What is Marketing? Unit Test Review

Question 1

Packaging, labeling, directions, and instructions are all examples of this utility.

Accepted Answer

Information

Question 2

The idea that a business should strive to satisfy customers' wants and needs while generating a profit for the company.

Accepted Answer

Marketing Concept

Question 3

Dine In, Carry Out, Delivery, and frozen are all ways to get a pizza. These are examples of:

Accepted Answer

Channel Management Function

Question 4

Store displays, instructions, warranties, and advertisements are an example of this utility.

Accepted Answer

Information Utility

Question 5

Which economic utility increased when websites began taking credit/debit for online purchases?

Accepted Answer

Possession

Question 6

A business-to-business market that includes all businesses that buy products for use in their operations

Accepted Answer

Industrial Market

Question 7

This utility involves changing raw materials or putting parts together to make them more useful...

Accepted Answer

Form

Question 8

The exchange of a product for money = ________ utility

Accepted Answer

Possession

Question 9

Which of the following is NOT true about prices?

Accepted Answer

Setting a price does not require any study by a business

Question 10

Which of the following is NOT one of the P's of the marketing mix.

Accepted Answer

Production

Question 11

This utility is created primarily through transporation and distribution

Accepted Answer

Place Utility

Question 12

A retail store must strike a compromise between two main factors when setting price:

Accepted Answer

Reasonable margin & customer willingness to pay

Question 13

Store shelves being stocked in August for Halloween is an example of:

Accepted Answer

Time Utility

Question 14

The "added value" in economic terms is called:

Accepted Answer

Utility

Question 15

What is a "price point"?

Accepted Answer

The typical selling price of a product

Question 16

This utility is created primarily by means of production.

Accepted Answer

Form

Question 17

What is institutional promotion?

Accepted Answer

promotion meant to heighten a store's image

Question 18

Which of the following is NOT an economic benefit of marketing?

Accepted Answer

Marketing Mix

Question 19

The group that is identified for a specific marketing program.

Accepted Answer

Target Market

Question 20

Which of the following is an example of possession utility?

Accepted Answer

Offering 0% financing

Question 21

Pampered Chef, Rodan+Fields, Stella & Dot, Girl Scouts and Mary Kay are examples of this function

Accepted Answer

Selling

Question 22

This function deals with getting products or services to customers in the best way possible

Accepted Answer

Channel Management

Question 23

Phone surveys and questionnaire would fall within this function:

Accepted Answer

Marketing Information Management

Question 24

Which of the following has the highest "consumability"?

Accepted Answer

A loaf of bread

Question 25

What is a complementary business?

Accepted Answer

A retailer that sells related, but not identical, merchandise

Question 26

What are "loss leaders" designed to do?

Accepted Answer

Attract more customers to the store

Question 27

What is market share?

Accepted Answer

The percentage of total sales a store has in its industry area

Question 28

The owner of a miniature golf business provides her customers with...

Accepted Answer

A service

Question 29

According to the "What is Marketing" article we read in class, which is NOT a key process of marketing?

Accepted Answer

Manufacturing

Question 30

In which situation are the consumer & the customer the same person?

Accepted Answer

Angela buys a magazine to read on her flight to New Orleans

Question 31

In a retail business, what number do you get by subtracting an item's cost from its price?

Accepted Answer

Margin

Question 32

This is the ONLY marketing function that generates revenue for a company

Accepted Answer

Pricing

Question 33

This marketing function is dependent on marketing research to improve a product or a product mix.

Accepted Answer

Product/Service Management

Question 34

This function of marketing ensures that products and services get to customers in the best way possible.

Accepted Answer

Channel Management

Question 35

Convenient shopping hours are part of this utility

Accepted Answer

Time

Question 36

What is meant by "promotional mix"?

Accepted Answer

The combination of promotion used by a business

Question 37

Which of the following marketing utilities is created primarily by means of production?

Accepted Answer

Form

Question 38

What is meant by a "trade area"?

Accepted Answer

A businesses' geographic surroundings with the most customers

Question 39

Which of the following is NOT one of the four foundations of marketing?

Accepted Answer

Customer Relationship Management (CRM)

Question 40

What is a focus group?

Accepted Answer

A small group of people who provide opinions under a discussion leader

What is Marketing? Unit Test Review

Questions 40

What is Marketing? Unit Test Review

Questions 40