EN103: Academic English for
Foundations of Business Administration (BU113)                                           Name ________________
Prof. Bauer-Ramazani

Lecture Guide/Quiz
Introduction to Marketing (Nelson)

  1. T/F    Marketing is a business function, like accounting, management, production, finance.
     
  2. The primary focus of marketing is to ______________ customers.
     
  3. Marketing is a(n) ________________ activity.
     
  4. A consumer is somebody who _______________ a product, whereas a customer is somebody who _______________ a product.
     
  5. A synonym for consumer is ___________________.
     
  6. Buyers of products include actual and _______________ buyers.
     
  7. T/F     A market is a collection of buyers and includes actual and potential buyers external to the organization.
     
  8. Name 2 characteristics that distinguish a market from a market segment.
      1. ___________________________________
      2. ___________________________________
         
  9. When the lecturer says that "customers in the same market segment react similarly to a particular stimulus" he means that __________________________________________ (2 pts)
     
  10. T/F    Marketers should market the same product to different market segments in the same way.
     
  11. Marketing includes decisions around four basic choices: _________________, _______________, ________________, and ________________.

  12. T/F   The term product includes goods, services, and ideas.

  1. The target market for Southwest Airlines is _________________ travelers.
     
  2. T/F    "cheap" and "inexpensive" have the same meaning.
     
  3. T/F    Mothers Against Drunk Driving (MADD) is an example of idea marketing.
     
  4. The marketing mix includes the _____________ market and choices around the ____________________.
     
  5. The marketing mix is also defined as "the unique set of _______________ ______________ chosen by an organization.
     
  6. Marketing strategies for products include
  1. _____________________
  2. _____________________
  3. _____________________
  1. An example of a focus strategy is _________________.
     
  2. If companies want to sell a large quantity of the same product to different customers, they have to use a strategy of ____________________.
     
  3. T/F     Nike, Reebok, Adidas, and toothpaste manufacturers use a differentiation strategy to sell large quantities.
     
  4. Southwest Airlines distinguishes itself from its competitors through its strategy of being a ______________ _________________.
     
  5. T/F     Companies like Toys R’ Us and JetBlue use a cost leader strategy.
     
  6. T/F     Companies like Gap, HomeDepot, EMS, and Polo use a focus (niche) strategy.
     
  7. T/F     Distribution is about getting products from the manufacturer(producer) to the consumer.
     
  8. T/F     A typical distribution channel is producer č wholesaler č retailer č consumer.
     
  9. Wal-Mart is a
  1. producer
  2. wholesaler
  3. retailer
  4. consumer
  1. T/F     Customers often pay a higher price for a famous company name (label).
     
  2. T/F     Higher priced products are usually of higher quality.
     
  3. Name the 2 basic pricing objectives that companies use.
    1. ________________________
    2. ________________________
       
  4. T/F A company that uses coupons is probably trying to use profit maximization strategy.
     
  5. Companies that use the profit maximization strategy include
  1. Bose speakers
  2. Bath and Bodyworks
  3. ____________________
  4. Victoria’s Secrets

  33. Wal-Mart’s pricing objective is volume. This means that Wal-Mart wants to ___________________ sales and ________________market share.

  1. Which of the following is a strategy to set prices:
  1. economic theory (supply-demand equilibrium)
  2. cost-based pricing ( = manufacturing cost plus a mark-up %)
  3. skimming the cream
  4. penetration pricing (high volume)
  5. all of the above
  6. none of the above