Unit 1 Test

A market includes people who share similar needs and wants, and can purchase a company’s products.

• True
• False

To develop a clear picture of their target market, businesses create a customer profile.

• True
• False

The “buy one get one free” strategy is an example of distribution.

• True
• False

Time utility involves having a product available at a certain time of year or day.

• True
• False

Selling exercise equipment through catalogs mailed to athletes is an example of place utility.

• True
• False

A marketing plan is a formal written document which directs activities for a specific period of time.

• True
• False

SWOT stands for “strengths, weaknesses, opportunities, and threats.”

• True
• False

A sustainable competitive advantage is one that enables a company to survive against its competition over a short period of time.

• True
• False

Information regarding ethnic backgrounds and household income facilitates market segmentation.

• True
• False

A good marketer uses their own bias towards a product to sell it.

• True
• False