Seven Functions of Marketing

What is one of the phases involved in managing a product's life cycle?

• Generating ideas for new products

• Reducing product costs

• Increasing employee salaries

• Expanding office space

Which activity is part of designing and updating a product?

• Hiring new staff

• Changing product color

• Increasing marketing budget

• Reducing office hours

What role do service businesses play in product/service management?

• They create and provide services

• They increase product prices

• They reduce employee numbers

• They expand office locations

What is a key aspect of product/service management for businesses?

• Designing products based on customer wants

• Increasing employee salaries

• Reducing office space

• Expanding into unrelated markets

Which of the following questions is NOT typically addressed in marketing information management?

• Who are the customers?

• What are the customers interested in?

• How much does the product cost?

• When will customers buy?

What is one method mentioned for obtaining consumer information?

• Watching television commercials

• Surfing social media sites

• Reading newspapers

• Listening to radio ads

What should be done with the information once it is collected in marketing information management?

• It should be discarded

• It should be analyzed and stored for future reference

• It should be immediately published online

• It should be ignored

Which of the following is an example of gathering marketing information?

• Sending employees to shopping areas to survey customers

• Launching a new product

• Reducing product prices

• Increasing advertising budget

What is a potential incentive for customers to complete surveys?

• Free product samples

• Gift cards or coupons

• Free shipping

• Extended warranties

What is the benefit of understanding what people like or dislike through social media?

• It helps in creating better advertisements

• It allows for an understanding of consumer preferences

• It reduces the need for surveys

• It increases product prices