Marketing Midterm Review

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Question

Answer

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True or False In order to barter, both parties must want what the other party has._________.

TRUE

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True or False Marketing activities and jobs have not changed much over the past 100 years.

FALSE

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Marketing includes _______, __________, and __________

transportation, promotion, and financing.

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True or False Dividing consumers into markets based on where they live is referred to as market segmentation.

TRUE

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True or False Effective marketing results in lower prices of products and services for consumers.

TRUE

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The basic economic problem is __________.

scarcity.

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True or False In a private enterprise economy, the success or failure of a business is determined primarily by the decisions made by each business.

TRUE

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An unfullfilled desire is called a(n) _______.

want.

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All of the consumers who will purchase a particular product or service comprise a(n)_______.

economic market.

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_______media include a variety of digital technologies that provide interactive multimeda experiences for users.

Rich

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Market ___________ is the portion of the total market potential that each company expects in relation to its competitors.

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Today's marketers are continuously looking for_______.

market opportunities.

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Consumers with different needs require ________.

specialized products and services.

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True or False Groups of similar consumers within a larger market are known as market segments.

TRUE

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True or False Supply is a relationship between the quantity of a product that producers are willing and able to provide and the demand.

FALSE (price is correct)

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True or False Internal information provides an understanding of factors outside the organization.

FALSE (external is correct)

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True or False A monopoly is a kind of market in which one supplier offers a unique product.

TRUE

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True or False Information collected for the first time to solve the problem being studied is secondary.

FALSE (primary is correct)

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True or False A need is an unfullfilled desire.

FALSE (want is correct)

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Marketing should start with good ________ analysis.

problem

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True or False With the marketing concept, planning begins by developing a marketing mix.

FALSE (developing a product is correct)

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True or False Your school is part of your social environment.

TRUE

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True or False An identified market with excellent potential based on careful research is a market opportunity.

TRUE

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