Question 1

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 2

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 important components of marketing, but they are not the only components. Marketing encompasses a broader range of activities, including research, product development, pricing, distribution, and customer service.

Question 3

________ 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 involves a comprehensive approach to creating and delivering products and services to customers, clients, partners, and society at large. It includes all aspects from product research and development, pricing, advertising, distribution, to customer service and relationship management.

Question 4

________ are human needs as shaped by individual personality and culture.
A)Deprivations
B)Wants
C)Demands
D)Values
E)Exchanges

Accepted Answer

Wants are human needs as they are shaped by individual personality and culture. Needs are the basic human requirements, and when these needs are influenced by the personal experiences, societal norms, and cultural context, they become wants.

Question 5

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

Marketing is all about building and maintaining customer relationships. It involves identifying customer needs and wants, developing products and services to meet those needs, and communicating the value of those products and services to the customers. Making a sale and making a profit are important goals of marketing, but they are not the most essential aspects of it. Demand management and the production concept are related concepts, but they do not capture the full scope of marketing.

Question 6

________ 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 is the preoccupation of sellers with their own products and losing sight of underlying potential consumer and market needs. It refers to a narrow focus on the product itself rather than on the benefits and experiences it can provide to the customer.

Question 7

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 8

________ is the set of actual and potential buyers of a product.
A)A market
B)An audience
C)A group
D)A segment
E)An exchange

Accepted Answer

A market refers to the group of individuals or organizations who have the potential to buy a product or service. It includes both current and potential customers who have a need, desire, and purchasing power for the product or service.

Question 9

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

Accepted Answer

Demands are wants that people are able and willing to pay for, so they are backed up by buying power.

Question 10

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

All of the options listed (suppliers, company and competitors, marketing intermediaries, consumers and buyers) are elements of a modern marketing system. Suppliers provide the resources needed for companies to create their products, while marketing intermediaries help distribute those products to consumers and buyers. Companies and competitors are integral parts of the industry, and understanding their actions and strategies can help a company succeed in the marketplace. Finally, consumers and buyers are the ultimate target of marketing efforts, and their needs and wants should be carefully considered in any marketing plan.

Question 11

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...

Question 12

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

Accepted Answer

The answer of Marketing is an activity,set of institutions and...

Question 13

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 when it comes to marketing communication and market offerings. Experiential involvement allows consumers to engage in hands-on experiences with the product, emotional involvement evokes feelings and creates connections with the brand, and interactivity encourages engagement and participation in the marketing process. All of these elements work together to create a sense of excitement around the product or service being marketed.

Question 14

Consumer research,product development,communication,distribution,pricing,and service are all most accurately described as core ________ activities.
A)exchange
B)marketing
C)management
D)production
E)customer relationship management

Accepted Answer

These activities are all central to the definition and practice of marketing.

Question 15

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

The simple model of the marketing process starts with understanding the marketplace and customer needs and wants. This step involves conducting market research and analyzing customer behavior, preferences, and trends. Only after understanding these aspects can a company design a customer-driven marketing strategy that meets the needs and wants of the customers. Therefore, option D is the correct answer.

Question 16

________ is the act of obtaining a desired object from someone by offering something in return.
A)A value proposition
B)Exchange
C)Bribery
D)Value
E)Donation

Accepted Answer

Exchange is the act of obtaining a desired object from someone by offering something in return. A value proposition is a statement that explains how a product or service will provide value to a customer. Bribery is offering something to someone in power to influence their decisions. Value is the worth or usefulness of something. Donation is giving something without expecting anything in return.

Question 17

When backed by purchasing power,wants become ________.
A)social needs
B)demands
C)physical needs
D)self-esteem needs
E)exchanges

Accepted Answer

When wants are backed by purchasing power, they become demands. Demand refers to the willingness and ability of a consumer to buy a product at a certain price and quantity. Purchasing power is the ability to pay for a product or service, and when a want is backed by this ability, it becomes a demand. Therefore, option B is the best choice as it directly links wants to demands when backed by purchasing power.

Question 18

The two fold 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 reflects the two main objectives of marketing - customer acquisition and customer retention/growth.

Question 19

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 basic core concepts are needs, wants and demands, market offerings, value, satisfaction and quality.

Question 20

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 of these - persons and ideas, information, and experiences - can be marketed and offered to customers as products or services.

Quiz 1: Marketing: Creating and Capturing Customer Value

Which of the following is an example of a product?

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

________ 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.

________ are human needs as shaped by individual personality and culture.

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

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

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

________ is the set of actual and potential buyers of a product.

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

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

Which of the following statements is NOT correct?

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

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?

Consumer research,product development,communication,distribution,pricing,and service are all most accurately described as core ________ activities.

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

________ is the act of obtaining a desired object from someone by offering something in return.

When backed by purchasing power,wants become ________.

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

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

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