Midterm Review

Question 1

Marketing is the dynamic activities that identify, anticipate, and satisfy customer demand while making a profit.

Accepted Answer

True

Question 2

Social responsiblity is behaving with sensitivity towards social, economic, and environmental issues.

Accepted Answer

True

Question 3

Advertising is one aspect of marketing.

Accepted Answer

True

Question 4

The function of business that includes all activities involved in making a product is

Accepted Answer

production

Question 5

Goods are concepts, causes, issues, images, or philosophies,

Accepted Answer

False

Question 6

The function of business that includes all activities involving money.

Accepted Answer

finance

Question 7

Which is not a benefit of marketing?

Accepted Answer

increasing people&#x27;s needs

Question 8

The plan for using product, price, place, and promotion to market a specific product is its ____.

Accepted Answer

marketing mix

Question 9

What is a common measure of what something is worth?

Accepted Answer

unit of value

Question 10

Business that is legally separate from its owners and has most of the legal rights of a person is a corporation.

Accepted Answer

True

Question 11

Relationship between 2 or more people who join to create a business.

Accepted Answer

partnership

Question 12

The function of business controls and makes decisions about a business.

Accepted Answer

management

Question 13

The actions a company takes to further social good in general are considered corporate ___________.

Accepted Answer

social responsiblity

Question 14

The general term for all activities involved in developing and exchanging goods and services is business.

Accepted Answer

True

Question 15

The function of business that focuses on the customer.

Accepted Answer

marketing

Question 16

A business owned by one person is a partnership.

Accepted Answer

False

Question 17

A specific group of customers at which a company aims its products and services.

Accepted Answer

target market

Question 18

Action that is done for you.

Accepted Answer

service

Question 19

Something that can be saved and used later.

Accepted Answer

store of value

Question 20

The advantage a business has due to its good reputation is known as ____.

Accepted Answer

goodwill

Questions 20