Random Review Answer a question correctly, then roll the dice to see how much your answer was worth.

Rules  You will be paired up with another student or two  Your team will have 10 seconds to answer the question shown on the board  Get the question right and roll the dice to see how many points you get for your precision  Try to avoid using your notes

 Tangible items of monetary value that satisfy needs & wants.  Goods

 An attribute of a product or service that makes it capable of satisfying consumers’ wants & need  Utility

 Generally, what costs more, to gain a new customer or to keep an existing customer?  Gain a new customer.

 In marketing, these are the people who use the product  Consumers

 Which economic utility is not considered a marketing utility?  Form utility

 Why is a reliable product & customer service so important in marketing to businesses?  Businesses need the product to work in order to create their own profit.

 The process of planning, pricing, promoting, selling, & distributing products to satisfy customer needs & wants  Marketing

 Name 1 of the economic benefits of marketing…  New & improved products  Lower prices  Added value

 If John buys a Barbie doll for his sister Joanna, John would be considered this…  Customer

 Where do exchanges take place?  The Marketplace

 Asking questions of a company’s employee and receiving answers would be considered this economic utility  Informational

 Intangible items of monetary value that satisfy needs & wants  Services

 A group of people identified as most likely to become customers  Target Market

 Why is it important to know your company’s target market?  Allows you to market your product to the possible consumers/customers

 Having a website or a magazine available for your customers to purchase goods would constitute this economic utility  Place

 Businesses should satisfy customers’ needs and wants while making a profit…  The Marketing Concept

 Allowing customers to use debit/credit cards enhances a company’s goods through this utility  Possession

 Name the 4 Ps of the marketing mix  Price  Promotion  Place  Product

 In marketing, the people that buy the product  Customers

 Selling big, green pine trees for indoor use after Thanksgiving would be an example of this utility  Time

 How does marketing help reduce the price of goods?  Increasing demand, which allows a company to: ◦ Charge a lower price per unit ◦ Sell more units ◦ Make more money  Increases competition

 A company’s percentage of total sales volume generated by all competition in a given market  Market Share

 A list of information about a target market, such as income level, lifestyle, & geographic residence  Customer Profile