Marketing Concepts Quiz

Marketing Fundamentals

• The aim of marketing is to satisfy customer needs and wants.
• The 4 P's of marketing are: Product, Price, Place, and Promotion.

Promotion and Strategy

• Promotion refers to all forms of communication that are used to persuade consumers to buy a product or service.
• The key to successful marketing is understanding the customer's perspective.

Business and Marketing Concepts

• The monetary value of all goods and services produced in a country during one year is referred to as the Gross Domestic Product (GDP).
• The marketing strategy of developing new products and selling them in new markets is referred to as Diversification.
• Direct marketing exists when producers and ultimate consumers deal one-on-one with each other.
• In marketing, the customer's viewpoint matters.

Products and Services

• A product is defined as any physical or intangible item that satisfies a customer's needs or wants.
• Technology refers to the application of science to develop new products or processes.
• A service is an intangible activity or benefit that an organization provides to satisfy consumers' needs in exchange for money or something else of value.

Advertising and Sales Promotion

• The cost of reaching 1000 individuals or households with the advertising message in a given medium is referred to as the Cost Per Thousand (CPM).
• A population described according to selected characteristics such as age, gender, ethnicity, income, and occupation is referred to as a Market Segment.
• In the example given, Alka-Seltzer is using a type of sales promotion called a Free Sample.

Packaging and E-commerce

• A package is any container in which a product is offered for sale and on which information is communicated.
• The statement 'E-commerce refers to exchanges between organizations (not individuals) and the activities that facilitate those exchanges' is false.
• The statement 'Marketing means 'selling' or 'advertising'' is false.

Services and Consumption

• Hairdressing is an example of a service purchased by an individual for their own private consumption.
• Hairdressing is also an example of a Consumer Service.