MKTG Sem One Final Review

What is marketing?

• The four basic marketing strategies, called the four Ps:  product, place, price, and promotion
• the process of planning, pricing, promoting, selling, and distributing products to satisfy customers' needs and wants

What is a good? 

• Tangible items that have monetary value and satisfy your needs and wants
• Intangible items that have monetary value and satisfy your needs and wants

What is a service?  

• Tangible items that have monetary value and satisfy your needs and wants
• Intangible items that have monetary value and satisfy your needs and wants

What is a marketing concept?

• Understanding the economic principles and concepts that are basic to marketing
• Idea that a business should strive to satisfy customer's needs and wants while generating a profit for the firm

Product, price, promotion, and place is called the....

• Marketing Mix
• Mix Marketing
• The Four Ps

Individuals and households that buy or acquire goods and services for personal consumption make up the ________.

• consumer market

• market offering

• market mix

• subculture

• social class

Which of the following statements BEST describes where marketing takes place?

• Marketing takes place exclusively in a central marketplace.

• Marketing is limited to certain places and times during the day.

• Marketing takes place everywhere and is a constant force in our lives.

• Marketing takes place at some public places but not all and usually goes unnoticed.

This is defined as the rivalry among business for customers.

• competition
• monopoly

This is a basic or physical characteristic of the product. It doesn’t explain how it helps the customer.

• product features

• product benefits

How/where a product will be distributed

• Price

• Place

• Promotion

• Product