Marketing Review

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.

• Marketing

• Management

• Selling

• Promotion

Which words best complete the sentence? Marketing is a _________________ discipline of _________________ functions.

• multifaceted, interrelated

• straightforward, competitive

• competitive, specialized

• specialized, flexible

Customer wants and needs, profits and company goals are all part of the:

• business

• marketing mix

• promotional mix

• marketing concept

What role does marketing play in a private enterprise system?

• It limits the number of options people have for buying products and services.

• It provides the information customers need to make an appropriate buying decision.

• It connects customers with businesses that can meet their wants and needs.

• It prevents businesses from sharing information that isn’t relevant in meeting needs.

To promote a product is to:

• inform potential customers that a product or service exists, and the results they should expect from using it

• hire more people, which creates more jobs, which increases tax revenues.

• engage in the process of collecting data about existing customers’ perceptions of the product and organization.

• 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.

What is an example of a durable good?

• a pencil

• a play

• a sandwhich

• a truck

What is an example of a nondurable good?

• a car

• granola bar

• smartphone

• LED lightbulb

Which of the following is a service?

• Mac laptop computer

• Netflix

• Merriam-Webster dictionary

• Breckenridge ski resort

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?

• Their product or service will be thoroughly researched.

• Their product or service will reach a wide audience.

• Their product or service is beneficial.

• Their product or service is new.

Complete the statement. Businesses that embrace the marketing concept start by

• advertising or promoting to the appropriate target customers.

• informing potential customers about the benefits of their product or service.

• delivering a product or service that meets target customers’ want or need.

• analyzing and identifying the needs and wants of customers.