What is the definition of marketing?
Select an answer from the options below.
A
To analyze and identify the needs and wants of customers, and build products, solutions and strategies to satisfy those needs and wants.
B
The effective and relevant use of targeted research to ensure the customers’ needs and wants are satisfied.
C
The enterprise and pursuit of ideation, creation, communication, and delivery of profitable products and services to targeted customers for their benefit and society’s benefit.
D
The process of delivering products and services to targeted customers that meet their needs and the needs of the organization.
Question 2 of 15
Which words best complete the sentence?
Marketing is a _________________ discipline of _________________ functions.
Select an answer from the options below.
A
multifaceted, interrelated
B
straightforward, competitive
C
competitive, specialized
D
specialized, flexible
Question 3 of 15
What is the marketing concept?
Select an answer from the options below.
A
A marketing activity that involves making customers aware of an organization’s product or service, and convinces them that they want or need it.
B
Informing potential customers that a product or service exists, and the results they should expect from using it.
C
A marketing activity an organization engages in to collect data about existing customers’ perceptions of the organization.
D
To analyze and identify the needs and wants of customers, and build strategies to satisfy those needs and wants, better and more effectively than its competitors.
Question 4 of 15
What role does marketing play in a private enterprise system?
Select an answer from the options below.
A
It limits the number of options people have for buying products and services.
B
It provides the information customers need to make an appropriate buying decision.
C
It connects customers with businesses that can meet their wants and needs.
D
It prevents businesses from sharing information that isn’t relevant in meeting needs.
Question 5 of 15
To promote a product is to:
Select an answer from the options below.
A
inform potential customers that a product or service exists, and the results they should expect from using it
B
hire more people, which creates more jobs, which increases tax revenues.
C
engage in the process of collecting data about existing customers’ perceptions of the product and organization.
D
to analyze and identify the needs and wants of customers, and build strategies to satisfy those needs and wants, better and more effectively than its competitors.
Question 6 of 15
What is an example of a durable good?
Select an answer from the options below.
A
a pencil
B
a play
C
a sandwich
D
a truck
Question 7 of 15
What is an example of a nondurable good?
Select an answer from the options below.
A
a car
B
a granola bar
C
a smartphone
D
an LED light bulb
Question 8 of 15
Which of the following is a service?
Select an answer from the options below.
A
Mac laptop computer
B
Hulu streaming service
C
Merriam-Webster dictionary
D
Breckenridge ski resort
Question 9 of 15
Which factor would most likely lead a company to invest a large amount of money in a Super Bowl ad for its product or service?
Select an answer from the options below.
A
Their product or service is new.
B
Their product or service is beneficial.
C
Their product or service will reach a wide audience.
D
Their product or service will be thoroughly researched.
Question 10 of 15
Complete the statement.
Businesses that embrace the marketing concept start by
Select an answer from the options below.
A
advertising or promoting to the appropriate target customers.
B
informing potential customers about the benefits of their product or service.
C
delivering a product or service that meets target customers’ want or need.
D
analyzing and identifying the needs and wants of customers.
Question 11 of 15
What is one result of competition?
Select an answer from the options below.
A
higher taxes from the government
B
an increase in job creation
C
more buying options for customers
D
a reasonable profit margin
Question 12 of 15
Complete the sentence.
The Olympics is a marketed
Select an answer from the options below.
A
idea.
B
service.
C
place.
D
event.
Question 13 of 15
Read the advertisement from De Beers jewelry store.
“A diamond is forever.”
What type of product is marketed in this ad?
Select an answer from the options below.
A
a good
B
a person
C
a place
D
a service
Question 14 of 15
Complete the sentence.
Pest control is an example of a:
Select an answer from the options below.
A
experience
B
event
C
service
D
organization
Question 15 of 15
How does marketing benefit society?
Select an answer from the options below.
A
as companies grow, all employees save more money.
B
if a company is successful, governments function properly and efficiently.
C
job creation, increased tax revenue, and more choices for buyers.
D
by informing potential customers about the results they should expect from using certain products.
Answer (1)
A. To analyze and identify the needs and wants of customers, and build products, solutions and strategies to satisfy those needs and wants. (Because marketing focuses on understanding customer needs and creating strategies to meet them effectively.)A. Multifaceted, interrelated. (Because marketing involves many connected functions like product development, promotion, pricing, and distribution.)D. To analyze and identify the needs and wants of customers, and build strategies to satisfy those needs and wants, better and more effectively than its competitors. (Because the marketing concept emphasizes meeting customer needs while staying competitive.)C. It connects customers with businesses that can meet their wants and needs. (Because marketing serves as a bridge between consumers and products or services.)A. Inform potential customers that a product or service exists, and the results they should expect from using it. (Because promotion is about raising awareness and encouraging people to buy or use a product.)D. A truck. (Because durable goods are items that last a long time and are used repeatedly.)B. A granola bar. (Because nondurable goods are items that are consumed quickly or have a short lifespan.)B. Hulu streaming service. (Because a service is an intangible product provided to consumers rather than a physical item.)C. Their product or service will reach a wide audience. (Because Super Bowl ads are expensive, companies invest when they want maximum exposure.)D. Analyzing and identifying the needs and wants of customers. (Because businesses must first understand what customers need before developing products or services.)C. More buying options for customers. (Because competition encourages businesses to offer better choices and variety.)D. Event. (Because the Olympics is an organized activity that is promoted and marketed to audiences worldwide.)A. A good. (Because diamonds are tangible products that consumers can purchase.)C. Service. (Because pest control involves performing a task for the customer rather than selling a physical product.)C. Job creation, increased tax revenue, and more choices for buyers. (Because marketing stimulates economic activity and provides benefits to society as a whole.)
