Topics: Marketing, Marketing plan, Types of marketing Pages: 33 (8734 words) Published: January 8, 2013
Chapter 1: Defining Marketing for the 21st Century
Good marketing is no accident, but a result of careful planning and ________. a. execution b. selling c. strategies d. tactics e. research Answer: a Page: 4 Level of difficulty: Medium 1.

Marketing is both an “art” and a “science”—there is constant tension between the formulated side of marketing and the ________ side. a. creative b. selling c. management d. forecasting e. behavior Answer: a Page: 4 Level of difficulty: Easy 2.

The most formal definition of marketing is ________. a. meeting needs profitably b. identifying and meeting human and social needs c. the 4Ps (Product, Price, Place, Promotion) d. an organizational function and a set of processes for creating, communicating, and delivering, value to customers, and for managing customer relationships in ways that benefit the organization and its stake holders. e. improving the quality of life for consumers Answer: d Page: 6 Level of difficulty: Medium 3.

Marketing management is ________. a. managing the marketing process b. monitoring the profitability of the companies products and services c. selecting target markets d. developing marketing strategies to move the company forward e. the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value Answer: e Page: 6 Level of difficulty: Easy 4.


Part 1: Understanding Marketing Management

A transaction involves ________. a. at least two parties b. each party has something that might be of value to the other party c. each party is capable of communication and delivery d. each party is free to accept or reject the exchange offer e. all of the above Answer: e Pages: 6–7 Level of difficulty: Medium 5.

6. ________ goods constitute the bulk of most countries’ production and marketing efforts. a. Durable b. Impulse c. Physical d. Service e. Event Answer: c Page: 8 Level of difficulty: Medium ________ can be produced and marketed as a product. a. Information b. Celebrities c. Durable goods d. Organizations e. Properties Answer: a Page: 9 Level of difficulty: Medium 7.

Charles Revson of Revlon observed: “In the factory, we make cosmetics; in the store, ________.” a. we make profits b. we challenge competitors c. we implement ads d. we sell hope e. we sell quality Answer: d Page: 9 Level of difficulty: Easy 8.

A ________ is someone seeking a response (attention, a purchase, a vote, a donation) from another party, called the ________. a. salesperson, customer b. fund raiser, contributor c. politician, voter d. marketer, prospect e. celebrity, audience Answer: d Page: 10 Level of difficulty: Hard 9.


Chapter 1: Defining Marketing for the 21st Century 10. In ________—consumers may share a strong need that cannot be satisfied by an

existing product. a. negative demand b. latent demand c. declining demand d. irregular demand e. non-existent demand Answer: b Page: 10 a. latent demand b. irregular demand c. overfull demand d. excessive e. negative demand Answer: c Page: 10 a. people b. buying power c. demographic segment d. social class position e. market Answer: e Page: 10

Level of difficulty: Medium

11. In ________—more customers would like to buy the product than can be satisfied.

Level of difficulty: Medium

12. Marketers often use the term ________ to cover various groupings of customers.

Level of difficulty: Hard

13. Companies selling mass consumer goods and services such as soft drinks, cosmetics,

air travel, and athletic shoes and equipment spend a great deal of time trying to establish a superior brand image in markets called ________. a. business markets b. global markets c. consumer markets d. nonprofit and governmental markets e. service markets Answer: c Page: 11 Level of difficulty: Medium 14. In business markets, advertising can play a role, but a stronger role may be played...
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