Marketing 101
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is called:
A. Advertising
B. Marketing
C. Promotion
D. Selling
B. Marketing
Which of the following is NOT the meaning of a market?
A. All of the potential customers that have the ability and desire to purchase a business’ products
B. All of the businesses that have the ability and desire to sell products
C. Where customers go to purchase products
D. Where customers, and potential customers, are physically located
B. All of the businesses that have the ability and desire to sell products
Something tangible that a consumer can purchase is called a:
A. Good
B. Product
C. Service
D. Supply
A. Good
A brand that is owned and created by a manufacturer and is usually sold by numerous competing retailers is called a:
A. National brand
B. Popular brand
C. Private brand
D. Store brand
A. National brand
The number of items that consumers would purchase at a specific price is called the:
A. Demand
B. Interest
C. Supply
D. Surplus
A. Demand
A unique blend of product, price, place, and promotion strategies designed to produce mutually satisfying exchanges with consumers is often referred to as the:
A. Marketing Balance
B. Marketing Mix
C. Marketing Plan
D. Marketing Strategies
B. Marketing Mix
What a business offers customers to satisfy their needs and wants is called the:
A. Cost
B. Offer
C. Product
D. Supply
C. Product
The amount added to the cost of a product to determine the selling price is called the what?
A. Add-up
B. Flat-up
C. Mark-up
D. Percent added
C. Mark up
Any communication from a business to consumers in order to influence their opinion or elicit a response is called:
A. Advertising
B. Market communication
C. Media
D. Promotion
D. Promotion
A brand that is created and sold exclusively by a retailer or wholesaler is called a:
A. Name brand
B National brand
C. Popular brand
D. Private brand
D. Private Brand
Which of the following make up the “four P’s” of marketing?
A. Price, Place, Promotion, Public Relations
B. Product, Personal Selling, Place, Promotion
C. Price, Place, Promotion, Product
D. Price, Promotion, Personal Selling, Public Relations
C. Price, Place, Promotion, Product
A specific group of consumers that a business wants to reach is called:
A. Planned group
B. Target market
C. Market plan
D. Concentrated market
B. Target Market
Services differ from goods in that they:
A. Are tangible and perishable
B. Are intangible and imperishable
C. Are similar and perishable
D. Are dissimilar and intangible
D. Are dissimilar and intangible
Coupons, rebates, free samples, and other marketing activities that stimulate consumer buying are examples of:
A. Advertising
B. Personal Selling
C. Public Relations
D. Sales Promotion
D. Sales Promotion
The path a product takes from the producer to the consumer is called the:
A. Channel of Distribution
B. Distribution
C. Market
D. Place
A. Channel of Distribution
This is what the buyer must give up in order to get a product:
A. Cost
B. Revenue
C. Demand
D. Price
D. Price
Placing people into smaller categories or groups in order to market to their similar needs and wants is called:
A. Marketing efficiency
B. Market segmentation
C. Niche marketing
D. Target marketing
Products that are created and marketed to final consumers to satisfy their individual wants and needs are called:
A. Business (B2B) products
B. Company (B2C) products
C. Consumer (B2C) products
D. Convenience (B2C) products
C. Consumer (B2C) products
Which of the following is the meaning of price?
A. The amount of money a business spends to produce its products
B. The amount of money a business charges consumers to purchase its products
C. The amount of money a business adds to the cost of a product before selling it
D. The cost to a business to sell its products
B. The amount of money a business charges consumers to purchase its products
Any pricing strategy used by a business that creates an impression in the mind of the consumer is called:
A. Intellectual pricing
B. Price anchoring
C. Psychological pricing
D. Reflective pricing
C. Psychological pricing
This is usually the starting point of the marketing mix:
A. Price
B. Place
C. Product
D. Promotion
C. Product
Demographic segmentation is when a business divides the market for its products based on what types of variables?
A. Age, gender, education level, occupation, and ethnicity
B. Location, culture, language, and climate
C. Brand loyalty, product usage, and price sensitivity
D. Lifestyle, values, personality, and interests
A. Age, gender, education level, occupation, and ethnicity
What are the four types of market segmentation?
A. Demographic, niche, geographic, societal
B. Location-based, psychological, demographic, and niche
C. Psychological, geological, gender-based, and age-based
D. Psychographic, geographic, demographic, and behavioral
D. Psychographic, geographic, demographic, and behavioral
According to the rules of supply and demand, as prices go up, which of the following is true?
A. Demand increases and supply increases
B. Demand increases and supply decreases
C. Demand decreases and supply increases
D. Demand decreases and supply decreases
C. Demand decreases and supply increases
Which of the following is an example of direct distribution?
A. A bakery producing cupcakes for local supermarkets to sell
B. A discount store selling Nike shoes
C. A coffee shop baking and selling muffins to their customers
D. StubHub reselling tickets to the Super Bowl
C. A coffee shop baking and selling muffins to their customers