Introduction to marketing - SS2 Commerce Past Questions and Answers - page 1
What is marketing?
The process of manufacturing goods.
The process of conducting financial transactions.
The process of promoting and selling products or services.
The process of promoting and selling products or services.
Why is marketing important in an economy?
It helps businesses understand customer needs and preferences.
It increases government regulations on businesses.
It focuses on reducing competition among businesses.
It helps businesses understand customer needs and preferences.
What role does marketing play in creating awareness?
It increases taxes on consumers.
It effectively communicates the features and benefits of products or services.
It focuses on limiting consumer choices.
It effectively communicates the features and benefits of products or services.
How does marketing contribute to economic growth?
By decreasing employment opportunities.
By driving sales and revenue for businesses.
By increasing government regulations on businesses.
What does marketing encourage among businesses?
Monopolies and limited choices.
Competition and innovation.
Price discrimination among consumers.
Explain the importance of marketing in an economy.
Marketing is important in an economy as it helps businesses understand customer needs and preferences, creates awareness and demand for products or services, facilitates exchange, fosters competition and innovation, and contributes to economic growth and employment.
How does marketing contribute to competition and innovation?
Marketing fosters competition among businesses by encouraging differentiation and attracting customers. This competition drives businesses to innovate, improve product quality, and offer better value to consumers. It leads to the development of new and improved products or services, benefiting the overall economy.