Marketing and Business Comms test 1

To serve both buyers and sellers, marketing seeks to ____________ and satisfy the needs and wants of prospective customers.

• change

• create

• manipulate

• discover

The trade of things of value between buyer and seller so that each is better off after the trade is referred to as _________.

• financial remuneration

• exchange

• countertrade

• barter

Which of the following are of the 4 conditions of an exchange?

• Two or more parties with unsatisfied needs

• Desire and ability to satisfy these needs

• A way for parties to communicate

• A means of getting the product to the consumer

• Something to exchange

A __________ occurs when a person feels deprived of basic necessities such as food, clothing, and shelter.

• desire

• need

• utility

• want

A ___________ is a need shaped by a person's knowledge, culture, and personality.

• desire

• need

• utility

• want

The four P's are commonly know as...

• the environmental or uncontrollable forces

• the environmental or controllable factors

• the marketing mix or controllable factors

• the marketing mix or uncontrollable forces

What are the 4 P's of the Marketing Mix?

A(n) _____________ is a legal entity of people who share a common mission.

• department

• organization

• SBU

• industry

What are the 5 environmental factors?

An industry refers to

• organizations that develop similar offerings

• organizations who manufacture identical products to meet ISO 9000 specifications

• companies that are active in the production of materials that are used in finished products

• a group of people or firms united through strategic alliances.