Principles Of Business, Marketing And Finance Quiz

Explanation
Product/service management is the correct answer because it is one of the seven functions of marketing. This function involves developing and maintaining products or services that meet the needs of customers. It includes activities such as product design, development, branding, packaging, and quality control. By effectively managing products or services, companies can ensure that they are meeting customer demands and staying competitive in the market.

Explanation
The marketing mix consists of the four P's, which are product, price, and promotion. "Place" refers to the distribution channels and locations where the product or service is made available to the target customers. It involves decisions related to the selection of appropriate distribution channels, inventory management, warehousing, and logistics. The "place" element of the marketing mix ensures that the product reaches the right customers at the right time and in the right quantities, maximizing its accessibility and convenience for the target market.

Explanation
Effective marketing puts the products in the hands of its targeted customers. This means that when marketing is done well, it successfully reaches and engages with the intended audience, leading to increased sales and customer satisfaction. By understanding the needs and preferences of the target customers, effective marketing strategies are able to promote the products in a way that resonates with them and convinces them to make a purchase. Ultimately, the goal of effective marketing is to connect the products with the right customers and drive successful business outcomes.

Explanation
A popular trend in today's marketing world is relationship marketing.

Explanation
The break-even point refers to the specific level of sales or revenue that a company needs to reach in order to cover all of its costs and expenses. At this point, the company is neither making a profit nor incurring a loss. It is the threshold where the company starts to generate profits after covering all its fixed and variable costs.