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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
Time utility
C
Possession utility
D
Form utility
2) What are the three major economic benefits of marketing?
A
Job destruction, increased prices, and limited supply
B
Create new and improved products, lowers prices and unlimited supplies
C
Create new and improved products, lowers prices and added value
D
Reduced prices, unlimited supply, and decreased competition
3) All of the following are part of the 7 core functions of marketing except
A
Promotion
B
Price
C
Distribution
D
Utility
4) What role does marketing play in an economy?
A
It only increases competition among businesses
B
It helps in determining demand, influencing consumption and promoting competition
C
To increase the prices of goods and services
D
To decrease consumer demand
5) For marketing to occur, there must be at least ______ willing to exchange something for something else.
A
One party
B
Exactly two parties
C
At least one party
D
Two or more parties
6) Services are...
A
A physical place where exchanges occur
B
A tangible product that can be returned after purchase
C
Actions or activities that one party can offer to another that are intangible
D
A specific advertisement campaign strategy
7) Which of the following best describes the purpose of market information management?
A
Boosting the company's social media presence
B
Improving the company's manufacturing process
C
Enhancing the company's product design
D
Understanding and predicting customer behavior
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
Pricing
C
Financing
D
Promotion
10) 'Buy one and get one free' is an example of
A
Market Information Management
B
Pricing
C
Distribution
D
Promotion
11) Which of the following best describes the purpose of market information management?
A
It involves only the collection of data about competitors
B
It focuses on the internal operations of the company
C
To collect and analyze data about market and competitors to create marketing strategies
D
It is solely about managing the company's finances
12) What is the primary goal of product and service management in marketing?
A
To ensure product availability in stores
B
To decrease production costs
C
To maintain and enhance product value to consumers*
D
To increase product prices
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 function or utility of the product, perceived value of the product and competition
C
A pricing strategy based on the popularity of a product
D
A pricing strategy based on the cost of raw materials
*select an answer for all questions
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