Study Guide for Module 8

Name: Period: SCORE: _____ / 10

1. The blending of four marketing elements is called the marketing mix. What are those 4
marketing elements (The 4 P’s)?
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2. The activity, set of institutions, and processes for creating, communicating, delivering, and

exchanging offerings that have value for customers, clients, partners, and society at large is

called _________________ .

3. A company's plan that identifies how it will use marketing to achieve its goals is called the

marketing _________________ .

4. What are the 7 Marketing Functions?

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5. The 2 steps in a marketing strategy are:

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6. Marketing activities often cost _____% or more of the selling price of a product or service.

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7. Marketing is used for both goods and services, but ___________________ are more difficult to
market because they are intangible.

8. _______________________ consumers are people who buy products and services mostly for

their own use; whereas, _________________ consumers are people, companies, and

organizations that buy products for the operation of a business.

9. A(n) _______________________ buying motive is seen when someone is guided by facts and
logic.

10. A(n) _______________________ buying motive is seen when someone makes a purchase based
on feelings, beliefs, and attitudes.

11. What are the 5 steps in the Consumer Decision-Making Process (in the correct order)?
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12. Marketing ____________________ is when marketers find solutions to problems through
carefully designed studies involving customers.

13. A specific group of customers that have similar wants and needs is called a
_________________ _________________ .

14. If demand for a product is _________ , prices will _______________ .

A. High, Decrease
B. Low, stay the same
C. High, Increase
D. Low, Increase

15. What are the 6 factors when determining the price of a product?

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16. Define markup:

17. Define markdown:

18. What are the 3 reasons that products are marked down?
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19. ____________________ includes the locations and methods used to make a product or service
available to the target market.

20. ____________________ of distribution is the route a product follows and the businesses involved
in moving a product from the producer to the final consumer.

21. Define channel members:

22. ____________________ channels of distribution include one or more businesses between the
producer and the consumer.

23. ____________________ channels of distribution are when products move from the producer
straight to the consumer with no other organization participating.

24. Define advertising:

25. Define promotion:

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26. Sellers want to charge the ____________________ price possible.

27. Buyers usually want to pay the ____________________ price possible.

28. ____________________ is the amount of money available to the business after all costs and
expenses have been paid.

29. ____________________ ____________________ is the difference between the selling price and
the product costs.

30. ____________________ expenses are all the expenses of operating the business that are
associated with the product.

31. ____________________ costs are the costs to the manufacturer of producing the product or the
price paid by other businesses to buy the product.

32. Fill in the Selling Price Formula Below:

______________________ + Operating expenses + ______________________ = Selling Price

33. ____________________ are the final business organizations in an indirect channel of distribution
for consumer products.