n n n n n n n n n n
4 n/ n31
