Understanding Marketing Concepts Quiz

What is a basic force that motivates a person to do something?

• Wants

• Needs

• Demands

• Desires

What should a manager do before deciding to produce and sell a bike?

• Advertise the bike

• Analyze the needs

• Set a price

• Create a vision statement

What is the book definition of marketing?

• Selling goods directly to consumers

• Directing the flow of need-satisfying goods and services

• Building relationships with customers

• Managing macroeconomic factors

Which of the following is NOT a characteristic of marketing?

• Builds relationships

• Involves exchanges

• Always persuades customers

• Begins with needs and wants

What is the emphasis of macro-marketing?

• A single company’s profits

• Matching supply and demand

• Branding and advertising

• Building customer loyalty

What is the emphasis of micro-marketing?

• The entire economy

• Individual companies and customers

• Geographic separation

• Social class dynamics

What is NOT one of the universal functions of marketing?

• Transporting

• Risk-taking

• Standardization

• Manufacturing

What is the separation of geography in marketing?

• A consumer doesn’t recognize a product

• A producer and customer are in different locations

• A product lacks differentiation

• A mismatch in production and demand

What is a command economy?

• Economy driven by consumer choices

• Economy managed by government officials

• Economy with no central authority

• Economy focused on branding

What does “brand purpose” include?

• Only functional benefits

• A positive impact beyond what is sold

• A focus solely on societal benefits

• Limiting innovation