3rd Quarter Review

Which of the following would NOT generally be considered one of the marketing functions?

• Pricing

• Repairing

• Promotion

• Selling

Which marketing function involves communicating directly with potential customers to determine their needs?

• Financial analysis

• Pricing

• Product and service management

• Selling

Which of the following is a function of promotion?

• Advertising

• Budgeting for marketing activities

• Improving products

• Market research

What are the four elements of a marketing mix?

• Cost, location, time, and advertising

• Demographics, income, supply, and demand.

• Product, place, price, and promotion

• Consumers, manufacturers, retailers, and distributors

The first step in the consumer decision making process is to

• Recognize a need

• Make a purchase decision

• Select and evaluate alternatives

• Gather information

This type of marketing research study gathers information from people using a carefully planned set of questions.

• Secondary research

• Experiment

• Observation

• Survey

Additions and improvements to a basic product are called

• Brand names

• Product features

• Guarantees

• Warranties

After several new product ideas have been generated, companies will most likely

• Produce a limited quantity of each product and test them to see which are the most popular.

• Develop full marketing strategies for each of them.

• Evaluate the ideas to determine which have the best opportunity to succeed.

• Determine production procedures for the products

Services are intangible. This means that

• They have no physical form

• Their availability must match their demand at a specific time

• They cost more than products

• There will be differences in the type and quality of service provided.

Which of the following scenarios will most likely result in comparatively low prices?

• Products are sold at a large warehouse store offering little personal service and located on the outskirts of town

• A product is highly complex and technical

• Supply for a product is low and demand high

• A product has few close competitors because it is unique