Marketing Final Exam Review

Fill in the blank with the best answer: Marketing is the creation and ___________________ of satisfying exchange relationships.

• implementation

• maintenance

• promotion

• termination

Which of the following is not an activity that must be accomplished for a business to use the marketing concept successfully?

• Identify needs of customers

• Develop and market products or services that customers consider better than other choices.

• Operate a business profitably

• Cut prices and advertise heavily to push unwanted goods.

The marketing function that involves direct, personal communications with prospective customers in order to assess and satisfy needs with appropriate products and services is:

• Selling.

• Distribution.

• Product/Service Management.

• Promotion.

When a consumer organization tests products and publishes results, it is an example of:

• a boycott.

• consumer information.

• lobbying.

• None of the above.

Social responsibility is shared by:

• consumer groups and business organizations.

• consumer groups and government.

• government and business organizations.

• business organizations, government, and consumer groups.

The average cost of all marketing activities is about ______ percent of the total product price, with _____ percent of the product price spent on advertising.

• 50 ; between 2 and 10

• 40; between 2 and 10

• 30; between 10 and 20

• 50; between 10 and 20

A pricing technique in which a company involves setting prices for accessories or options sold with the main product.

• price lining

• bundling

• optional product pricing

• captive product pricing

Which of the following is NOT a basic pricing concept?

• cost-oriented pricing

• psychological pricing

• demand-oriented pricing

• competition-oriented pricing

A target market is:

• a group of similar consumers within a larger market

• a clearly defined market segment to which a business wants to appeal.

• the competitor's customers

• a producer's desired channel members

The process of studying and prioritizing market segments to locate the best potential based on demand and competition is known as:

• product development

• the marketing mix

• market opportunity analysis

• None of the above.