1.02 Study Guide - Marketing

There are many activities in marketing that are interrelated and similar in purpose. These activities are referred to as marketing

• A.                      responsibilities.
• B.                      functions.
• C.                      Tactics
• D.                     strategies.

Ryan is working with his marketing team to set goals and create a budget for the upcoming year. Which marketing function is Ryan performing?

• A.                      Selling
• B.                      Product/Service management
• C.                      Pricing
• D.                     Market planning

Which marketing function involves creating the correct product mix for a business?

• A.                      Product/Service management
• B.                      Marketing-information management
• C.                      Selling
• D.                     Financing

Making both buyers and sellers feel they are getting good value is part of the __________ function of marketing.

• A.                      promotion
• B.                      pricing
• C.                      financing
• D.                     purchasing

Gathering, accessing, synthesizing, evaluating, and disseminating data for use in making business decisions is the responsibility of

• A.                      market planning.
• B.                      product/service management.
• C.                      Marketing-information management.
• D.                     product development.

Communicating information to consumers or clients about products, images, or ideas to achieve a desired outcome is the __________ function.

• A.                      purchasing
• B.                      pricing
• C.                      planning
• D.                     promotion

Which marketing function involves determining where products will be sold?

• A.                      Channel management
• B.                      Servicing
• C.                      Promotion
• D.                     Selling

In what marketing activity do businesses engage to meet the wants and needs of consumers?

• A.                      Market planning
• B.                      Cost-benefit analysis
• C.                      Product/Service management
• D.                     Pricing

A product being in great demand is a factor that might encourage businesses to

• A.                      decrease inventory.
• B.                      contact competitors.
• C.                      adjust prices
• D.                     gather information.

Identify the marketing function in the following situation: While shopping at the mall, Susan is asked her opinion of different brands of shampoo.

• A.                      Promotion
• B.                      Marketing-information management
• C.                      Behavioral segmentation
• D.                     Specialty advertising