EL 2 Test: Marketing Basics

Which of the following is NOT part of the Marketing Concept?

• Identify the needs of customers
• Develop and market products/services
• Plan the marketing mix
• Operate profitably

What does the following graph show?

• Price chart
• Supply curve
• Demand curve
• Equilibrium price

What does the following graph show?

• Price chart
• Supply curve
• Demand curve
• Equilibrium price

_____________________ is the movement of products and services from producer to consumer.

• Channel of distribution
• Target market
• Promotion
• Marketing mix

A group of similar consumers within a larger market is called:

• Target market
• Push strategy
• Market opportunity analysis
• Market segment

What is the number one focus throughout the marketing process?

• Develop products
• Focus on customer needs
• Make a profit
• Sell as much product as possible

What is the basic economic problem?

• Natural Resources
• Needs
• Wants
• Scarcity

Which is NOT one of the three basic economic questions?

• What goods and services will be produced?
• How will products be produced?
• For whom will products be produced for?
• What strategies will marketers focus on?

Unlimited wants & needs + limited resources =

• A lack of resources
• Scarcity
• Variety of choices
• Supply and demand

Which type of economic system is also referred to as a "free economy"?

• Market economy
• Mixed economy
• Command economy
• Communist economy