Marketing Review

What is the primary purpose of marketing?

• To reduce production costs
• To meet consumer wants and needs
• To increase employee satisfaction
• To focus on customer service

What is a market?

• A place where businesses buy products
• A group of consumers with common wants and needs
• A list of products a company sells
• A group of sellers who offer similar products

What does marketing help businesses achieve?

• Increase profits
• Decrease their workforce
• Reduce customer engagement
• Eliminate competition

What is relationship marketing?

• Promoting products through social media
• Building and maintaining relationships with customers
• Lowering product prices to attract consumers
• Creating unique advertising strategies

Why is marketing important for a business?

• It guarantees a monopoly in the market
• It increases production costs
• It helps increase sales and customer base
• It replaces the need for customer service

How do businesses gather demographic information?

• Through advertisements
• By studying trends
• Through surveys
• By analyzing competitor prices

What does the term "target market" refer to?

• A random group of consumers
• Consumers who buy all types of products
• A specific group of consumers a business aims to sell to
• A group of businesses that compete with each other

What is market research?

• Promoting new products
• Gathering information about competitors
• Collecting information about consumer wants and needs
• Creating new marketing strategies

What is the primary purpose of market research?

• To reduce production costs
• To increase advertising reach
• To understand consumer preferences
• To improve staff training

What is the marketing mix?

• The process of creating new products
• The 4 Ps: Product, Place, Price, Promotion
• A method to distribute goods
• The way companies build customer relationships