Marketing I Sem 1 Final Review

What is the main goal of marketing?

• Fulfilling customer needs and wants

• Increasing production costs

• Reducing employee turnover

• Maximizing inventory levels

What are the 4 Ps of Marketing?

• Product, Price, Promotion, Place

• People, Process, Product, Price

• Promotion, Place, People, Process

• Price, Product, People, Promotion

What is the difference between goods and services?

• Goods are tangible, while services are intangible

• Goods are intangible, while services are tangible

• Both goods and services are intangible

• Both goods and services are tangible

What is an example of labor as an economic resource?

• A factory worker

• A piece of machinery

• A financial investment

• A natural resource

What are the three types of economic resources?

• Land, labor, and capital

• Labor, capital, and technology

• Land, technology, and capital

• Labor, technology, and resources

What does supply in economics mean?

• How much of a product businesses are willing to sell

• How much of a product consumers want to buy

• The price of a product in the market

• The quality of a product

What does demand in economics mean?

• How much people want to buy a product

• How much businesses want to sell a product

• The cost of producing a product

• The quality of a product

What is a target market?

• A specific group of people your business wants to sell to

• A random selection of consumers

• A group of competitors in the market

• A list of potential suppliers

What does market segmentation involve?

• Splitting a market into groups based on characteristics

• Combining different markets into one

• Reducing the number of products offered

• Increasing the price of products

What is an example of a social influence on consumer behavior?

• Peer groups and cultural trends

• Product pricing

• Advertising campaigns

• Brand logos