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Marketing chapters 1-3 Flashcards | StudBud
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Marketing chapters 1-3
Marketing chapters 1-3
25 terms
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Review of chapters 1-3
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
Which of the following is NOT a Factor of Production?
Labor
Entrepreneurship
Scarcity
Capital
2
The 80/20 rule states that 80% of a your customers only use 20% of your products
False
True
3
Examing consumer's attitudes and opinions would be a look into ...
demographics
psychographics
geographics
behavioral characteristics
4
The four key phases of a Business Cycle are Expansion, Recession, Trough, and ...
Recovery
Inflation
Consumer Price Index
Gross Domestic Product
5
Mass Marketing typically is more costly than Niche Marketing because you need to research your specific target audience.
False
True
6
A company's percentage of total sales volume generated by all companies that compete in a given market is called ...
Shared Markets
Consumer Market
Organizational Market
Market Share
7
All of the following are goals of a healthy economy EXCEPT ...
Decrease Unemployment
Increase Productivity
Increase Taxes
Maintain Stable Prices
8
Which is NOT a section of a Marketing Plan?
Objectives
Marketing Strategies
Demographics
Situation Analysis
9
Raw materials that have been processed into a more useful form (such as lumber or steel) are considered ...
Land
Entreprenuership
Capital
Labor
10
Nationalization occurs when the government takes over a privately-held company.
True
False
11
Goods are intangilbe and Services are tangible
False
True
12
The 4 Ps of Marketing refers to ...
Marketing Mix
Marketing Plan
Market Segmentation
Target Marget
13
The idea that a business should strive to satisfy customer's needs and wants while making a profit is called ...
Marketing Concept
Brand Loyalty
Customer Relationship Management
Competition
14
A competitor's successful marketing campaign of a product would be considered ...
a weakness
a strength
an opportunity
a threat
15
An internal company analysis examines ...
opportunites and threats
socio-cutural and technology
strengths and weaknesses
politics and economics
16
Which is NOT an economic factor that a marketer would consider an opportunity or threat?
currency rates
import pricing
do not call registry
trade restictions
17
Which is NOT a payment option at your student store?
Debit/Credit card
Apple Pay
Cash App
Cash
18
Marketing generates competition. The public benefits from this competition in the form of lower prices and ...
A higher score
Private ownership
New and improved products
Monopolies
19
Breaking down the market into smaller groups that have a similar characteristic is called ...
Market Segmentation
Target Market
Consumer Market
Organizational Market
20
When businesses study consumer shopping habits to determine the most convenient and efficient locations to sell ...
Possession utility
Information utility
Place utility
Time utility
21
Functions of marketing add value to a product. The added value is called Utility. Which is NOT an economic utility?
Place Utility
Marketing Utility
Form Utility
Possession Utility
22
Capitalism, Communism, and Socialism are types of economic systems.
False
True
23
If you wanted to work in the student store for class credit in the future, you would forecast for the class called ...
Marketing III
Advanced Business Procedures
Student Store
there is no class for credit
24
Nations must answer these basic economic questions EXCEPT ...
What g/s should be produced
When g/s should be produced
How g/s should be produced
For whom g/s should be produced
25
Which of the following is NOT an economic system?
Traditional economy
Command economy
Basic economy
Market economy
