Ch. 1 Development Of The Marketplace
This is a multiple choice test.
- 1.The process of pricing, promoting, and distributing ideas, goods, and services to create satisfactory exchanges.
- A.
Market Economy
- B.
Marketing
- C.
Satisfaction
- D.
Sales
- 2.Seven key activities that must occur in order to make a product or service available to consumers.
- A.
Portfolio
- B.
Self-Aware
- C.
Marketing Functions
- D.
Barter
- 3.The process of exchanging products and services; does not involve a monetary exchange.
- A.
Value
- B.
Distribution
- C.
Sales
- D.
Barter
- 4.Marketing approach that attracts new customers, keeps current customers, and anticipates customer needs.
- A.
Relationship Marketing
- B.
Producers
- C.
Portfolio
- D.
Individualism
- 5.People or companies who use resources to create products of value.
- A.
Producers
- B.
Pricing
- C.
Promotions
- D.
Satisfaction
- 6.Marketing communications that inform, persuade, and remind customers of a product’s benefits.
- A.
Sales
- B.
Value
- C.
Promotions
- D.
Producers
- 7.Deciding how much a product or service will cost the consumer.
- A.
Value
- B.
Pricing
- C.
Sales
- D.
Barter
- 8.Getting product and services to customers in the most efficient way.
- A.
Sales
- B.
Marketing
- C.
Distribution
- D.
Market Economy
- 9.Direct contact with potential customers to determine their needs and satisfy those needs.
- A.
Distribution
- B.
Exchange
- C.
Pricing
- D.
Sales
- 10.The outcome of a successful exchange in which the performance of the product or service meets expectations.
- A.
Value
- B.
Satisfaction
- C.
Promotions
- D.
Distribution
- 11.The free association of unique individuals who cooperate as equals in order to maximize their freedom and satisfy their desires.
- A.
Pricing
- B.
Relationship Marketing
- C.
Producers
- D.
Individualism
- 12.Understanding the various factors that shape your personality and interests.
- A.
Self-Aware
- B.
Global Village
- C.
Mass Customization
- D.
Satisfaction
- 13.The U.S. economic system in which market forces such as supply and demand move the economy with some government involvement.
- A.
Marketing
- B.
Marketing Functions
- C.
Market Economy
- D.
Marketing Individualism
- 14.A collection of work samples that represents one’s abilities and accomplishments.
- A.
Promotions
- B.
Self-Aware
- C.
Indiviualism
- D.
Portfolio
- 15.A transaction in which two parties trade something of value for what the other has to offer.
- A.
Barter
- B.
Exchange
- C.
Monetary
- D.
Sales
- 16.The phenomenon of drawing people and business together from across the planet.
- A.
Mass Customization
- B.
Globe Trotting
- C.
Global Village
- D.
Market Economy
- 17.The process of providing products and services that more closely meet the needs and wants of individual customers.
- A.
Mass Customization
- B.
Mass Marketing
- C.
Global Village
- D.
Global Trotting
- 18.Fair return or equivalent for something exchanged.
- A.
Pricing
- B.
Value
- C.
Satisfaction
- D.
Exchange
- 19.Diversity, education, e-commerce, and capitalism are the important trends that affect the workforce of the 21st century.
- A.
True
- B.
False
- 20.The four eras in the evolution of the U.S market economy are Sales Era, Marketing Era, Production Era, and Relationship Marketing Era.
- A.
True
- B.
False
- 21.Marketing can be defined as the process of making one product more attractive than the other products a person may choose.
- A.
True
- B.
False
- 22.GDP stands for Gross Domestic Produce.
- A.
True
- B.
False
- 23.One key factor that defines capitalism is that individuals are not free to own their own property.
- A.
True
- B.
False
- 24.Which of the following is not an economic system that operates in markets?
- A.
Capitalism
- B.
Socialism
- C.
Foreignism
- D.
Market Economy
- E.
Communism
- 25.The four eras in the marketing evolution of the U.S. are
- A.
Promotion Era, Sales Era, Marketing Era, Revolution Era
- B.
Production Era, Promotion Era, Sales Era, Relationship Marketing Era
- C.
Production Era, Sales Era, Marketing Era, Revolution Era
- D.
Production Era, Sales Era, Marketing Era, Relationship Marketing Era
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