MP Unit 1 Test Review

A (a)   is a physical product you can touch while a (b)   is something you pay someone to do for you.

• good
• service

Match each marketing function to its correct definition.

• Pricing

• the process of managing and optimizing the various sales channels a company uses to distribute its products or services

• Channel Management

• the process of collecting, organizing, analyzing, and sharing marketing data to help a business make better decisions

• Marketing Information Management

• a marketing function that involves the determination of an exchange price at which the buyer and seller perceive optimum value for a good or service

Match each marketing function to its correct definition.

• Selling

• responding to consumer needs and wants through planned, personalized communication in order to influence purchasing decisions and ensure satisfaction

• Promotion

• obtaining, developing, maintaining, and improving a product mix in response to market opportunities

• Product/Service Management

• a marketing function needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcome

​ (a)   information is developed from data that is collected for use in one particular situation, and​ (b)   information comes from data that has already been collected for other purposes.

• Primary
• Secondary
• Stationary
• Firsthand

Match each pricing objective to its correct description.

• Image/Prestige

• keeping prices competitive is very important in many industries, such as the airline industry

• Profitability

• selling as many units as possible or gaining a certain market share

• Sales

• making as much profit as possible and covering costs

• Competition

• companies may set prices that will help them maintain a certain image in customers’ minds, like luxury cars or jewelry

A​ ​ (a)   is the service is attached to a tangible good, such as phone service for your cell phone. A​ (b)   is the service is not attached to a tangible good, such as a haircut.

• Product-related service
• Pure service

Match the reasons why customers buy to their correct definition.

• Business operations

• Product will be sold from customer to consumer

• For resale

• Product will be used so a business can properly function

• Ultimate consumption

• Product goes straight to final consumer

When customers purchase based on ​ (a)   buying motives, they are purchasing for reasons such as product dependability, time or monetary savings, product quality, and good customer service. When customers purchase based on ​ (b)   buying motives, they are purchasing based on feelings experienced by a customer through association with a product such as social approval, love, and prestige.

• Rational
• Emotional

Match each marketing mix element to its correct description.

• Price

• How much the business is charging customers for the product

• Place

• How the product is advertised

• Promotion

• Where customers can obtain the product

• Product

• What is being sold to the customer, as well as its features, benefits, quality, etc.

Match the following types of market segmentation to their correct description.

• Demographic

• Things you like to do, things you enjoy

• Behavioral

• Age, gender, education, income, occupation, family size

• Psychographic

• Reasons why you purchase, purchasing habits, purchasing preferences

• Georgraphic

• Where you live, what you live near