Marketing Dynamics: Unit 1 - Marketing Basics

Question 1

The main goal of marketing is ____ .

Accepted Answer

All of the above

Question 2

One of the main ways that a business learns what customers want is through ____ .

Accepted Answer

marketing-information management

Question 3

____ refers to how much something is worth.

Accepted Answer

value

Question 4

The activities involved in setting prices for products is ____ .

Accepted Answer

pricing

Question 5

Conducting a SWOT analysis is an important form of analysis for which function of marketing?

Accepted Answer

Market planning

Question 6

The activities that marketers perform to carry out marketing mix decisions are known as ____ .

Accepted Answer

the marketing functions

Question 7

According to the ____ , when prices fall, demand will rise (in a constant environment).

Accepted Answer

law of demand

Question 8

Non-personal communication with customers about a company and its product is ____ .

Accepted Answer

promotion

Question 9

The process of telling people about the product and the company that offers it is ____?

Accepted Answer

promotion

Question 10

Something that is necessary for survival is a _____ .

Accepted Answer

need

Question 11

The needs and wants that you can satisfy by buying something are called ____ .

Accepted Answer

economic needs and wants

Question 12

Making products available to customers involves the element of ____ ?

Accepted Answer

place

Question 13

Something you desire but could function without is a ____ .

Accepted Answer

want

Question 14

When supply is ____ and demand is high, price ____ .

Accepted Answer

low; increases

Question 15

Developing new products, improving old, and determining which to carry are part of ____ .

Accepted Answer

product/service management

Question 16

Business can increase profits by ____ .

Accepted Answer

All of the above

Question 17

____ involves any activity related to making a product.

Accepted Answer

production

Question 18

The sum of all individual suppliers' amounts of a specific product, for a specific time period.

Accepted Answer

market supply

Question 19

The plan of action for marketing a product, which consists of the 4P's, is the ____.

Accepted Answer

marketing mix

Question 20

Left over money a business has after all expenses and costs of the business are paid is ____.

Accepted Answer

profit

Question 21

A guide to help a company avoid pitfalls (lost sales, lost opportunity, poor product planning).

Accepted Answer

marketing plan

Question 22

In a ____ , both the government and individuals are involved in making economic decisions.

Accepted Answer

mixed economy

Question 23

The basis of all business and marketing is ____ .

Accepted Answer

exchange

Question 24

In a ____ , individuals are solely responsible for making economic decisions.

Accepted Answer

market economy

Question 25

The condition in which there are not enough resources to meet needs is ____ .

Accepted Answer

scarcity

Question 26

A ____ is a physical item; something you can touch.

Accepted Answer

good

Question 27

According to the ____ , when prices are high, supply will rise (in a constant environment).

Accepted Answer

law of supply

Question 28

The amount of money requested or exchanged for a product is the ____ .

Accepted Answer

price

Question 29

Determining and targeting market strategies to selected audiences is part of the ____ function.

Accepted Answer

market planning

Question 30

This business function includes all activities to plan, coordinate, and monitor a business.

Accepted Answer

Management

Question 31

The marketing function that handles the activities that gets products to customers is ____ .

Accepted Answer

channel management

Question 32

____ consists of dynamic activities that focus on the customer to generate profit.

Accepted Answer

marketing

Question 33

The marketing function that consists of personal communications with customers is ____ .

Accepted Answer

selling

Question 34

The function of a business that includes all activities involving money is ____ .

Accepted Answer

finance

Question 35

Which of the following is not one of the four functions of business?

Accepted Answer

Pricing

Question 36

This approach to business says the way to make a profit is to focus on customer satisfaction.

Accepted Answer

Marketing concept

Question 37

A concept, cause, issue, image, or philosophy that can be marketed is a(n) ____ .

Accepted Answer

idea

Question 38

Decisions about the marketing mix are made with the ____ in mind.

Accepted Answer

target market

Question 39

The sum of all the individual demands for a specific product, for a specific time period.

Accepted Answer

market demand

Question 40

An action that is done for you is a(n) ____ .

Accepted Answer

service

Marketing Dynamics: Unit 1 - Marketing Basics

Questions 40

Marketing Dynamics: Unit 1 - Marketing Basics

Questions 40