Unit 1 What's Marketing - Review #2 Question Preview (ID: 62172)
Unit 1 Test Review.
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McDonalds developed their Dollar Plus menu to offer inexpensive breakfast options, is an example of
a) Pricing
b) Promotion
c) Distribution
d) Financing
'Buy one and get one free' is an example of
a) Promotion
b) Pricing
c) Distribution
d) Market Information Management
Which of the following best describes an example of possession utility?
a) A customer buys a book and reads it at home
b) A baker makes a loaf of bread
c) A farmer plants wheat seeds
d) A teacher teaches a lesson to students
Which of the following best describes the purpose of market information management?
a) Understanding and predicting customer behavior
b) Enhancing the company's product design
c) Improving the company's manufacturing process
d) Boosting the company's social media presence
Services are...
a) Actions or activities that one party can offer to another that are intangible
b) A tangible product that can be returned after purchase
c) A specific advertisement campaign strategy
d) A physical place where exchanges occur
For marketing to occur, there must be at least ______ willing to exchange something for something else.
a) Two or more parties
b) At least one party
c) One party
d) Exactly two parties
All of the following are part of the 7 core functions of marketing except
a) Utility
b) Promotion
c) Price
d) Distribution
What role does marketing play in an economy?
a) It helps in determining demand, influencing consumption and promoting competition
b) To increase the prices of goods and services
c) It only increases competition among businesses
d) To decrease consumer demand
What are the three major economic benefits of marketing?
a) Create new and improved products, lowers prices and added value
b) Reduced prices, unlimited supply, and decreased competition
c) Job destruction, increased prices, and limited supply
d) Create new and improved products, lowers prices and unlimited supplies
This form of utility is having products/services available at a specific time.
a) Time utility
b) Form utility
c) Possession utility
d) Information utility
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 involves only the collection of data about competitors
c) It focuses on the internal operations of the company
d) It is solely about managing the company's finances
What is the primary goal of product and service management in marketing?
a) To maintain and enhance product value to consumers*
b) To increase product prices
c) To ensure product availability in stores
d) To decrease production costs
Which of the following best describes function pricing in marketing?
a) A pricing strategy based on the function or utility of the product, perceived value of the product and competition
b) A pricing strategy based on the popularity of a product
c) A pricing strategy based on the cost of raw materials
d) A pricing strategy to make as much profit as possible, considering the competition prices.
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