Marketing 1.02 Quiz

There are many activities in marketing that are interrelated and similar in purpose. These activities are referred to as marketing

• responsibilities

• functions

• tactics

• strategies

Answer explanation

Functions. Marketing functions are interrelated activities that must work together to get goods and services from producers to consumers. If any one of the marketing functions is not doing its job, the other functions are affected. Marketing responsibilities are the different kinds of work carried out by marketers. Marketing tactics are the specific actions used to carry out marketing strategies. Marketing strategies are plans of action for achieving marketing goals and objectives.

Ryan is working with his marketing team to set goals and create a budget for the upcoming year. Which marketing function is Ryan performing?

• Selling

• Product/Service Management

• Pricing

• Market Planning

Answer explanation

Market planning. Market planning aims to create strategies to attract the target customer to a business. Marketing planning includes determining activities, goals, objectives, and procedures necessary to carry out those strategies. This includes setting marketing goals and creating a marketing budget. Selling involves determining client needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunities. Product/Service management is a marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities. Pricing determines and adjusts what customers pay for products to maximize returns and meet customers’ perceptions

of value.

Which marketing function involves creating the correct product mix for a business?

• Product/Service Management

• Marketing-Information Management

• Selling

• Financing

Answer explanation

Product/Service management. Product/Service management is a marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities. Selling is a marketing function which involves determining customer needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunities. Marketing-information management involves gathering, accessing, synthesizing, evaluating, and

disseminating information for use in making business decisions. Financing involves understanding the financial concepts used in making business decisions.

Making both buyers and sellers feel they are getting good value is part of the ______________

• promotion

• pricing

• financing

• purchasing

Answer explanation

Pricing. Pricing determines and adjusts what customers pay for products to maximize returns and meet customers’ perceptions of value. Prices must be set so that both buyers and sellers feel that they are getting the most value. Purchasing is the planning and procedures necessary to obtain goods and services for use in the operation of a business. Promotion is the communication of information about goods, services, images, and/or ideas to achieve a desired outcome. Financing involves understanding the financial concepts used in making business decisions.

Gathering, accessing, synthesizing, evaluating, and disseminating data for use in making business decisions is the responsibility of

• market planning

• product/service management

• marketing information management

• product development

Answer explanation

Marketing-information management. This function is necessary to ensure that products are meeting the needs and wants of consumers. Product/Service management involves obtaining, developing, maintaining, and improving a product mix in response to market opportunities. Market planning is creating strategies to attract the target customer to a business. Gathering, accessing, synthesizing, evaluating, and disseminating data might help businesses develop products.

Communicating information to consumers or clients about products, images, or ideas to achieve a desired outcome is the __________ function.

• purchasing

• pricing

• planning

• promotion

Answer explanation

Promotion. Promotion is done through advertising, sales promotion, personal selling, and publicity. Pricing is determining the dollar amount to charge customers for goods and services. Purchasing is not a marketing function but a business activity that involves the planning and procedures necessary to obtain goods and services for use in the operation of a business or for resale. Planning involves strategizing what will be done and how it will be accomplished.

Which marketing function involves determining where products will be sold?

• Channel management

• Servicing

• Promotion

• Selling

Answer explanation

Channel management. This function is responsible for identifying, selecting, monitoring, and evaluating sales channels. This includes determining where products will be sold. The selling function involves determining customer wants and needs and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunities. The primary goal of the promotion function is to communicate information about goods, services, images, and/or ideas to achieve a desired outcome. Servicing involves the maintenance, repair, or replacement of defective parts of a product after it has been sold.

In what marketing activity do businesses engage to meet the wants and needs of consumers?

• Market planning

• Cost-Benefit Analysis

• Product/Service Management

• Pricing

Answer explanation

Product/Service management. This marketing function involves developing a product mix in response to market opportunities. Businesses try to determine what products

consumers need or want to provide those products. Cost-benefit analysis is comparing the expense of an activity to the benefits received from the activity. Market planning is creating strategies to attract the target customer to a business. Pricing involves determining and adjusting prices to maximize return and meet customers’ perceptions of value.

A product being in great demand is a factor that might encourage businesses to

• decrease inventory

• contact competitors

• adjust prices

• gather information

Answer explanation

Adjust prices. Deciding on a product’s price is not always easy. Businesses must consider many factors, some of which encourage businesses to adjust prices. For example, if a product is in great demand, businesses might increase the price because customers are willing to pay the price to obtain the product. If a product is in great demand, a business would increase inventory to increase sales. Businesses do not contact competitors about prices. By gathering information, a business might learn that a product is in great demand.

Identify the marketing function in the following situation: While shopping at the mall, Susan is asked her opinion of different brands of shampoo.

• Promotion

• Marketing-information management

• Behavioral segmentation

• Specialty Advertising

Answer explanation

Marketing-information management. Gathering information through surveys is an example of the marketing-information management function. Specialty advertising is categorized as “other media” such as pens and calendars embossed with a company’s name.

Behavioral segmentation is the division of a market on the basis of customers’ responses to a product. Promotion communicates information about goods, services, images, and/or ideas to achieve a desired outcome.