4.03 Understand marketing and its importance in a global economy

Marketing links producers to

• distributors.

• retailers.

• marketers.

• customers.

Marketing is described as creating

• exchanges.

• needs.

• advertisements.

• gaps.

Which of the following is a marketing activity:

• Balancing customer needs with wants

• Leading a project team

• Communicating with customers

• Lowering operational expenses

What provides the basis for all marketing goals and actions?

• Pricing

• Planning

• Budgeting

• Retailing

Which of the following influences the process of determining price:

• Customers’ perception of value

• Publicity

• Purchase location

• Sales promotion

Which of the following is a method used to communicate with customers?

• Personal selling

• Manufacturing

• Customer orientation

• Marketing concept

Which of the following is an example of communicating with customers:

• Creating a new product

• Sponsoring a charity event

• Choosing a store to distribute products

• Developing a marketing plan

The purpose of communicating with customers is to

• gather participants for a survey.

• befriend customers.

• determine prices.

• attract customers’ interest.

In an overall sense, where does marketing occur?

• Wherever advertisements are

• Wherever stores are

• Wherever businesses are

• Wherever customers are

Of the following, which is a durable good:

• Coffee mug

• Hamburger

• Insect repellent

• Lip balm