Principles of Business Final
Exam Study Guide: Questions
and Verified Answers. Latest
2026 Update
marketing - Ans✔✔-the study and management of exchange relationships;
takes place wherever customers are
product - Ans✔✔-the g/s combination the business offers to the market
the 4 P's - Ans✔✔-Product, Pricing, Promoting, & Place/Distribution
promoting - Ans✔✔-the effort to inform, persuade, or remind potential
customers about a business's products/service
ads - Ans✔✔-tv commericals
personal selling - Ans✔✔-door to door sales, professional sales
publicity - Ans✔✔-press release
,sales promotion - Ans✔✔-logo imprinted giveaways, BOGOs, sign up early, no
registration fee
durable goods - Ans✔✔-goods that can be kept for a long time (ex: DVD player,
cars)
nondurable goods - Ans✔✔-goods that can't be kept for a long time (ex:
gasoline)
marketing concept - Ans✔✔-customer orientation, company commitment,
company goals
customer orientation - Ans✔✔-*"do it their way"*; finding out what customers
want and producing those products the way they want them
company commitment - Ans✔✔-*"do it better"*; make/price the product
better than the competition's model
company goals - Ans✔✔-*"do it with success in mind"*; maintain your firm's
purpose while you apply the marketing concept
marketing role in private enterprise system - Ans✔✔-provides benefits that
makes our lives better, promotes using natural resources more wisely, &
encourages international trade
how marketing benefits society - Ans✔✔-it visibly benefits our lives, natural
surroundings, & global trade
, channel management/distribution - Ans✔✔-identifying, selecting, monitoring,
& evaluating sales *(goal: move products from producer to consumer)*
marketing information management - Ans✔✔-gathering, accessing,
synthesizing, evaluating, and disseminating info to aid in business decisions
pricing - Ans✔✔-dictates how much to charge for a g/s in order to make a
profit & are based on costs & what competitors charge for the same
product/service
product/service management - Ans✔✔-obtaining, developing, maintaining, &
improving a product or service mix in response to market opportunities *(helps
determine products a business will offer & quantities, makes decision based on
a product's life style)*
promotion - Ans✔✔-communicate info about goods, services, images, and/or
ideas to achieve the desired outcome *(reminds, persuades, informs)*
selling - Ans✔✔-determining client needs & wants & responding through
planned, personalized communication that influences decisions & enhances
future business opps
6 functions of marketing - Ans✔✔-channel marketing/distribution, marking
information management, pricing, product/service management, promotion, &
selling
Exam Study Guide: Questions
and Verified Answers. Latest
2026 Update
marketing - Ans✔✔-the study and management of exchange relationships;
takes place wherever customers are
product - Ans✔✔-the g/s combination the business offers to the market
the 4 P's - Ans✔✔-Product, Pricing, Promoting, & Place/Distribution
promoting - Ans✔✔-the effort to inform, persuade, or remind potential
customers about a business's products/service
ads - Ans✔✔-tv commericals
personal selling - Ans✔✔-door to door sales, professional sales
publicity - Ans✔✔-press release
,sales promotion - Ans✔✔-logo imprinted giveaways, BOGOs, sign up early, no
registration fee
durable goods - Ans✔✔-goods that can be kept for a long time (ex: DVD player,
cars)
nondurable goods - Ans✔✔-goods that can't be kept for a long time (ex:
gasoline)
marketing concept - Ans✔✔-customer orientation, company commitment,
company goals
customer orientation - Ans✔✔-*"do it their way"*; finding out what customers
want and producing those products the way they want them
company commitment - Ans✔✔-*"do it better"*; make/price the product
better than the competition's model
company goals - Ans✔✔-*"do it with success in mind"*; maintain your firm's
purpose while you apply the marketing concept
marketing role in private enterprise system - Ans✔✔-provides benefits that
makes our lives better, promotes using natural resources more wisely, &
encourages international trade
how marketing benefits society - Ans✔✔-it visibly benefits our lives, natural
surroundings, & global trade
, channel management/distribution - Ans✔✔-identifying, selecting, monitoring,
& evaluating sales *(goal: move products from producer to consumer)*
marketing information management - Ans✔✔-gathering, accessing,
synthesizing, evaluating, and disseminating info to aid in business decisions
pricing - Ans✔✔-dictates how much to charge for a g/s in order to make a
profit & are based on costs & what competitors charge for the same
product/service
product/service management - Ans✔✔-obtaining, developing, maintaining, &
improving a product or service mix in response to market opportunities *(helps
determine products a business will offer & quantities, makes decision based on
a product's life style)*
promotion - Ans✔✔-communicate info about goods, services, images, and/or
ideas to achieve the desired outcome *(reminds, persuades, informs)*
selling - Ans✔✔-determining client needs & wants & responding through
planned, personalized communication that influences decisions & enhances
future business opps
6 functions of marketing - Ans✔✔-channel marketing/distribution, marking
information management, pricing, product/service management, promotion, &
selling
