Mm522 Ch1 Test Bank

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  • Topic: Marketing, Marketing plan, Promotion
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  • Published : August 30, 2012
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Chapter 1: Defining Marketing for the 21st Century

GENERAL CONCEPT QUESTIONS

Multiple Choice

1.The most formal definition of marketing is ________.
a.meeting needs profitably
b.identifying and meeting human and social needs
c.the four Ps (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 stakeholders e.improving the quality of life for consumers

Answer: dPage: 5Difficulty: Medium

2.________ takes place when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties. a.Marketing management
b.Forecasting
c.Segmentation
d.Targeting
e.Distribution
Answer: aPage: 5Difficulty: MediumAACSB: Communication

3.Marketing management is ________.
a.managing the marketing process
b.monitoring the profitability of the company’s 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: ePage: 5Difficulty: Easy

4.A social definition of marketing says ________.
a.effective marketing requires companies to remove intermediary parties to achieve a closer connection with direct consumers b.a company should focus exclusively on achieving high production efficiency, low costs, and mass distribution to facilitate the broadest possible access to the company’s products c.marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others d.marketing is the process of extracting maximal value from consumers to facilitate corporate growth e.marketing is the process of aggressive selling and promotion to encourage the purchase of products that might otherwise be unsought by the consumer Answer: cPage: 5Difficulty: Medium

5.________ goods constitute the bulk of most countries’ production and marketing efforts. a.Durable
b.Impulse
c.Physical
d.Service
e.Event
Answer: cPage: 6Difficulty: Medium

6.As economies advance, a growing proportion of their activities focuses on the production of ________. a.products
b.events
c.experiences
d.places
e.services
Answer: ePage: 6Difficulty: EasyAACSB: Analytic Skills

7.________ actively work to build a strong, favorable, and unique image in the minds of their target publics. a.Information
b.Shopping goods
c.Durable goods
d.Organizations
e.Properties
Answer: dPage: 7Difficulty: MediumAACSB: Analytic Skills

8.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: dPage: 7Difficulty: EasyAACSB: Reflective Thinking

9.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: dPage: 7Difficulty: HardAACSB: Analytic Skills

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.nonexistent demand
Answer: bPage: 8Difficulty: Medium

11. In ________, more customers would like to buy the product than can be satisfied. a.latent demand
b.irregular demand
c.overfull demand
d.excessive
e.negative demand
Answer: cPage: 8Difficulty: Medium

12.In ________, consumers dislike the product and may even pay a price to avoid...
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