Unit 1 Review

What is a target market, specifically?

• a group of people most likely to become customers

• group of people with similar ages

• group of people of the same ethnicity

• group of people who like the same color

The owner of a financial consulting business provides her customers with?

• a good

• a service

• a promotion

• a target market

An increased demand for a product with likely lower the unit cost of producing the product.

• true

• false

Channel management involves getting the product into the consumer's hands.

• true

• false

The added value of a product in economic terms is known as

• product/service management

• price

• utility

• scarcity

Percentage of total sales in any given market is known as

• market share

• sales volume

• competition

• market ratio

Which of the 7 functions of marketing involves deciding where and to whom products need to be sold to reach the final users?

• MIM

• selling

• product/service management

• channel management

Which of the 7 functions of marketing involves deciding how much to charge for goods and services?

• financing

• pricing

• product management

• selling

Which of the 7 functions of marketing involves storing and analyzing information about customers and trends?

• market research

• distribution

• selling

• financing

Which of the 7 functions of marketing involves getting the money to start or pay for the operation of a business?

• pricing

• selling

• financing

• management