SEM Unit 1 Review

Gaining a fundamental understanding of marketing will help you recognize how businesses and brands influence your consumer decisions.

• True

• False

The marketing concept is the perspective that the ability to sell products and services depends upon identifying consumer needs and wants and determining how to best satisfy these needs and wants.

• True

• False

In business terms, segmentation is any activity or business process that creates and communicates a message to consumers about a product or service’s value.

• True

• False

Financial success directly results from an organization’s ability to effectively market its products and services.

• True

• False

A new Xbox or tickets to an upcoming show represent an example of a need.

• True

• False

The exchange process involves one party, like a sports team making tickets available for consumers to purchase online or at retail locations like the stadium box office.

• True

• False

Pricing, selling, and promotion are the most important functions of marketing.

• True

• False

Supply and demand do not impact price.

• True

• False

Sports, entertainment, and event properties control the price of tickets on the secondary market.

• True

• False

Demand for products and services always stays the same in sports and entertainment.

• True

• False