Marketing Test 1 Review Functions of Marketing Economic Concepts
Added value by putting parts together to make them more useful Form Utility
Freedom of Ownership
Delivering pizza across the city is an example of ____________ Distribution
A bank teller is this type of factor of production Human Resource
Scarcity
Billboards and signs are examples of _________ Promotion
Demand
A computer is this type of 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 Management
Added value by having a product available when people want it Time Utility
Sunlight is this type of factor of production Natural Resource
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 of factor of production Natural Resource
3 for $1 is an example of __________ Pricing
Monopoly
A building is this type of factor 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 of factor of production Human Resource
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 products is 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 Government
Surplus
Cash is this type of factor of production Capital Resource
Socialism