Marketing Essentials - Chapter 1 Quiz
7 Questions
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What do you remember from Chapter 1? This quiz will help you determine what areas you need to study more. Good Luck!
Questions and Answers
- 1.Terminology. Match the marketing term to its definition
- A. The process of planning, pricing, promoting, selling, and distributing products/services to satisfy customer wants/needs
- A.
- B. Tangible item of value that satisfies wants/needs
- B.
- C. Intangible item of value that satisfies wants/needs
- C.
- D. The idea that a business should strive to satisfy customer wants/needs while generating a profit
- D.
- E. An attribute of a product or service that makes it capable of satisfying wants/needs
- E.
- F. A group of people who share similar wants/needs and are capable of buying products/services
- F.
- G. Consumers who purchase goods/services for personal use
- G.
- H. Businesses that purchase goods/services for use in their operations
- H.
- I. A company's percentage of total sales volume in relation to their competitors
- I.
- J. A group of people identified as those most likely to purchase a product/service
- J.
- K. Information about a target market (age, income, education, etc.)
- K.
- L. The four basic marketing strategies (4 Ps)
- L.
- 2.Match the description to one of the 7 Functions of Marketing below:
- A. Getting the product to the customer
- A.
- B. Getting money for setting up and running a business and offering credit
- B.
- C. Gathering, analyzing, and storing information on customers, trends, and competition
- C.
- D. How much to charge for a good/service in order to make a profit
- D.
- E. Obtaining, developing, maintaining, and improving a product based on market research
- E.
- F. An effort to inform, persuade, or remind potential customers about a business's goods/services (advertising, publicity)
- F.
- G. Providing customers with goods/services (retail, wholesale, manufacturer)
- G.
- 3.Match each Economic Utlity with its description
- A. Changing raw material into finished products
- A.
- B. Having a product/service where customers can purchase
- B.
- C. Having a product/service when a customer can purchase
- C.
- D. Exchanging a product/service for money
- D.
- E. Communicating with the customer
- E.
- 4.What are the four P's of the Marketing Mix?
- A.
People, Place, Promotion, Price
- B.
Place, Price, Promotion, Product
- C.
People, Product, Price, Place
- 5.What are the two types of markets we discussed in Chapter 1?
- A.
Consumer and Industrial (Business-to-Business or B-t-B)
- B.
Retail and Wholesale
- C.
Business and Government
- 6.A consumer and a customer are one in the same?
- A.
True
- B.
False
- 7.Check 3 boxes below that are the 3 economic benefits of marketing
- A.
New and improved products
- B.
Increased quantity
- C.
Added value and utility
- D.
Lower Prices
- E.
More competition
- F.
Entertaining ads
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