Unit 1: Foundations of Marketing

What term refers to the percentage of a brand’s share of sales in a competing market?

• stockholder

• sales growth

• economics

• market share

Seth Godin is a:

• economist, stockbroker, and athlete.

• actor, comedian, and author.

• marketer, writer, and entrepreneur.

• model, financier, and chocolatier.

Competition plays a disadvantageous role for everyone because it forces businesses to innovate and come up with better products and services.

• True

• False

What type of market focuses on psychological aspects such as the customer’s lifestyle, daily activities, and interests? It may also consider the customer’s personality traits, values, and attitudes.

• psychographic segmentation

• geographic segmentation

• behavioral segmentation

• demographic segmentation

Whether it’s surveying potential customers, talking to business owners, or creating an ad, communication plays a significant role in marketing.

• True

• False

What term refers to the physical stock of something, such as fresh produce or a batch of PlayStations?

• promotions

• services

• markets

• goods

Because there’s always a possibility that things will change unexpectedly, marketers must rely on their problem-solving and creative skills to get the job done.

• True

• False

Every business in existence today falls under one of how many categories?

• twenty

• thirty

• three

• five

What are the four different types of market segmentation?

• demographic, behavioral, psychographic, and geographic

• exchange, value, variables, and personality

• economics, sharing, returns, and investment

• production, percentage, finance, and customer service

What type of market segmentation divides a target market according to such traits as behavior, product usage, and decision-making patterns?

• geographic segmentation

• behavioral segmentation

• psychographic segmentation

• demographic segmentation