Marketing Test 1 Review

Functions of MarketingEconomic Concepts

Added value by putting parts together to make them more

useful

Form Utility

Freedom of Ownershi

p

Delivering pizza across the city is an example of

____________

Distribution

A bank teller is this typeof factor of production

HumanResource

Scarcity

Billboards and signs are examples of _________

Promotion

Demand

A computer is this typeof factor of production

Capital Resource

A commercial displaying the benefits of your product is

an example of ______

Promotion

Inflation

Added value by having a product in a convenient location for purchase

Place Utility

A 20% off sale is an example of ______

Pricing

Computer programming skills are this type of factor of production

Entrepreneurship

Capitalism

Offering a taste test between two rival brands is an example of __________

Marketing Information Managemen

t

Added value by having a product available when people want it

Time Utility

Sunlight is this type offactor of production

NaturalResource

Offering a store credit card is an example of ________

Financing

Profit

Equilibrium

Selling stock to help run a company is an example of

__________

Financing

Command economy

Added value by offering loans so people can have things before they

have the capital to acquire it

Possession Utility

A car saleperson approaching you on the lot is an example

of ________

Selling

Market Economy

Soil is this type offactor of production

NaturalResource

3 for $1 is an example of __________

Pricing

Monopoly

A building is this type offactor of production

Capital Resource

Storing Christmas lights in a warehouse until November is

an example of _____

Distribution

Shortage

Mixed Economy

Deciding whether to use canvas or leather for a

strap is an example of ___

Product / Service

Management

Risk

A manager is this type offactor of production

HumanResource

A girl scout knocking on the door to tell you about cookies available is an example of ____________

Selling

Business Cycle

Supply

Added value by providing details and characteristics about a product

Information Utility

Hiring Gallup to determine customer needs is an example

of _________

Marketing Information

Management

Competition

Communism

Creativity to develop new productsis this type of factor of production

Entrepreneurship

Decided on the size of bottle to use in production is an example of _______

Product / Service

Management

Role of the Governmen

t

Surplus

Cash is this type offactor of production

Capital Resource

Socialism