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Fundamentals of Marketing Final Review (Marketing & Economic Concepts) Flashcards | StudBud
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Fundamentals of Marketing Final Review (Marketing & Economic Concepts)
Fundamentals of Marketing Final Review (Marketing & Economic Concepts)
47 terms
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StudBud Administration
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Introduction course review over marketing/economics
Flashcards
47 cards
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Practice quiz
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Host live
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Questions
47
Answers
1
Expense business pays for the goods they sell or raw materials they use to make goods to sell =
Cost of Business
Cost of Operations
Cost of Expense
Cost of Merchandise
2
Marketing mix ___________ decisions determine how customers will pay for a product.
Price
Promotion
Product
Place
3
Selecting new merchandise for sale = which marketing function?
Product/Service Planning
Marketing Information Management
Promotion
Distribution
4
Usefulness added through communications (i.e. an instruction manual) is known as
Time Utility
Form Utility
Information Utility
Place Utility
5
The rivalry between two or more business to attract customer dollars is called:
Competition
Marketing
Advertising
Economics
6
Segmenting based on an individuals interests or hobbies = segmenting by:
Product Benefit
Demographics
Psychographics
Geographics
7
Part of marketing mix that determines how customers will be told about the product=__ decision.
Promotion
Product
Place
Price
8
A company's part of all the sales made by competitors in the same field is called:
Market
Market Mix
Market Share
Consumer
9
The elements of an effective marketing mix are:
Production, packaging, price & promotion
Planning, production, price & promotion
Planning, packaging, product & price
Product, place, promotion & price
10
The ability and desire of consumers to own products/services.
Buyer's Market
Demand
Supply
Seller's Market
11
Potential customers who share common desires and willingness to buy a product are known as the:
Marketing Mix
Market Share
Market
Consumer
12
Man-made economic resource that is used to produce & sell other economic goods/services=
Capital
Natural
Human
Investment
13
Form utility is defined as the increased usefulness of a product to a consumer:
Because of the convenient location of the product
Could be all of these
Because of the time it's made available
Because of a change in the basic material
14
Segmenting based on factors such as age, gender, ethnicity or income level = segmenting by:
Geographics
Demographics
Product Benefit
Psychographics
15
Segmenting a market based on how the product will be used by the consumer is:
Demographics
Geographics
Product Benefit
Psychographics
16
Marketing function responsible for receiving, checking in & storing merchandise =
Promotion
Product/Service Planning
Marketing Information Management
Distribution
17
Competition that occurs between businesses offering dissimilar product/services (AMC vs Ihop) =
Indirect Competition
Direct Competition
Profit Competition
Market-Related Competition
18
Economic principle = quantity people will buy varies inversely w/the price of the good/service=
Inelastic Demand
Law of Supply & Demand
Competition
Elastic Demand
19
The possibility of loss or failure is:
Law of Supply & Demand
Profit
Profit Motive
Risk
20
The usefulness added through location is known as:
Place Utility
Form Utility
Time Utility
Information Utility
21
The idea of fulfilling the needs of customers at a profit is called the:
Consumption Concept
Marketing Concept
Business Concept
Technical Concept
22
What marketing function would = conducting surveys about economy, competitors, etc?
Selling
Promotion
Marketing Information Management
Pricing
23
The monetary reward an individual receives for taking the risk of investing in business is:
Pride
Profit
Satisfaction
Sales
24
The business risk that involves tornadoes, fires and food that spoils is:
Human
Competitive
Economic
Natural
25
When business use prices to attract scarce/limited customer dollars (sales/price match/rebate)=
Non-Price Competition
Price Competition
Profit-Related Competition
Benefit Competition
26
Quantity of a good/service that sellers are able/willing to offer for sale at a specified price
Supply
Buyer's Market
Demand
Seller's Market
27
Economic resource that is a gift of nature =
Human
Capital
Investment
Natural
28
Determining how various products will be shipped = which marketing function?
Product/Service Planning
Distribution
Promotion
Pricing
29
Best time for consumers to buy, large supply, small demand & low prices =
Law of Supply & Demand
Seller's Market
Elastic Demand
Buyer's Market
30
Economic principle=supply of a good will increase when demand is high & fall when demand is low
Elastic Demand
Law of Supply & Demand
Inelastic Demand
Competition
31
Usefulness added by having products available @ right time of the year-i.e. pumpkins in October
Time Utility
Place Utility
Form Utility
Possession Utility
32
Fluctuations in consumer demand, government regulations & unemployment = what business risk?
Human
Economic
Natural
Competitive
33
Deciding what product to make, what quality it will be & how to package = __________ decisions.
Product
Promotion
Price
Place
34
Usefulness added by aiding customers in ownership, i.e. offering credit or layaway =
Time Utility
Form Utility
Place Utility
Possession Utility
35
__________________ refers to the people who contribute skills and talents to production.
Investment Resource
Capital Resource
Human Resource
Investment Resource
36
To compute net profit, what is subtracted from gross profit?
Total Expenses
Total Income
Operating Expenses
Cost of Merchandise
37
The money left after cost of merchandise is subtracted from total income is called:
Net Profit
Working Profit
Gross Profit
Even Profit
38
Demand that exists if demand for a good/service is constant even if the product's price changes
Elastic Demand
Competition
Inelastic Demand
Law of Supply & Demand
39
Competition when businesses compete on factors not related to price (quality/addl. services) =
Benefit Competition
Profit-Related Competition
Non-Price Competition
Price Competition
40
Best time for producers to sell, characterized by large demand, small supply & high prices
Buyer's Market
Elastic Demand
Law of Supply & Demand
Seller's Market
41
Trying to create additional demand for a product/service = which marketing function?
Product/Service Planning
Pricing
Promotion
Distribution
42
Type of competition between businesses which offer similar products/services (ie. McD vs BK) =
Product Competition
Direct Competition
Market-Related Competition
Indirect Competition
43
How a product will be distributed is part of marketing mix ____________ decisions.
Place
Price
Promotion
Product
44
America's economic system where resources & businesses = owned by individuals=market economy or
None of these answers are correct
Democratic Socialism
Capitalism
Communism
45
Segmenting based on location is:
Demographics
Product Benefit
Psychographics
Geographics
46
The business risk that involves employee error, customer dishonesty & employee incompetence is:
Competitive
Human
Natural
Economic
47
Expenses necessary to keep the business running on a day-to-day basis =
Profiting Expense
Grossing Expense
Operating Expenses
Running Expenses
