Workbook and Marketing Workbooks: Study Guide,
Key Concepts, Practice Questions, and Tips for
Success in Marketing Exams and Coursework
Which is a type of resource? - ANSWER-capital
What is an advertisement? - ANSWER-an announcement promoting a product or
service
Which economic utility is based on goods being available when consumers are ready to
purchase them? - ANSWER-time
Which is a good? - ANSWER-a container of nuts
What is a service? - ANSWER-a valuable effort that fulfills a demand
When a consumer approves of a business and purchases products from it, what is the
consumer demonstrating? - ANSWER-consumer acceptance
Where should a movie company advertise its new action film? - ANSWER-during
another action movie
,When is it a good time to lower prices? - ANSWER-When there is a desire to drive
demand
What is demand elasticity? - ANSWER-the degree to which demand for a good or
service varies with its price
What is supply and demand? - ANSWER-the relationship between how much of a good
consumers want and how much of the good is available for purchase
Which concept describes price changes? - ANSWER-peaks and troughs
What is the relationship between price and supply? - ANSWER-as supply goes down,
price goes down,
as supply goes up, price goes up
What is something tangible that people find useful and want to acquire? - ANSWER-a
good
What will cause a consumer to pay more for a product that is scarce? - ANSWER-the
importance of the product to the consumer
Match each key term with the correct definition. - ANSWER-profit: the amount of money
made, after subtracting costs from earnings
, incentive: a reward, such as money, that encourages someone to act in a certain way
Why is profit important for businesses? - ANSWER-It allows them to continue selling
products.
What pricing factor is considered when store brands price against name brands? -
ANSWER-competition
Match each key term with the correct definition. - ANSWER-price-fixing: an agreement
between sellers to sustain prices at a certain level
marketing costs: expenses associated with getting goods and services to consumers
What concept of pricing is based on location? - ANSWER-geographic
What trend did Jeff Bezos identify that sparked the development of Amazon? -
ANSWER-Internet usage
Catalogs are still good for advertising.
Is the previous statement true or false? - ANSWER-True
Key Concepts, Practice Questions, and Tips for
Success in Marketing Exams and Coursework
Which is a type of resource? - ANSWER-capital
What is an advertisement? - ANSWER-an announcement promoting a product or
service
Which economic utility is based on goods being available when consumers are ready to
purchase them? - ANSWER-time
Which is a good? - ANSWER-a container of nuts
What is a service? - ANSWER-a valuable effort that fulfills a demand
When a consumer approves of a business and purchases products from it, what is the
consumer demonstrating? - ANSWER-consumer acceptance
Where should a movie company advertise its new action film? - ANSWER-during
another action movie
,When is it a good time to lower prices? - ANSWER-When there is a desire to drive
demand
What is demand elasticity? - ANSWER-the degree to which demand for a good or
service varies with its price
What is supply and demand? - ANSWER-the relationship between how much of a good
consumers want and how much of the good is available for purchase
Which concept describes price changes? - ANSWER-peaks and troughs
What is the relationship between price and supply? - ANSWER-as supply goes down,
price goes down,
as supply goes up, price goes up
What is something tangible that people find useful and want to acquire? - ANSWER-a
good
What will cause a consumer to pay more for a product that is scarce? - ANSWER-the
importance of the product to the consumer
Match each key term with the correct definition. - ANSWER-profit: the amount of money
made, after subtracting costs from earnings
, incentive: a reward, such as money, that encourages someone to act in a certain way
Why is profit important for businesses? - ANSWER-It allows them to continue selling
products.
What pricing factor is considered when store brands price against name brands? -
ANSWER-competition
Match each key term with the correct definition. - ANSWER-price-fixing: an agreement
between sellers to sustain prices at a certain level
marketing costs: expenses associated with getting goods and services to consumers
What concept of pricing is based on location? - ANSWER-geographic
What trend did Jeff Bezos identify that sparked the development of Amazon? -
ANSWER-Internet usage
Catalogs are still good for advertising.
Is the previous statement true or false? - ANSWER-True
