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Unit 1 Review

Total questions: 45

Worksheet time: 23mins

Name
Class
Date
1.

What is Marketing?

a)
The process of selling products
b)
The process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
c)
The process of creating art
d)
The process of cooking food
2.

What are goods?

a)
A type of service
b)
A type of currency
c)
A type of investment
d)
Items that satisfy human wants and provide utility
3.

What are services?

a)
Services are a type of food
b)
Services are a type of car
c)
Services are a type of clothing
d)

Services involve a task

4.

What is the marketing concept?

a)
The process of selling products
b)

The idea of satisfying the needs of the customer, while making a profit for the business

c)
The strategy of increasing the price of products
d)
The method of producing as many products as possible
5.

What are the 7 Core Functions of Marketing?

a)

Channel Management, Marketing Information Management, Market Planning, Pricing, Product/Service Management, Promotion, and Selling

b)
Advertising, Sales, Public Relations, Direct Marketing, Personal Selling, Digital Marketing, Market Research
c)
Product, Price, Place, Promotion, Packaging, Positioning, People
d)
Market Research, Market Segmentation, Target Market Selection, Market Positioning, Product Development, Price Determination, Distribution Strategy
6.

What is Channel Management?

a)
A process of managing online advertising channels
b)

Decides how to get goods to customers

c)
A process of managing TV channels
d)
A process of managing social media channels
7.

What is Marketing Information Management?

a)
The process of gathering, analyzing, and interpreting information about a market
b)
The process of selling products or services
c)
The process of creating advertisements for a product or service
d)
The process of managing the financial aspects of a business
8.

What is Pricing (in reference to the Core Functions)?

a)

Based on cost of a product or service, as well as what competitors charge for same product or service

b)
The process of creating a product or service
c)
The process of promoting a product or service
d)
The process of distributing a product or service
9.

What is Product/Service Management?

a)
The process of designing and managing products
b)
The process of selling products or services
c)
The process of advertising products or services
d)
The process of planning, developing, maintaining and improving a product or service
10.

What is Promotion (referencing the Core Functions)?

a)
A raise in salary
b)
An advancement in an employee's rank or position in an organizational hierarchy system
c)

Informs current and potential customers about a business's product or services

d)

A decrease in price

11.

What is Selling (referencing the Core Functions)?

a)
The process of persuading a potential customer to buy the product
b)
The process of creating a product
c)
The process of distributing a product
d)
The process of pricing a product
12.

What does it mean to conduct research?

a)
To gather information about a particular subject
b)
To write a detailed report
c)
To present an argument
d)
To create a new theory
13.

Which of the Marketing Core Functions Focus on Consumers

a)

Pricing, Promotion

b)

Channel Management, Market Planning, Selling

c)

All of them

d)

None of them

14.

What might happen if a company neglected one of the seven core functions?

a)
The company might fail to achieve its goals
b)
The company will definitely go bankrupt
c)
The company will be taken over by a competitor
d)
The company will be fined by the government
15.

What is the Marketing Concept?

a)
The process of promoting products
b)
The strategy of increasing sales
c)

The idea that companies should analyze the needs of their customers and make decisions to satisfy those needs while generating profit

d)
The idea of creating advertisements
16.

What is Customer Relationship Management (CRM)?

a)
A software for managing customer data
b)
A type of marketing strategy
c)

A system which combines customer information with customer service and marketing communications

d)
A business philosophy regarding the importance of customers
17.

What are the Benefits of Marketing?

a)

Lower price, improved products, and Utility

b)
Decrease in production cost
c)
Decrease in sales
d)
Increase in production cost
18.

What are the 5 Functions of Economic Utility?

a)

Form, Place, Time, Possession, Information

b)
Form, Place, Time, Possession, Price
c)
Form, Place, Time, Possession, Demand
d)
Form, Place, Time, Possession, Supply
19.

What is Form Utility?

a)

The value added by innovations

b)
The value added by the process of marketing
c)

The value added by the process of production

d)
The value added by the process of distribution
20.

What is Place Utility?

a)
The value a product offers by being in a location where it can be purchased
b)
The value a product offers by being of high quality
c)
The value a product offers by being affordable
d)
The value a product offers by being unique
21.

What is Time Utility?

a)
A tool for managing time
b)

increase value that comes from the availability of a product or service at a particular time

c)
A software for tracking time
d)
A type of utility in physics
22.

What is Possession Utility?

a)

The value added to goods or services by making them more desirable

b)

The value added to goods or services by making them available when needed

c)

The exchange of a product or service for money, increases as options increase

d)
The value added to goods or services by making them more affordable
23.

What is Information Utility?

a)

An entity which provides additional data research

b)
A tool for managing personal data
c)
A system that stores and retrieves data
d)

Communication to the customer

24.

What is a Market?

a)

A place where only services are sold

b)
A place where only goods are sold
c)

All people who share similar needs and wants, while also having the ability to purchase a given product or service

d)

A place where a large group of people meet for social gatherings

25.

What is a Consumer Market?

a)
A place where consumers sell their products
b)

consists of consumers who purchase goods and services for personal use

c)

A market where business buy products from producers

d)
A market where consumers buy products from other consumers
26.

What is an Organizational Market?

a)
A market where individuals purchase goods for personal use
b)
A market where goods are traded internationally
c)
A market where organizations buy products and services for their own use, for resale, or for use in production and manufacturing
d)
A market where goods are traded locally
27.

What is Market Share?

a)
The percentage of a market controlled by a particular company or product
b)
The total number of shares available in the stock market
c)
The total value of a company's shares
d)
The price of a single share in the stock market
28.

What is a Target Market?

a)
A specific group of consumers at which a company aims its products and services
b)
A type of market where targets are sold
c)
A market where only target employees can shop
d)
A market that sells only target branded products
29.

What is Market Segmentation?

a)

To divide the market into manageable segments

b)
To increase the company's overall profits
c)
To reduce competition in the market
d)
To increase the company's market share
30.

Which of these is NOT apart of the Client Profile?

a)

age

b)

socio-cultural

c)

gender

d)

lifestyle

31.

What are the 4 P's of the Marketing Mix?

a)

Product, Price, Place, Performance

b)
Product, Price, People, Promotion
c)
Product, Price, Place, Packaging
d)

Product, Price, Place, Promotion

32.

Which one is NOT a form of Promotion?

a)

television ads

b)

driving

c)

rebates

d)

internet ads

33.

What is a SWOT analysis?

a)
A method for identifying strengths, weaknesses, opportunities, and threats
b)
A technique for measuring the speed of light
c)
A tool for calculating the weight of an object
d)
A system for tracking the movement of stars
34.

What is a PEST analysis?

a)
A method for understanding the growth or decline of a market
b)
A type of insect
c)
A method for understanding the political, economic, social, and technological factors in an environment
d)
A method for understanding the profitability of a business
35.

What might happen if a company failed to conduct a SWOT or PEST analysis?

a)
The company may miss opportunities and threats, leading to poor strategic decisions
b)
The company's stock price will immediately drop
c)
The company will be forced to shut down
d)
The company will lose all its employees
36.

What is a marketing plan?

a)

A list of a company's products

b)

A detailed report that directs a company's marketing activities

c)
A financial statement of a company
d)
A list of a company's employees
37.

What is a marketing strategy?

a)

A technique for improving employee performance

b)
A method to increase production efficiency
c)

A plan that identifies the target market and marketing mix to focus on those markets

d)
A system for financial management
38.

What is an Executive Summary in the Marketing Plan?

a)

A document that outlines the company's hiring strategy

b)
A detailed analysis of the company's financial status
c)
A comprehensive list of all the products the company offers
d)

A brief section that summarizes the overall marketing plan

39.

What does the objective section in the Marketing Plan include?

a)
It includes the company's financial goals
b)
It includes the company's mission statement
c)

It includes the company's business plan

d)
It includes the company's product development plans
40.

What is Market Segmentation?

a)
The process of dividing a market of potential customers into groups, or segments, based on different characteristics
b)
A method of calculating the total value of a market
c)
A strategy for setting the price of a product
d)
The process of identifying the most profitable customers
41.

What are the 4 Methods of Market Segmentation?

a)

Strengths, Weaknesses, Opportunities, Threats

b)
Product, Price, Place, Promotion
c)
Economic, Social, Technological, Legal
d)

Geographic, Demographic, Psychographic, Behavioral

42.

What are the 5 parts of Demographic Market Segmentation?

a)
Age, Gender, Income, Occupation, Religion
b)

Age, Gender, Income, Martial Status, Ethnic Background

c)
Age, Gender, Income, Occupation, Education
d)
Age, Gender, Income, Occupation, Geography
43.

What are the 4 parts of Geographic Market Segmentation?

a)
Demographic, Geographic, Psychographic, Behavioral
b)
Age, Gender, Income, Occupation
c)

Local, Reginal, National, and International

d)

Climate, Population Density, City Size, Region

44.

What is Mass Marketing?

a)
Marketing to a specific group of people
b)
Marketing to a small segment of consumers
c)
Marketing to a large, undifferentiated audience
d)
Marketing only through digital channels
45.

What is Discretionary income?

a)
Income after taxes and necessary expenses
b)
Income before taxes
c)
Total income earned in a year
d)
Income after taxes but before any deductions

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