Business Essentials | Topic 4, Lesson 2 Quiz

How many functions are marketing activities organized into?

• Five

• Six

• Seven

• Eight

Which of the following is NOT one of the marketing functions?

• Product & Service Management

• Customer Service

• Pricing

• Promotion

When does each marketing function occur?

• Only when a product is developed

• Only when a service is sold

• Every time a product or service is developed and sold

• Before a product is developed

What is the primary function of a distribution?

• To increase the cost of goods for consumers

• To provide a means of transporting goods

• To make a product or service available to the consumer or business user who needs it

• To limit the number of products available in the market

What is the definition of financing in marketing?

• The process of settling debts.

• The process of providing funds for business activities, making purchases, or investing.

• The process of distributing profits.

• The process of evaluating financial statements.

What is the purpose of Marketing Information Management?

• To organize and evaluate marketing operations

• To increase sales directly

• To manage employee performance

• To design new products

What is the definition of pricing in marketing?

• The process of determining a product's market position.

• The process of fixing the value that a manufacturer will receive in the exchange of services and/or goods.

• The method of advertising products to increase sales.

• The strategy of choosing the appropriate market for a product.

What is the primary process involved in Product Service Management?

• Reducing company costs

• Shaping a company's offerings in response to demand

• Increasing the speed of production

• Expanding company size

Which example illustrates the process of Product Service Management?

• A company reducing its workforce

• A company expanding into new markets

• Apple iPhone features changing slightly every year

• A company discontinuing a product line

What is the primary purpose of using promotion as a marketing tool?

• To reduce the cost of products

• To communicate between sellers and buyers

• To increase the production rate

• To limit the market competition