SEM Q1 Review

What is Marketing?

• The process of promoting and selling products or services

• A type of financial accounting

• A method of software development

• A form of physical exercise

Marketing matters because it helps to:

• Increase brand awareness

• Reduce production costs

• Eliminate competition

• Guarantee product success

The __________ is the perspective that the ability to sell products and services depends upon identifying consumer needs and wants, as well as being able to determine how to best satisfy these needs and wants.

• marketing concept

• sales strategy

• advertising model

• customer service approach

Why is marketing important to a business?

• It helps in building brand awareness.

• It is not necessary for business growth.

• It decreases customer engagement.

• It reduces the need for customer feedback.

A __________ is something a consumer must have and cannot live without, whereas a __________ is something a consumer would like to have.

• need

• want

• desire

• luxury

• necessity

Which of the following is a need?

• Water

• Smartphone

• Luxury Car

• Designer Clothes

• Vacation

What are the four components of the exchange process?

• Multiple Parties, Mutually Beneficial, Freedom to Decline, Transfer of Value

• Single Party, No Benefit, Obligation to Accept, No Transfer

• Multiple Parties, No Benefit, Freedom to Accept, Transfer of Value

• Single Party, Mutually Beneficial, Obligation to Decline, Transfer of Value

Why does the exchange process matter?

• It is irrelevant to marketing.

• It is crucial as it involves marketing.

• It is only about the transaction.

• It has no impact on purchasing decisions.

What are the seven functions of marketing?

• Pricing, Promotion, Product/Service Management, Distribution, Selling, Financing, Market Information Management

• Advertising, Branding, Customer Service, Distribution, Sales, Public Relations, Research

• Product Development, Market Research, Sales, Distribution, Customer Support, Pricing, Promotion

• Market Analysis, Product Design, Sales Strategy, Distribution, Customer Engagement, Pricing, Promotion

Supply and demand affect price by:

• Increasing supply leads to higher prices.

• Decreasing demand leads to higher prices.

• Increasing demand leads to higher prices.

• Supply and demand have no effect on price.