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Unit 1 What's Marketing - Review #2
Test Description: Unit 1 test review
Instructions: Answer all questions to get your test result.
1) This form of utility is having products/services available at a specific time.
A
Information utility
B
Form utility
C
Possession utility
D
Time utility
2) What are the three major economic benefits of marketing?
A
Reduced prices, unlimited supply, and decreased competition
B
Create new and improved products, lowers prices and added value
C
Job destruction, increased prices, and limited supply
D
Create new and improved products, lowers prices and unlimited supplies
3) All of the following are part of the 7 core functions of marketing except
A
Distribution
B
Price
C
Utility
D
Promotion
4) What role does marketing play in an economy?
A
To decrease consumer demand
B
It only increases competition among businesses
C
To increase the prices of goods and services
D
It helps in determining demand, influencing consumption and promoting competition
5) For marketing to occur, there must be at least ______ willing to exchange something for something else.
A
At least one party
B
Exactly two parties
C
Two or more parties
D
One party
6) Services are...
A
A physical place where exchanges occur
B
Actions or activities that one party can offer to another that are intangible
C
A specific advertisement campaign strategy
D
A tangible product that can be returned after purchase
7) Which of the following best describes the purpose of market information management?
A
Improving the company's manufacturing process
B
Understanding and predicting customer behavior
C
Boosting the company's social media presence
D
Enhancing the company's product design
8) Which of the following best describes an example of possession utility?
A
A farmer plants wheat seeds
B
A customer buys a book and reads it at home
C
A teacher teaches a lesson to students
D
A baker makes a loaf of bread
9) McDonalds developed their Dollar Plus menu to offer inexpensive breakfast options, is an example of
A
Distribution
B
Promotion
C
Financing
D
Pricing
10) 'Buy one and get one free' is an example of
A
Market Information Management
B
Promotion
C
Pricing
D
Distribution
11) Which of the following best describes the purpose of market information management?
A
To collect and analyze data about market and competitors to create marketing strategies
B
It focuses on the internal operations of the company
C
It is solely about managing the company's finances
D
It involves only the collection of data about competitors
12) What is the primary goal of product and service management in marketing?
A
To increase product prices
B
To decrease production costs
C
To ensure product availability in stores
D
To maintain and enhance product value to consumers*
13) Which of the following best describes function pricing in marketing?
A
A pricing strategy to make as much profit as possible, considering the competition prices.
B
A pricing strategy based on the cost of raw materials
C
A pricing strategy based on the function or utility of the product, perceived value of the product and competition
D
A pricing strategy based on the popularity of a product
*select an answer for all questions
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