Introduction to Marketing, Unit Test Review

Which of the following is NOT the meaning of a market?

• All of the potential customers that have the ability and desire to purchase a business’ products
• All of the businesses that have the ability and desire to sell products
• Where customers go to purchase products
• Where customers, and potential customers, are physically located

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is called:

• Advertising
• Marketing
• Promotion
• Selling

Marketing is both a philosophy and a function.

• True
• False

Four Marketing Philosophies are: Product , Sales, Market and Societal Marketing Orientation.

• True
• False

The idea that companies should analyze the needs of their customers, and then make decisions to satisfy those needs better than the competition is called what?

• The marketing concept
• The marketing philosophy
• Product orientation
• Sales orientation

According to the marketing concept, businesses must focus on satisfying:

• Customer best interests and needs
• Customer needs and wants
• Customer price limitations and needs
• Customer price limitations and wants

A need is a basic unit of survival. It is something that a person cannot live without.

• True
• False

A want is something that is desired

• True
• False

A unique blend of product, price, place, and promotion strategies designed to produce mutually satisfying exchanges with consumers is often referred to as the:

• Marketing Balance
• Marketing Mix
• Marketing Plan
• Marketing Strategies

Which of the following make up the “four P’s” of marketing?

• Price, Place, Promotion, Public Relations
• Product, Personal Selling, Place, Promotion
• Price, Place, Promotion, Product
• Price, Promotion, Personal Selling, Public Relations