Chapter 1 Test Review - Marketing is All Around Us

When a products demand and production increase, prices usually decrease.

Marketing includes planning, promoting, and distributing products.

Towards the end of summer, local office supplies store increase their stock of school supplies to increase _____utility.

Market shares constantly change as competitors enter the market & market size increases or decreases.

Pricing decisions are based on cost and on what competitors are charging for the same product or service.

The recycle symbol is a trustmark that is awarded by the government.

Promotion is used to do all but which of the following?

Which of the following utilities involves making products?

A company should develop a(n) ____in order to target potential customers who value products made sustainably?

Organizational selling is another name for business-to-business selling.

Marketing is the process of developing, promoting, and distributing products to satisfy customer needs and wants.

Employees at a home-improvement warehouse giving customers advice about how to use their products

What does a miniature golf business provide to its customers?

Deciding how much to charge for goods and services is pricing.

Birthday Bears, Inc. is part of a(n) ____ market when it buys 1,000 bears from Unique Gifts to sell in its stores.

A company sending emails or using posts on social media to notify customers of new promotions or connect with them.

Physically moving the goods in order to get them to the customer is part of the channel management function.

Businesses that buy products for use in their operations are part of the consumer market.

Jared asked his mom to buy him Coco Puffs after watching a TV commercial. To what group does he belong?

To increase the_____ utility of their products, some retailers offer installment or layaway plans.

Which of the following is the process of classifying customers by specific characteristics?

Providing customers with goods and services that they want is called selling.

The scope of marketing only includes the marketing of goods and services.

Which of the core marketing functions includes conducting research?

Transforming old glass bottles into beautiful new sculptures is an example of _______ utility.

A marketing concept includes information such as ethnic background, age, income level, and geographic location.

A dairy introducing low-fat ice cream to increase sales is using a _____ marketing strategy.

Obtaining, developing, or improving a product are part of which marketing core function?

Product, price, place, and promotion are all part of the product mix.

Consumers who purchase goods and services for their personal use are considered part of which market?

Time utility involves having a product available at a certain time of year or day.

Selling exercise equipment through catalogs mailed to exercise enthusiasts is an example of place utility.

Services are tangible items that are done for you for a fee.

Banks now open seven days a week, or offering extended hours for customers is an example of possession utility.

The added value of a product in economic terms is "usefulness".

Product/Service Management is the gathering, sorting, and analyzing information about customers.

Market share is the percentage of total sales generated by competing companies.

Completing a research form/survey after leaving a hotel is is an example of what marketing core function?

Which of the following is NOT one of the 4 Ps of the marketing mix?

Which economic utility increased when fast-food restaurants began accepting credit cards?

Shopping at Target and paying cash for your purchases is a marketing strategy called _______.

The "buy one get one free" strategy is an example of distribution.

Marketing activities increase demand, which helps lower prices.

A market includes people who share similar needs and wants, and can purchase a company’s products.