Marketing Basics
Define marketing
a) The process of promoting, selling, and distributing a product or service. b) The act of creating a new product. c) The financial management of a company. d) The process of hiring new employees.
The process of promoting, selling, and distributing a product or service.
Six Flags surveys teens about new games. This is an example of what marketing function?
a) Public Relations
b) Product Development
c) Market Research
d) Sales Promotion
Market Research
The process of planning, improving, or adding to a firm’s product line is known as:
a) Product/Service Management
b) Pricing
c) Distribution
d) Finance
Product/Service Management
Economics is the study of how a nation uses its resources. The resources include:
a) Land, Labor, Capital, and Entrepreneurship
b) Businesses and consumers
c) Machines and workers
d) Money, factories, tools, labor
Land, Labor, Capital, and Entrepreneurship
: In an economy, the decision to purchase raw materials and make items to sell answers which question?
a) What to produce?
b) When to produce?
c) For whom to produce?
d) How to produce?
What to produce?
Which of the following is most related to the marketing concept?
a) Increase sales b) Satisfy Customers
c) Gain market share d) Make a profit
Satisfy Customers
A PetSmart cashier assisting customers is an example of what marketing function?
a) Advertising
b) Market Research
c) Product Development
d) Customer Service
Customer Service
A product’s channel of distribution should be ______, ______, and ______ ______.
a) Slow, cost-effective, and controlled for quality
b) Slow, expensive, and uncontrolled
c) Fast, cost-effective, and controlled for quality
d) Fast, expensive, and uncontrolled
Fast, cost-effective, and controlled for quality
Supply is the quantity of goods and services that:
a) Producers are willing and able to manufacture
b) Consumers are willing and able to purchase
Producers are willing and able to manufacture
Hiring more employees to make more products answers which economic question?
a) What to produce?
b) For whom to produce?
c) How to produce?
d) When to produce?
How to produce?
Marketing helps consumers by lowering ________ of goods through competition.
a) prices b) demand
c) quality d) cost
e) availability
Prices
Mayfield Milk decides how many trucks to use for delivery. What function is this?
a) Public Relations
b) Sales Promotion
c) Logistics
d) Advertising
Logistics
Which intermediary obtains goods to sell directly to consumers?
a) Retailer
b) Wholesaler
c) Agent
Retailer
Demand is the quantity of goods and services that:
a) Consumers are willing and able to purchase
b) Producers are willing and able to manufacture
Consumers are willing and able to purchase
Selling products to middle-class teenagers answers which economic question?
a) What to produce?
b) For whom to produce?
c) When to produce?
d) How to produce?
For whom to produce?
Obtaining the money needed to start and operate a business is a marketing function known as
Finance
Annie marks up her bathing suit line by 50%. is what marketing function?
a) Distribution
b) Promotion
c) Pricing
d) Product Development
Which intermediary brings buyers and sellers together but does not take ownership?
a) Wholesaler
b) Agent
c) Retailer
Agent
The alternative choices given up after making a decision are called:
a) Possibilities
b) Decisions
c) Opportunity Costs
d) Trade Offs
In a command economy, who makes the decisions?
a) The people
b) Government
c) Society
d) The market
Government
When Apple improved the iPod by developing a newer version, they conducted which marketing function?
a) Product Development
b) Advertising
c) Market Research
d) Sales Promotion
Product Developement
A business sponsors a community Cancer Walk for publicity. This relates to what function?
a) Pricing
b) Product Development
c) Distribution
d) Promotion
Promotion
Which intermediary sells goods to industrial users?
a) Agent
b) Wholesaler
c) Retailer
Wholesaler
William buys a $50 baseball bat. The opportunity cost is:
a)Another item he could have bought for $50
b) The time he spent saving for the bat
c) The time spent deciding which bat to buy
d) $50 cash
Another item he could have bought for $50
Honda can’t find enough skilled workers for its plant. This problem is known as:
a) Inflation
b) Scarcity
c) Recession
d) Surplus
Scarcity