Question 1

Which of the following is NOT a basic core concept of marketing?
A)needs,wants and demands
B)revenue streams
C)market offerings
D)value,satisfaction and quality
E)None of the above.

Accepted Answer

Revenue streams are not a basic core concept of marketing. The other options, needs wants and demands, market offerings, value, satisfaction and quality are all core concepts of marketing that help organizations create, communicate and deliver value to their target markets.

Question 2

Marketing is an activity,set of institutions and processes for creating,communicating,delivering and exchanging offerings to customers,clients,partners and society at large while ensuring long-term __________ for the firm.

Accepted Answer

profitability

Question 3

Which of the following is an example of a type of market offering?
A)persons and ideas
B)information
C)experiences
D)All of the above.
E)A and B only.

Accepted Answer

All three options - persons and ideas, information, and experiences - are types of market offerings as they refer to things that can be offered to consumers in exchange for value.

Question 4

The twofold goal of marketing is to attract new customers by promising reasonable value and to keep current customers by delivering products and services.

Accepted Answer

The answer of The twofold goal of marketing is to...

Question 5

The elements of the extended marketing mix are price,place,promotion and product.

Accepted Answer

The extended marketing mix includes three additional elements beyond the original four (price, place, promotion, and product), which are people, processes, and physical evidence.

Question 6

________ is defined as an activity,a set of institutions and processes for creating,communicating,delivering and exchanging offerings that have value for customers,clients,partners and society at large.
A)Selling
B)Advertising
C)Bartering
D)Marketing
E)Negotiating

Accepted Answer

Marketing is a comprehensive process that involves creating, communicating, delivering, and exchanging various offerings to customers, clients, partners, and society. It involves a range of activities, such as market research, product development, pricing, promotion, and distribution, aimed at satisfying the customer's needs and achieving organizational objectives. Selling, advertising, bartering, and negotiating are all part of the marketing process, but marketing encompasses a broader perspective, including identifying and meeting customer needs, facilitating exchanges, building relationships, and creating value for stakeholders.

Question 7

According to the simple model of the marketing process,a company needs to ________ before designing a customer-driven marketing strategy.
A)determine how to deliver superior value
B)build profitable relationships with customers
C)use customer relationship management to create full partnerships with key customers
D)understand the marketplace and customer needs and wants
E)construct key components of a marketing program

Accepted Answer

According to the simple model of the marketing process, a company needs to understand the marketplace and customer needs and wants before designing a customer-driven marketing strategy. This involves conducting market research to identify the target audience's demographics, psychographics, and buying behaviors, as well as analyzing the competition and the broader market trends. Only then can a company create a marketing strategy that is tailored to meet the needs and wants of their customers. Choices A, B, C, and E are all important components of a customer-driven marketing strategy, but they come after the company has conducted their research and gained a deep understanding of the marketplace and their target audience.

Question 8

Demands are human wants that are backed up by buying power.

Accepted Answer

Demands are wants that people have the ability and willingness to pay for. In other words, demands are not just desires, but they are supported by the financial capability to purchase the desired product or service.

Question 9

The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction.

Accepted Answer

This statement accurately describes the two main goals of marketing - customer acquisition and customer retention.

Question 10

If a product's performance falls short of the customer's expectations,the buyer will be dissatisfied.

Accepted Answer

If a product does not meet the customer's expectations, they will be dissatisfied with their purchase.

Question 11

Which of the following is an example of a product?
A)a DVD or movie based on the life of a celebrity
B)a haircut
C)a day at Dream World theme park
D)an SUV or family sedan
E)All of the above.

Accepted Answer

All the options listed are examples of products. A product can be a tangible item like a DVD or an SUV (A and D), or an intangible service like a haircut or a day at a theme park (B and C).

Question 12

Human ________ are states of felt deprivation.

Accepted Answer

The answer of Human ________ are states of felt deprivation....

Question 13

________ refers to sellers being preoccupied with their own products and losing sight of underlying potential consumer and market needs.
A)Marketing management
B)Value proposition
C)Marketing myopia
D)The product concept
E)The production concept

Accepted Answer

Marketing myopia refers to a narrow focus on the product and its features instead of identifying broader consumer needs and market trends. This can lead to a company being out of touch with the needs and wants of their target market, ultimately resulting in decreased sales and potential failure.

Question 14

Which of the following are elements of a modern marketing system?
A)suppliers
B)company and competitors
C)marketing intermediaries
D)consumers and buyers
E)All of the above.

Accepted Answer

A modern marketing system requires a complex network of suppliers, the company itself and its competitors, marketing intermediaries (such as wholesalers, retailers, and advertising agencies), as well as consumers and buyers. All of these elements are necessary for a successful marketing system.

Question 15

The elements of the marketing mix are price,place,promotion and product.

Accepted Answer

The marketing mix is made up of these four key elements - price, place, promotion, and product.

Question 16

In many instances,marketing managers try to ensure that there is a sense of excitement (or enjoyment)associated with a market offering and the marketing communication used.Which of the following factors is a key to creating excitement?
A)experiential involvement
B)emotional involvement
C)interactivity
D)All of the above.
E)A and B only.

Accepted Answer

All of the above factors - experiential involvement, emotional involvement, and interactivity - are key to creating excitement in a market offering and marketing communication. Experiential involvement allows customers to engage with the product or service, emotional involvement creates a personal connection, and interactivity allows for a dynamic and engaging experience. Combining these factors can lead to a sense of excitement and enjoyment for the customer.

Question 17

All of the following are accurate descriptions of modern marketing today,EXCEPT which one?
A)Marketing is the creation of value for customers.
B)Marketing is managing profitable customer relationships.
C)Selling and advertising are synonymous with marketing.
D)Marketing involves satisfying customers' needs.
E)Marketing is used by for-profit and not-for-profit organisations.

Accepted Answer

Selling and advertising are part of marketing, but they are not the same as marketing. Marketing includes a broader range of activities such as market research, product development, pricing, distribution, and customer service.

Question 18

The elements of the extended marketing mix are the 4 Ps plus people,process and physical evidence.

Accepted Answer

The extended marketing mix includes the traditional 4 Ps (product, price, promotion, and place) along with additional elements of people, process, and physical evidence, making a total of 7 Ps.

Question 19

Which of the following is most essential to any definition of marketing?
A)demand management
B)the production concept
C)customer relationships
D)making a sale
E)making a profit

Accepted Answer

Customer relationships are essential to any definition of marketing because it is about creating value for customers and fostering relationships with them to satisfy their needs and wants. Without the focus on customers, marketing activities cannot be successful. The other options are also important aspects of marketing, but they cannot be considered the most essential.

Question 20

Which of the following statements is NOT correct?
A)It is always appropriate to create a sense of excitement from buying,using and experiencing products.
B)Marketing managers retain customers by ensuring that branded goods,services and experiences offer intrinsic value.
C)There are instances where creating excitement might be inappropriate.
D)All of the above.
E)None of the above.

Accepted Answer

The answer of Which of the following statements is NOT...

Quiz 1: Marketing: Creating and Capturing Customer Value

Which of the following is NOT a basic core concept of marketing?

Marketing is an activity,set of institutions and processes for creating,communicating,delivering and exchanging offerings to customers,clients,partners and society at large while ensuring long-term __________ for the firm.

Which of the following is an example of a type of market offering?

The twofold goal of marketing is to attract new customers by promising reasonable value and to keep current customers by delivering products and services.

The elements of the extended marketing mix are price,place,promotion and product.

________ is defined as an activity,a set of institutions and processes for creating,communicating,delivering and exchanging offerings that have value for customers,clients,partners and society at large.

According to the simple model of the marketing process,a company needs to ________ before designing a customer-driven marketing strategy.

Demands are human wants that are backed up by buying power.

The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction.

If a product's performance falls short of the customer's expectations,the buyer will be dissatisfied.

Which of the following is an example of a product?

Human ________ are states of felt deprivation.

________ refers to sellers being preoccupied with their own products and losing sight of underlying potential consumer and market needs.

Which of the following are elements of a modern marketing system?

The elements of the marketing mix are price,place,promotion and product.

In many instances,marketing managers try to ensure that there is a sense of excitement (or enjoyment) associated with a market offering and the marketing communication used.Which of the following factors is a key to creating excitement?

All of the following are accurate descriptions of modern marketing today,EXCEPT which one?

The elements of the extended marketing mix are the 4 Ps plus people,process and physical evidence.

Which of the following is most essential to any definition of marketing?

Which of the following statements is NOT correct?