Principles Final Exam Review

Factors of production include which of the following?

• land, labor, capital, and entrepreneurship

• technology products and entrepreneurship

• goods and services

• all of the products produced in an economy

The owner of a miniature golf business provides her customers with?

• a promotion

• a good

• an exchange

• a service

Which economic utility increased when fast food restaurants began accepting credit cards?

• possession utility

• information utility

• place utility

• form utility

Which of the following utilities is not directly related to marketing?

• possession utility

• place utility

• information utility

• form utility

At the end of her one-week stay at a luxury hotel, Jennifer completed a form rating the hotel's service, food, and accommodations. This is an example of what marketing tool?

• product planning

• market research

• marketing mix

• information utility

After watching Saturday morning cartoons, Bobby asked his mom to buy him Honey Nut Cheerios. According to the text Bobby is considered...

• a target market

• a possession utility

• a customer

• a consumer

The added value of a product in economic terms

• marketing

• utility

• goods

• services

Percentage of total sales generated by competing companies

• market share

• industrial market

• marketing mix

• target market

Businesses that buy products for use in their operations, also known as a B2B market

• utility

• pricing

• industrial market

• marketing

During the last three months of the year, a grocery store stocks its shelves with plenty of canned pumpkin in order to increase the pumpkin's ____________________ utility.

• possession

• time

• form

• selling