Marketing Fundamentals: Concepts and Functions

What is the primary goal of marketing?

• To maximize profits

• To create customer value and satisfaction

• To increase production efficiency

• To reduce business costs

Which of the following best defines a product in marketing terms?

• Only tangible items that can be purchased

• Services provided by a company

• Anything that can be offered to satisfy a want or need

• Goods manufactured by a business

What is the main difference between goods and services?

• Goods are always more expensive than services

• Services are tangible while goods are intangible

• Goods are tangible while services are intangible

• There is no difference between goods and services

What is an exchange in marketing?

• The act of selling products for a profit

• The process of bartering goods

• The transfer of something of value between two parties

• The distribution of free samples to potential customers

The function of marketing that refers to securing funds for operations and managin financial resources effectively is

• Selling

• Finance

• Promotion

• Distribution

What does the marketing function of 'selling' primarily involve?

• Determining product prices

• Persuading customers to make a purchase

• Designing product packaging

• Conducting market research

Which marketing function involves gathering information about customers, competitors, and market trends?

• Financing

• Product/service management

• Marketing information management

• Pricing

What does 'form utility' refer to in marketing?

• The usefulness of a product's shape or design

• The availability of a product at a convenient location

• The timeliness of product delivery

• The transfer of ownership of a product

Which type of utility is created when a product is available at the right time for the customer?

• Form utility

• Place utility

• Time utility

• Possession utility

What is 'information utility' in marketing?

• The value created by providing product details to customers

• The usefulness of a product's instruction manual

• The efficiency of a company's internal communication

• The accuracy of market research data