Chapter 1 Marketing Test Questions

What is an exchange?
An exchange takes place every time something is sold in the marketplace.
What is marketing?
Marketing is the process of developing, promoting, and distributing products to satisfy customers’ needs and wants.
What is a good?
Kinds of things you can touch or hold in your hand.
What makes up a promotion?
Concepts & strategies, communicating with potential customers to inform, persuade or remind about a business’s product.
What does project/service management do?
Obtains, develops, maintains and improves a product.
What is a benefit?
A privalege, or monetary payment, beyond salary or wages, that go with the job.
What are the 3 functions of marketing?
Distributing, pricing & financing.
What term is used to describe the process of selling a product in the market place?
Exchange
What does the owner of a golf business provide his/her customer’s with?
Services
At the end of her one week stay at a luxury hotel, Elena completed a form rating the hotel’s service, food & accomodations. What is this an example of?
Marketing research
What is time utility?
Having a product available at a certain time of year or a convenient time of day.
What is selling?
Provides customers with goods & services they want. Used to determine client needs & wants & respond through planned, personalized communication that influences purchasing decisions & enhances future business opportunities.
How does marketing help to lower the prices of products?
It increases demand for products & encourages competitors because consumers want a reasonable price and other markets compete against each other to give the best prices.