Unit 1 What's Marketing? - Review #1 Question Preview (ID: 62171)


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The value a customer receives from buying a good or service is known as
a) Utility
b) Market
c) Impact
d) Consequence

What are goods in the context of economics?
a) A physical item that is sold for money
b) An immaterial entity that is sold for money
c) A digital asset that is sold for money
d) A service that is sold for money

What does the term 'information utility' refer to in the field of Information Technology?
a) The process of converting raw data into meaningful information
b) The use of data to power electronic devices
c) The management of software updates
d) The installation of hardware components

Intangible items can be simply described as a…
a) Service
b) Information
c) Goods
d) Computer

The Marketing Concept is broken up into two parts:
a) Desires and Needs
b) Satisfaction and Dissatisfaction
c) Desires and Wants
d) Needs and Necessities

Tangible items that have monetary value are
a) Goods
b) Services
c) Channels
d) Catalogs

The malls are open extended hours during the holidays to satisfy what form of utility?
a) Time
b) Form
c) Information
d) Possession

Which of the following is an example of time utility in business?
a) A grocery store staying open 24/7
b) A hardware store offering home delivery
c) A restaurant providing online ordering option
d) A bookstore offering a variety of genres

Which of the following is an example of form utility?
a) A factory assembling a car from its parts
b) A store selling furniture
c) A supermarket selling groceries
d) Online shopping platform offering delivery options

The employees of Home Depot are experienced craftspeople who enjoy giving their customers advice about do-it-yourself projects. The employees’ advice increases the _____ of their goods.
a) Information utility
b) Form utility
c) Possession utility
d) Time utility

A one-word definition for utility is
a) Satisfaction
b) Motivation
c) Want
d) Need

According to the AMA, the definition of marketing is
a) Set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value
b) Providing tangible items at a fair value to consumers
c) Set of companies that strive to manufacture goods that are profitable and aim to serve many purposes.
d) The process of bringing products or services to the market

Which of the following best describes form utility in marketing?
a) It is taking raw materials and turning them into actual, useful goods.
b) It is the value added by making a product available at a certain location.
c) It is the value added by the creation of tangible goods.
d) It is the value added by making a product available at a certain time.

What is the concept of place utility in marketing?
a) The convenience of a product's location for consumers
b) The usefulness of a product's design
c) The affordability of a product
d) The quality of a product's packaging

Which of the following is an example of place utility?
a) Selling umbrellas outside a subway station on a rainy day
b) Transforming wheat into bread
c) Increasing the price of a product
d) Selling winter coats in the summer

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