Marketing Management EOPA Study Guide Part I (Economics)

Marketing is defined as the process of developing, promoting, pricing, and distributing goods and services to customers in order to satisfy customer needs and wants.

• True

• False

Which of the following is most related to the marketing concept?

• Make a profit

• Satisfy customers

• Gain market share

• Increase sales

Fill in the following blanks to explain how marketing has helped consumers by

a. Lowering _______ of goods through competition

b. ________ customers about goods and services

c. Offering a _______ _______ of products and services

• a)Prices b)Informing c)Wide Variety

• a)Informing b)Offering c)select quality

• a)Complaints b)Reaching c)specific niche

Obtaining the money needed to start and operate a business is a marketing function known as ____________________.

• Market research

• Pricing

• Distrubuting

• Financing

When Apple decides to improve features of the iPhone by developing a newer, more up-to date version, they have conducted the marketing function known as __________.

• Product management

• Service management

• Product/Service management

• None of the above

Six Flags Amusement Park wants to start offering more games in the game area that will attract more teenagers. While at the park, you are asked to complete a questionnaire about games you would like them to offer. This is an example of the _________________ marketing function?

• Selling

• Financing

• Target marketing

• Market research

You were just hired at PetSmart to be a cashier. Your job includes running the cash register and assisting customers with their needs. This job is an example of the ___________ marketing function.

• Financing

• Selling

• Pricing

• Distributing

The marketing function of ______________ is used when Mayfield Milk decides how many trucks to use to transport its products in a timely manner to reduce product spoilage.

• Selling

• Distribution

• Financing

• Pricing

Annie has decided to mark up the cost of the newest bathing suit line she just ordered for her boutique by 50%. This is an example of the __________ marketing function.

• Pricing

• Market research

• Financing

• Marketing

When Lois, a small business owner, decides to become a sponsor in his local community’s annual Cancer Walk in order to create publicity for his company, he is making decisions in relation to the _________ marketing function.

• Promotion

• Marketing Information Systems/Market Research

• Product/Service Management

• Selling