Marketing Foundations

Question 1

The 80/20 Rule states that 20% of a companies sales comes from 80% of their repeat customers.

Accepted Answer

False

Question 2

Giving employees the authority to solve many customer problems:

Accepted Answer

employee empowerment

Question 3

This function of marketing involves developing, maintaining, and imporving a good or a service.

Accepted Answer

product/service management

Question 4

The Children’s Hospital foundation uses promotional efforts with potential donors:

Accepted Answer

organization marketing

Question 5

The combination of the four basic marketingdecisions - product, place, price, and promotion:

Accepted Answer

marketing mix

Question 6

Exchanging products or services with others by agreeing on their values without using money:

Accepted Answer

bartering

Question 7

Achieving conventional goals with unconventional methods, like investing energy & creativity.

Accepted Answer

guerilla marketing

Question 8

Placing the product in the right hands at the right time. Providing samples to celebrities/athletes.

Accepted Answer

product seeding

Question 9

The message is passed from consumer to consumer using the internet.

Accepted Answer

viral marketing

Question 10

The slogan “Las Vegas: What Happens Here, Stays Here” is an example of:

Accepted Answer

place marketing

Question 11

Name given to an individual with many followers on social media who care about what person says, does, and buys.

Accepted Answer

influencer

Question 12

The process of planning, pricing, promoting, and distributing products to satisfy customers:

Accepted Answer

marketing

Question 13

This marketing function involves gathering data to help make decisions.

Accepted Answer

marketing information management

Question 14

Workers concentrate their efforts on producing one thing:

Accepted Answer

specialization of labor

Question 15

Marketing should be thought of as an:

Accepted Answer

essential business activity.

Question 16

A State Trooper holding a banner that reads “Click It or Ticket” is an example of:

Accepted Answer

cause/idea marketing

Question 17

The locations and methods used to make the product available to customers:

Accepted Answer

place

Question 18

Focuses on developing loyal customers who purchase from the business for a long period of time.

Accepted Answer

relationship marketing

Question 19

This means satisfying customer's wants and needs while making a profit. A consumer orientation.

Accepted Answer

marketing concept

Question 20

Good products will not be successful without good marketing.

Accepted Answer

True

Question 21

Some examples of this function of marketing would be news releases, store displays, billboards, etc.

Accepted Answer

promotion

Question 22

Around half of all businesses in the U.S. are involved in marketing.

Accepted Answer

False

Question 23

Developing an understanding of marketing can help you be a better consumer.

Accepted Answer

True

Question 24

This is anything offered to a market by the business to satisfy needs:

Accepted Answer

product

Question 25

This marketing function determines clients wants and needs through direct, planned, personalized communication.

Accepted Answer

selling

Question 26

The best way to get the product to the consumer based on their preferred method.

Accepted Answer

distribution

Question 27

Which of the following businesses have marketing as their primary activity?

Accepted Answer

real estate agents

Question 28

Marketing increases prices for consumers due to the costs of promotion and distribution.

Accepted Answer

False

Question 29

Stores offering credit cards make it easier for consumers to pay for products is an example of which marketing function?

Accepted Answer

financing

Question 30

All that is needed to be successful in business is a good product.

Accepted Answer

False

Question 31

Communication a business or organization uses to inform, persuade, or remind consumers:

Accepted Answer

promotion

Question 32

Marketing creates a variety of new and improved products for consumers.

Accepted Answer

True

Question 33

Marketing is known as the creation and maintenance of mutually beneficial _______________ relationships.

Accepted Answer

exchange

Question 34

Marketing takes place everywhere and is a constant force in our lives.

Accepted Answer

True

Question 35

This is the amount the customer will pay for the product.

Accepted Answer

price

Question 36

Politicians have always used marketing to enhance their public images. This is an example of:

Accepted Answer

person marketing

Question 37

Product, price, place, and promotion decisions:

Accepted Answer

all of the above

Question 38

Which function involves the process of establishing and communicating to customers the value and costs of products.

Accepted Answer

pricing

Question 39

Many businesses use Facebook, Twitter, Youtube, or Instagram to communicate with customers.

Accepted Answer

social media marketing

Question 40

Central markets were usually located:

Accepted Answer

where people frequently traveled

Marketing Foundations

Questions 40

Marketing Foundations

Questions 40