About half of every dollar that individuals spend pays for marketing costs.

The marketing concept requires maintenance of important relationships with customers.

The increased standard of living in the United States has resulted in less discretionary income for consumers.

Producers are the driving force behind the marketing concept.

Young families spend entertainment dollars to attend sport events for their children.

Two major goals of marketing are to determine what the economic market wants and how much they are willing to pay.

Companies that have a comparative advantage are able to pass savings to their customers in the form of lower prices.

Physiological needs include recognition and respect from others.

Economic uncertainty has a direct impact on consumer purchases.

The best strategy for a business to rise above the competition is to provide uncompromising, outstanding customer service.

Teenagers in the United States spend billions of dollars annually, making them a desirable target market.

Mystery guests are sometimes hired by companies to determine how well they are performing customer service.

Today’s consumers

__________ is not part of Maslow’s Hierarchy of Needs.

Each of the following is an example of a market segment except

__________ segmentation divides markets into physical locations, such as Eastern, Northern, Southern, and Western regions of the United States.

Realization of one’s self potential is referred to as the __________ need in Maslow’s Hierarchy of Needs.

Emotional purchases are more likely not to occur when

Most consumers

External sources of information for businesses do not come from

Secondary data

The first step in marketing a product is to determine

The marketing concept

The _ is focused on satisfying customer needs.

The _ is the difference between what customers expect and the service they receive from a business.

_ is the capability to produce products or services more efficiently and economically than the competition.

The _ is the point at which all of the expenses for producing a product are covered.

_ includes the five major human areas of need.

_ purchases are based upon loyalty to a particular brand or product.

_ segmentation is based upon age, income, education, and other distinguishing characteristics of a particular market segment.

_ is the percentage of total sales of a product or service that a company expects to capture in relation to its competitors.

_ is the rate at which companies produce goods or services in relation to the amount of materials and number of employees utilized.

_ purchases are made with little thought during emotional highs or lows.

_ is a specific group of consumers that a company wants to reach.

_ is the value that people believe they receive from a product or service.