Which is the BEST definition of marketing?

• Selling products only

• Creating and maintaining relationships between producers and consumers

• Making goods cheaper than competitors

• Posting advertisements on social media

According to the AMA, marketing involves creating, communicating, delivering, and exchanging offerings that have value for:

• Only customers

• Customers, clients, partners, and society

• The business owner

• Investors only

Which of the following activities are part of the marketing process?

• Planning, pricing, promoting, selling, and distributing

• Only selling and advertising

• Designing products but not selling them

• Hiring employees

At its core, marketing seeks to:

• Match products/services to customers who want them

• Produce products without consumer input

• Focus only on profit

• Eliminate competition

Why does the AMA review its definition of marketing regularly?

• To keep up with changing marketing practices and trends

• To make it shorter

• Because marketers request it

• To match tax law changes

Which is NOT a reason studying marketing is important?

• Helps you understand why businesses use marketing

• Helps you become a smarter shopper

• Helps you advance in your career

• Guarantees you will become rich

One way marketing benefits consumers is by:

• Limiting competition

• Making products easy to find and purchase

• Eliminating product choices

• Making prices higher

How does competition benefit consumers?

• It forces better products and lower prices

• It raises prices

• It eliminates similar products

• It prevents innovation

The marketing concept focuses primarily on:

• The producer’s needs

• The customer’s needs and wants

• Advertising budgets

• Reducing production costs

Which is the first step in applying the marketing concept?

• Set the selling price

• Consider the customer’s point of view

• Determine production costs

• Launch advertising