Marketing Basics
What are the four functions of business?
A. Production, Finance, Management, Marketing
B. Finance, Marketing, IT, Sales
C. Marketing, Sales, HR, Production
D. Management, Production, Sales, Finance
A. Production, Finance, Management, Marketing
What are the four Ps of marketing?
A. Product, Plan, Price, Profit
B. Promotion, Product, Profit, Plan
C. Product, Price, Place, Promotion
D. People, Price, Place, Product
C. Product, Price, Place, Promotion
What is the first step in developing a marketing strategy?
A. Identify the target market
B. Set a price
C. Identify the marketing mix
D. Choose a promotion method
A. Identify the target market
What are the three basic types of customers a business may serve?
A. Domestic, international, and local
B. Retailers, wholesalers, and producers
C. Teens, adults, and seniors
D. Consumers, businesses, and government/institutions
D. Consumers, businesses, and government/institutions
What are the four levels of consumer buying decisions?
A. Impulse, routine, limited, extensive
B. Social, psychological, situational, personal
C. New, repeat, modified, extensive
D. Internal, external, situational, personal
A. Impulse, routine, limited, extensive
What is the marketing concept?
A. A plan for setting prices
B. An approach to business that focuses on satisfying customers as the means to achieve profit goals
C. A strategy for placing products in stores
D. A focus solely on advertising
B. An approach to business that focuses on satisfying customers as the means to achieve profit goals
Which "P" is defined as anything that can be bought or sold?
A. Place
B. Price
C. Promotion
D. Product
D. Product
What is a target market?
A. A company's employees
B. The specific group of people at which a company aims to promote its goods and services
C. A company's competitors
D. Every possible consumer in the world
B. The specific group of people at which a company aims to promote its goods and services
The business-to-consumer market is also known as:
A. C2C
B. B2B
C. B2G
D. B2C
D. B2C
An impulse buying decision is best described as:
A. A government purchase requiring bids
B. A purchase businesses make on a regular basis
C. A purchase made with no prior planning or research
D. A purchase requiring extensive research
C. A purchase made with no prior planning or research
What are the three elements of the marketing concept?
A. Advertising, sales, and service
B. Product, price, promotion
C. Demographics, psychographics, and geographics
D. Customer satisfaction, total company approach, and profit
D. Customer satisfaction, total company approach, and profit
Which "P" includes the activities involved in getting goods and services to customers?
A. Promotion
B. Price
C. Place
D. Product
C. Place
What are the four variables used for market segmentation?
A. Geographic, demographic, psychographic, and behavioral
B. Social, cultural, personal, and situational
C. Product, price, place, and promotion
D. Age, gender, income, and race
A. Geographic, demographic, psychographic, and behavioral
Relationship selling focuses on:
A. Lowering prices for every customer
B. Advertising exclusively on social media
C. Building long-term relationships with customers
D. Making one-time sales as quickly as possible
C. Building long-term relationships with customers
What are the three categories of influence on business (B2B) buying decisions?
A. Social, psychological, personal
B. Impulse, routine, extensive
C. Product, price, place
D. Internal, external, situational
D. Internal, external, situational
Which organization defines marketing as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value..."?
A. The American Marketing Association
B. The U.S. Chamber of Commerce
C. The National Retail Federation
D. The Federal Trade Commission
A. The American Marketing Association
Which "P" is the process of communicating with potential customers to influence their buying behavior?
A. Price
B. Promotion
C. Place
D. Product
B. Promotion
What is market segmentation?
A. The process of setting prices for a product
B. The process of dividing the market into smaller groups
C. The process of advertising to everyone equally
D. The process of choosing a new product
B. The process of dividing the market into smaller groups
A customer relationship management (CRM) system is used to:
A. Hire new employees
B. Ship products to customers
C. Set prices for new products
D. Track contact and other information for current and potential customers
D. Track contact and other information for current and potential customers
According to Maslow's Hierarchy of Needs, which need must be satisfied first?
A. Esteem
B. Physical needs
C. Love and acceptance
D. Self-actualization
B. Physical needs
According to the textbook, marketing is best described as:
A. Activities that identify, anticipate, and satisfy customer demand while making a profit
B. The process of controlling and making decisions about a business
C. All business activities that involve money
D. Any activity related to making a product
A. Activities that identify, anticipate, and satisfy customer demand while making a profit
Which "P" is an amount of money requested or exchanged for a product?
A. Price
B. Place
C. Product
D. Promotion
A. Price
What is mass marketing?
A. Marketing only to businesses
B. Marketing to a larger group of people who might buy a product
C. Marketing to one small, specific segment
D. Marketing only through social media
B. Marketing to a larger group of people who might buy a product
Schools, hospitals, and museums are examples of:
A. Sole proprietorships
B. Government agencies
C. For-profit corporations
D. Nonprofit institutions
D. Nonprofit institutions
What are the three levels of business buying decisions?
A. Internal, external, mixed
B. Social, personal, situational
C. New purchase, repeat purchase, modified purchase
D. Impulse, routine, extensive
C. New purchase, repeat purchase, modified purchase