Marketing and Goods vs. Services

What is marketing?

• Selling products to consumers.

• Promoting and delivering value to satisfy customer needs and wants.

• Manufacturing goods.

• Providing services.

How can you distinguish between a good and a service?

• Goods are tangible products, while services are intangible actions or experiences.

• Goods are always more expensive than services.

• Goods are only sold to businesses, while services are sold to consumers.

• Services are always physical items, while goods are non-physical.

Which of the following is an example of a good?

• Haircut.

• Smartphone.

• Consulting service.

• Legal advice.

Which of the following is an example of a service?

• Car.

• Computer.

• Restaurant meal.

• Furniture.

What is the primary focus of marketing?

• Maximizing profits.

• Creating innovative products.

• Satisfying customer needs and wants.

• Reducing production costs.

Which of the following is NOT an element of the marketing mix?

• Product.

• Price.

• Place.

• People.

What is the purpose of market research in marketing?

• To increase production.

• To reduce advertising costs.

• To understand customer preferences and make informed decisions.

• To eliminate competitors.

Which of the following is an example of a marketing strategy?

• Opening a new factory.

• Lowering the price of a product.

• Hiring more employees.

• Painting the office walls.

What does the term "target audience" refer to in marketing?

• The group of employees in a company.

• The people who create marketing campaigns.

• The specific group of consumers a marketing campaign is aimed at.

• The competitors in the market.

Which marketing concept emphasizes building long-term relationships with

• Sales orientation.

• Product orientation.

• Customer relationship management (CRM).

• Price orientation.