Marketing Unit 2 Test Review

What are goods?

• Intangible items that satisfy needs and wants

• Tangible items that satisfy needs and wants

• Services that satisfy needs and wants

• Items that have no monetary value

Which of the following is an example of a service?

• Cars

• Clothes

• Haircuts

• Phones

What is marketing?

• The process of planning, pricing, promoting, selling, and distributing ideas, goods, or services

• The process of manufacturing goods

• The process of providing services

• The process of managing finances

What is utility?

• The exchange of a product for money

• The process of making products that customers need and want

• The attributes of a product or service that make it capable of satisfying a customer's wants and needs

• Having a product available at a certain time of year or day

What is time utility?

• Having a product available at a certain time of year or day

• The exchange of a product for money

• The attributes of a product or service that make it capable of satisfying a customer's wants and needs

• Making products that customers need and want

What is possession utility?

• Having a product available at a certain time of year or day

• The exchange of a product for money

• The attributes of a product or service that make it capable of satisfying a customer's wants and needs

• The exchange of a product for money using different payment options

What is place utility?

• Having a product available at a certain time of year or day

• The exchange of a product for money

• The attributes of a product or service that make it capable of satisfying a customer's wants and needs

• Having a product where customers can buy it

What is information utility?

• Having a product available at a certain time of year or day

• The exchange of a product for money

• The attributes of a product or service that make it capable of satisfying a customer's wants and needs

• Involves communication with the customer

What is a market?

• All people who share similar wants and needs and who have the ability to purchase a given product

• A place where goods and services are bought and sold

• A specific group of customers targeted by a company

• The process of planning, pricing, promoting, selling, and distributing ideas, goods, or services

What is market segmentation?

• The process of planning, pricing, promoting, selling, and distributing ideas, goods, or services

• Breaking down the market into smaller groups that have similar needs

• The exchange of a product for money

• Having a product available at a certain time of year or day