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Fundamentals of Marketing Final Review (Marketing & Economic Concepts) Flashcards | StudBud
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Fundamentals of Marketing Final Review (Marketing & Economic Concepts)
Fundamentals of Marketing Final Review (Marketing & Economic Concepts)
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StudBud Administration
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Introduction course review over marketing/economics
Flashcards
47 cards
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Practice quiz
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Host live
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Questions
47
Answers
1
Economic resource that is a gift of nature =
Natural
Capital
Investment
Human
2
The money left after cost of merchandise is subtracted from total income is called:
Even Profit
Net Profit
Working Profit
Gross Profit
3
__________________ refers to the people who contribute skills and talents to production.
Investment Resource
Human Resource
Investment Resource
Capital Resource
4
What marketing function would = conducting surveys about economy, competitors, etc?
Promotion
Selling
Marketing Information Management
Pricing
5
Deciding what product to make, what quality it will be & how to package = __________ decisions.
Place
Promotion
Product
Price
6
When business use prices to attract scarce/limited customer dollars (sales/price match/rebate)=
Benefit Competition
Price Competition
Profit-Related Competition
Non-Price Competition
7
The idea of fulfilling the needs of customers at a profit is called the:
Consumption Concept
Business Concept
Technical Concept
Marketing Concept
8
Usefulness added through communications (i.e. an instruction manual) is known as
Form Utility
Information Utility
Time Utility
Place Utility
9
Economic principle=supply of a good will increase when demand is high & fall when demand is low
Elastic Demand
Competition
Law of Supply & Demand
Inelastic Demand
10
The rivalry between two or more business to attract customer dollars is called:
Advertising
Competition
Marketing
Economics
11
Demand that exists if demand for a good/service is constant even if the product's price changes
Law of Supply & Demand
Inelastic Demand
Competition
Elastic Demand
12
Usefulness added by aiding customers in ownership, i.e. offering credit or layaway =
Possession Utility
Form Utility
Place Utility
Time Utility
13
The usefulness added through location is known as:
Information Utility
Time Utility
Form Utility
Place Utility
14
Determining how various products will be shipped = which marketing function?
Pricing
Product/Service Planning
Distribution
Promotion
15
The business risk that involves tornadoes, fires and food that spoils is:
Human
Competitive
Economic
Natural
16
Form utility is defined as the increased usefulness of a product to a consumer:
Because of a change in the basic material
Because of the time it's made available
Could be all of these
Because of the convenient location of the product
17
Economic principle = quantity people will buy varies inversely w/the price of the good/service=
Law of Supply & Demand
Inelastic Demand
Elastic Demand
Competition
18
Type of competition between businesses which offer similar products/services (ie. McD vs BK) =
Market-Related Competition
Indirect Competition
Direct Competition
Product Competition
19
Part of marketing mix that determines how customers will be told about the product=__ decision.
Promotion
Price
Place
Product
20
The ability and desire of consumers to own products/services.
Seller's Market
Supply
Buyer's Market
Demand
21
Segmenting based on an individuals interests or hobbies = segmenting by:
Product Benefit
Geographics
Psychographics
Demographics
22
The business risk that involves employee error, customer dishonesty & employee incompetence is:
Competitive
Natural
Human
Economic
23
Segmenting based on location is:
Product Benefit
Geographics
Psychographics
Demographics
24
Trying to create additional demand for a product/service = which marketing function?
Product/Service Planning
Pricing
Distribution
Promotion
25
Expense business pays for the goods they sell or raw materials they use to make goods to sell =
Cost of Business
Cost of Operations
Cost of Expense
Cost of Merchandise
26
Quantity of a good/service that sellers are able/willing to offer for sale at a specified price
Supply
Seller's Market
Demand
Buyer's Market
27
Usefulness added by having products available @ right time of the year-i.e. pumpkins in October
Form Utility
Place Utility
Possession Utility
Time Utility
28
The monetary reward an individual receives for taking the risk of investing in business is:
Pride
Satisfaction
Sales
Profit
29
Segmenting based on factors such as age, gender, ethnicity or income level = segmenting by:
Demographics
Psychographics
Product Benefit
Geographics
30
Best time for producers to sell, characterized by large demand, small supply & high prices
Law of Supply & Demand
Elastic Demand
Buyer's Market
Seller's Market
31
Segmenting a market based on how the product will be used by the consumer is:
Demographics
Psychographics
Product Benefit
Geographics
32
Fluctuations in consumer demand, government regulations & unemployment = what business risk?
Natural
Human
Economic
Competitive
33
Competition that occurs between businesses offering dissimilar product/services (AMC vs Ihop) =
Direct Competition
Market-Related Competition
Indirect Competition
Profit Competition
34
To compute net profit, what is subtracted from gross profit?
Total Income
Total Expenses
Cost of Merchandise
Operating Expenses
35
Man-made economic resource that is used to produce & sell other economic goods/services=
Investment
Capital
Natural
Human
36
How a product will be distributed is part of marketing mix ____________ decisions.
Price
Place
Promotion
Product
37
The elements of an effective marketing mix are:
Product, place, promotion & price
Planning, packaging, product & price
Production, packaging, price & promotion
Planning, production, price & promotion
38
Competition when businesses compete on factors not related to price (quality/addl. services) =
Non-Price Competition
Price Competition
Profit-Related Competition
Benefit Competition
39
Expenses necessary to keep the business running on a day-to-day basis =
Running Expenses
Operating Expenses
Profiting Expense
Grossing Expense
40
Marketing function responsible for receiving, checking in & storing merchandise =
Distribution
Product/Service Planning
Marketing Information Management
Promotion
41
Marketing mix ___________ decisions determine how customers will pay for a product.
Product
Place
Price
Promotion
42
A company's part of all the sales made by competitors in the same field is called:
Market Share
Market
Consumer
Market Mix
43
Best time for consumers to buy, large supply, small demand & low prices =
Law of Supply & Demand
Buyer's Market
Elastic Demand
Seller's Market
44
Selecting new merchandise for sale = which marketing function?
Promotion
Product/Service Planning
Distribution
Marketing Information Management
45
America's economic system where resources & businesses = owned by individuals=market economy or
Capitalism
None of these answers are correct
Communism
Democratic Socialism
46
Potential customers who share common desires and willingness to buy a product are known as the:
Market Share
Market
Consumer
Marketing Mix
47
The possibility of loss or failure is:
Law of Supply & Demand
Profit Motive
Profit
Risk
