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Chapter 3-4 Flashcards | StudBud
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Chapter 3-4
Chapter 3-4
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StudBud Administration
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marketing quiz
Flashcards
13 cards
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Questions
13
Answers
1
Define
Scarcity
The state of being in short supply.
The capital of the country Scar.
A lack of business sales.
Unlimited wants and needs, combined with limited resource.
2
The government exerts the greatest influence over economic decisions in a...
Controlled economy
Free economy
Private enterprise economy
Mixed economy
3
List two of the four economic utilities.
critical utility, form utility
flow utility, sale utility
place utility, time utility
none of the above
4
What is the individual view of the worth of a product or service.
Market subjegation
Market opinion
Value
Profit motive
5
If the demand for a product goes down what happens o the price?
It goes up
Stays at the consumer demand level
It goes down
It runs a away
6
Define economic resources
Resources that are utilized in the marketing process
natural resources, capital, equipment, and labor.
Resources that go into the making of products.
Do u know da wae?
7
If a product is scarce and high demand what will the price most likely be
lower
higher
supply curve
the same, they cancel eachother out
8
what is the channel of distribution?
all businesses involved in completing marketing activities.
The division of enterprise available to certain businesses.
the splitting up of different channels
the flow of products and promotions through businesses.
9
Groups of similar consumers within a larger market are known as...
economic factors
market groups
market segments
economic sectors
10
I am purchasing a pair of fresh Yeezy's, but they dont have my size. This is known as...
demand
law of supply
low supply
scarcity
11
What is it called when the demand curve and the supply curve intersect
law of supply
prime intersection
the market x
market price
12
What is the title of chapter 3
The basics of marketing
Market economics and Demand curves
Marketing begins with economics
Supply and Demand economics
13
Which four market elements lead to a satisfied customer?
decide, asses, recognize, identify
Market flow, supply and demand, market mix, promotion
sales, coupons, refunds, tax deductions
Product, Distribution, Price, Promotion
