Marketing Chapter 1 Test

Question 1

Ruby buys fast food with cash. This is what type of economic utility?

Accepted Answer

Possession

Question 2

Packaging, warranties, brands, & customer service are all part of which marketing mix element?

Accepted Answer

Product

Question 3

A product is considered a good, not a service

Accepted Answer

False

Question 4

The relationship between a company, a product, and a consumer by understanding their needs...

Accepted Answer

Marketing

Question 5

A company’s percentage of the total sales generated by all companies that compete in a market:

Accepted Answer

Market Share

Question 6

With respect to the marketing mix, another name for "Distribution" is ___________.

Accepted Answer

Place

Question 7

Each element of the marketing mix must consistently line up with the target market

Accepted Answer

True

Question 8

Businesses who choose to release seasonal items are using what economic utility?

Accepted Answer

Time

Question 9

Changing raw materials into usable goods or putting parts together is which economic utility?

Accepted Answer

Form

Question 10

Marketing supports competition; However, it does not offer benefits to customers

Accepted Answer

False

Question 11

Distributing goods to customers would be which of the following core concepts of marketing?

Accepted Answer

Channel Management

Question 12

A service is tangible

Accepted Answer

False

Question 13

In general, marketing is inexpensive

Accepted Answer

False

Question 14

Beats® performs research on its customers and competitors. Which core concept are they using?

Accepted Answer

Marketing Information Management

Question 15

If Dick's Sporting Goods decides to ship products using UPS, which of the 4 P's is this under?

Accepted Answer

Place

Question 16

The goal of market segmentation is to identify ___________.

Accepted Answer

Target markets

Question 17

If you get your oil changed at Midas, this would be considered a __________.

Accepted Answer

Service

Question 18

Company A's sales divided by the sum of Company A, B, C, and D's sales=

Accepted Answer

Market Share

Question 19

A large market share is more favorable than a small market share

Accepted Answer

True

Question 20

Advertising is concerned with which element of the marketing mix?

Accepted Answer

Promotion

Question 21

When a business satisfies customers needs/wants, they are applying what?

Accepted Answer

Marketing Concept

Question 22

Marketing lowers prices through the creation of increased demand.

Accepted Answer

True

Question 23

Selling products that can be physically touched are considered _________.

Accepted Answer

Goods

Question 24

This core concept targets specific marketing strategies

Accepted Answer

Market Planning

Question 25

Sharing similar needs/wants with others and having the ability to purchase a given product...

Accepted Answer

Market

Marketing Chapter 1 Test

Questions 25

Marketing Chapter 1 Test

Questions 25