Marketing Management Practice Exam Quiz!

The 4 P's of Marketing are Product, Price, Place, and Promotion. These elements are essential in any marketing strategy. Product refers to the goods or services being offered to customers. Price is the amount customers are willing to pay for the product. Place refers to the location or channel through which the product is made available to customers. Promotion involves the various marketing activities used to communicate and promote the product to the target audience. These 4 P's help businesses create effective marketing plans and strategies to reach their target market and achieve their goals.

A marketer is the correct answer because they are the person who takes a more active role in the process of exchange. They are responsible for promoting and selling products or services to customers. Marketers use various strategies and techniques to attract customers and persuade them to make a purchase. They play a crucial role in identifying customer needs, creating marketing campaigns, and building relationships with customers.

The correct answer is Marketing Mix. The marketing mix refers to the set of marketing tools that a firm uses to pursue its marketing objectives in a target market. It includes the four Ps: product, price, place, and promotion. These elements are combined and adjusted to create a marketing strategy that effectively reaches and influences the target market. By carefully managing the marketing mix, a company can optimize its marketing efforts and achieve its objectives.

In advertisements there is no face to face communication as it happens in case of personal selling..So it is no personal form.

The statement "The terms 'need' and 'want' are used interchangeably in the marketing literature" is false. In marketing, 'need' and 'want' are distinct concepts. A need refers to a basic requirement or necessity for survival, while a want is a desire or preference for a particular product or service. Understanding the difference between needs and wants is crucial for marketers to effectively target their audience and create persuasive marketing strategies.

Grading is the function of marketing that involves separating products into different classes based on predetermined standards. This process helps in categorizing products according to their quality, size, or other relevant criteria. Grading is important for both producers and consumers as it allows for better differentiation and evaluation of products in the market. It helps consumers make informed choices and ensures fair pricing and quality control for producers.

Marketing is the social process through which individuals and groups satisfy their needs and wants by creating offerings and exchanging products and services of value with others. This definition highlights the importance of understanding customer needs, creating products and services that meet those needs, and effectively communicating and delivering them to the target market. Marketing involves multiple activities such as market research, product development, pricing, promotion, and distribution, all aimed at creating value for customers and building strong customer relationships.

This answer describes marketing management as the process of selecting target markets and effectively attracting, retaining, and expanding customer relationships by providing superior customer value. It involves strategic decision-making, product development, pricing, promotion, and distribution activities to meet the needs and wants of customers. Marketing management aims to create long-term customer loyalty and satisfaction, ultimately leading to business growth and profitability.

The correct answer is "upper". The utility provided by the product refers to the level of satisfaction or usefulness that the product offers to the buyer. The intensity of demand indicates how much the buyer desires or needs the product. Both of these factors play a role in determining the maximum price that the buyer is willing to pay. Therefore, the "upper" limit of price is set by the utility provided by the product and the intensity of demand of the buyer.

The product provides functional utility as it serves a specific purpose or function for the consumer. It also provides psychological utility as it satisfies the psychological needs or desires of the consumer, such as providing a sense of satisfaction or pleasure. Additionally, the product provides social utility as it allows the consumer to fulfill social needs or expectations, such as fitting in with a certain group or status.

The cost sets the minimum level or the floor price at which the product may be sold. This means that the price at which the product is sold cannot be lower than its cost. The cost includes all the expenses incurred in producing and distributing the product, and it is important for businesses to price their products above this cost in order to make a profit.

For example, when a fashion designer designs a new dress and offers it for exchange, all the people who are willing to buy and offer some value for it can be stated to be the market for that dress

The word "Trade mark" completes the sentence and makes it grammatically correct. It suggests that the blank space is asking for a noun that describes something related to Nike company. A trademark is a symbol, logo, or design that represents a company or its products, so it fits well in the context of the question.