Marketing Fall Semester Final Exam Review
Flashcard
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Other
•
9th - 12th Grade
•
Hard
Wayground Content
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60 questions
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1.
FLASHCARD QUESTION
Front
What are the four P's of marketing?
Back
Product, Price, Place, Promotion
Answer explanation
The four P's of marketing are Product, Price, Place, and Promotion. These elements are essential for developing effective marketing strategies and are widely recognized in the field.
2.
FLASHCARD QUESTION
Front
Which of the following best describes market segmentation?
Back
Dividing a market into distinct groups of buyers with different needs or behaviors
Answer explanation
Market segmentation involves dividing a market into distinct groups of buyers who have different needs or behaviors, allowing for targeted marketing strategies. This is accurately described by the first answer choice.
3.
FLASHCARD QUESTION
Front
Which of the following is an example of a demographic factor? Lifestyle, Age, Personality, Values
Back
Age
Answer explanation
Age is a demographic factor as it relates to the characteristics of a population. In contrast, lifestyle, personality, and values are more related to individual behavior and preferences.
4.
FLASHCARD QUESTION
Front
What is the primary focus of the marketing concept?
Back
Meeting the needs and wants of customers
Answer explanation
The primary focus of the marketing concept is meeting the needs and wants of customers. This approach prioritizes customer satisfaction, which drives business success over merely maximizing production or reducing costs.
5.
FLASHCARD QUESTION
Front
Which of the following is a characteristic of a command economic system?
Options:
Prices are determined by supply and demand,
The government makes all economic decisions,
Businesses operate independently of government control,
Consumers have complete freedom of choice
Back
The government makes all economic decisions
Answer explanation
In a command economic system, the government makes all economic decisions, controlling production, distribution, and prices, unlike systems where supply and demand dictate prices or businesses operate independently.
6.
FLASHCARD QUESTION
Front
What does scarcity refer to in economics?
Back
Limited resources and unlimited wants
Answer explanation
Scarcity in economics refers to the condition where resources are limited while human wants are unlimited. This means that there is not enough of certain resources to satisfy all desires, making the correct choice 'Limited resources and unlimited wants'.
7.
FLASHCARD QUESTION
Front
Which of the following is NOT a factor of production? Land, Labor, Money, Capital
Back
Money
Answer explanation
Money is not a factor of production; it is a medium of exchange. The factors of production include land, labor, and capital, which are essential for creating goods and services.
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