What is market?

• a group of customers who share common wants and needs

• a group of business people

• a group of customers who are friends

• people who don't know about a new product

What is marketing?

• process of presenting a product to the public

• knowing customers who want or need a product

• process of creating, promoting, and presenting a product or service

• process of selling

There are 7 functions of marketing. Which function includes getting money that is necessary to set up or run a business?

• Promotion

• Financing

• Distribution

• Product/Service Management

Which function of marketing includes gathering and analyzing information about consumers, trends, and competitors' products?

• Financing

• Product/Service Management

• Distribution

• Selling

Which function of marketing includes deciding how much to charge for a product or service?

• Promotion

• Product/Service Management

• Financing

• Pricing

Which function of marketing includes an effort to inform, persuade, or remind potential customers about a product or service?

• Pricing

• Financing

• Promotion

• Selling

Which function of marketing is providing customers with goods or services they choose to buy?

• Selling

• Promotion

• Financing

• Pricing

What is the marketing mix?

• the mix of people needed for the marketing process

• a recipe for marketing

• part of the functions of marketing

• four basic marketing strategies: product, place, price, and promotion

What is the break-even point?

• total revenue = total expenses

• total revenue is greater than expenses

• total revenue is less than expenses

• a point on a graph that relates to sales

Market research helps businesses make decisions. What does market research include? (Choose the BEST answer.)

• analyzing data then presenting it to the Executives

• gathering data for the company's executives

• gathering and analyzing information on the size, location, and makeup of a market

• figuring out which function of marketing to use