Question 1

A systematic process of assessing opportunities and resources, determining marketing objectives and developing a marketing strategy and plans for implementation and control describes which of marketing management activity?

Accepted Answer

A) Strategic planning 
B) Marketing control 
C) Implementation 
D) Organising 
E) Planning

Question 2

In the area of the natural environment, companies are increasingly embracing the notion of green marketing.

Accepted Answer

A) True 
 B)False

Question 3

__________ is a customer's subjective assessment of benefits relative to costs in determining the worth of a product.

Accepted Answer

A) Marketing orientation 
B) Monetary price 
C) Product assessment 
D) Price assessment 
E) Value

Question 4

Which element of the marketing mix can be used to enhance perceptions of value through images?

Accepted Answer

A) Product 
B) Price 
C) Place 
D) Promotion 
E) People

Question 5

The application of human and/or mechanical efforts to people or objects to provide intangible benefits to customers is:

Accepted Answer

A) a service. 
B) a physical entity. 
C) concepts, philosophies, images and issues. 
D) a brand name.

Question 6

The marketing concept stresses that a business organisation can best achieve its goal by providing customer satisfaction through coordinated activities.

Accepted Answer

A) True 
 B)False

Question 7

How does marketing fuel the global economy?

Accepted Answer

A) Profits are put towards developing new products and technologies. 
B) Lack of profits results in lower standards of living. 
C) There is a decrease in economic growth. 
D) Only local acceptance of brands occurs. 
E) No one buys local brands anymore.

Question 8

Customer benefits include __________ a buyer receives in an exchange.

Accepted Answer

A) the product 
B) the service 
C) the value 
D) anything

Question 9

The marketing concept is best defined as:

Accepted Answer

A) a second definition of marketing. 
B) a philosophy stating that an organisation should try to satisfy customers' needs through a coordinated set of activities that allows the organisation to achieve its goals. 
C) the performance of business activities that direct the flow of goods and services from producer to customer or user. 
D) a philosophy stating that an organisation should attempt to accomplish its goals with no regard for the needs of customers. 
E) the inclusion of marketing activities in the activities of an organisation.

Question 10

Use the following to answer questions 
Best Friends Hotel is a full-service pet salon and boarding kennel.Best Friends has an interactive website where customers can directly book a grooming appointment, obedience class or overnight accommodations for their dog or cat.Best Friends has several unexpected services, such as a 55-square metre swimming pool, complete with slide and dog-friendly graduated steps to help them exit the pool.Customers can also drop off their dog or cat each morning for pet day care.Best Friends has a pick-up and delivery service, webcams in every kennel so that pet families can view their pets while away, and pet furniture so that the cats and dogs can lie on sofas just like at home.Best Friends is also open 24 hours a day, 365 days each year so that customers can pick up their pet at any time.
The director of marketing at Best Friends suggested talking to pet owners about what type of services they would like to have available.These discussions led to the pet day care and round-the-clock hours of operation.Previously, Best Friends was more interested in competing based on its prices.
-The fact that Best Friends is open 24 hours each day is part of which marketing mix variable?

Accepted Answer

A) Product 
B) Price 
C) Promotion 
D) Distribution 
E) Environment

Question 11

A target market is a specific group of customers on whom an organisation focuses its marketing efforts.

Accepted Answer

A) True 
 B)False

Question 12

The marketing concept focuses on:

Accepted Answer

A) achieving the goals of top executives. 
B) creating maximum visibility for the firm. 
C) maximising sales. 
D) maximising market share. 
E) customer analysis, competitor analysis and integration of the company's resources to provide customer value and to make the organisation more valuable for its owners and other stakeholders.

Question 13

Which of the following would not be a customer cost considered in determining product value?

Accepted Answer

A) A product's purchase price 
B) Time spent purchasing the product 
C) Effort spent purchasing the product 
D) Benefits received in the exchange for the products 
E) Risk of purchasing the product

Question 14

The customer expects to gain an advantage or benefit in excess of the costs incurred in a marketing exchange.The marketer also expects to gain a benefit in return, generally a financial gain.How do these two opposing ideas result in a benefit to both the marketer and the customer?

Accepted Answer

The answer of The customer expects to gain an advantage...

Question 15

For an exchange to occur, four conditions must exist: (1) two or more individuals, groups or organisations must participate, and each must possess 'something of value' that the other desires; (2) the exchange must provide a benefit or satisfaction to both parties; (3) each must have confidence in the promise of the 'something of value' held by the other; and (4):

Accepted Answer

A) the parties must agree to participate in the trading of 'something of value'. 
B) to build trust, parties to the exchange must meet expectations. 
C) both parties must participate in the trading of 'something of value'. 
D) one party must be willing to compromise. 
E) one party must have sufficient bank credit to finance the exchange.

Question 16

Organising marketing activities hinges on coordination of marketing activities, motivation of marketing personnel and effective communication within the unit.

Accepted Answer

A) True 
 B)False

Question 17

Explain why marketing efforts should be oriented towards creating and maintaining satisfying exchange relationships.

Accepted Answer

The answer of Explain why marketing efforts should be oriented...

Exam 1: Key Concepts in Marketing

A systematic process of assessing opportunities and resources, determining marketing objectives and developing a marketing strategy and plans for implementation and control describes which of marketing management activity?

In the area of the natural environment, companies are increasingly embracing the notion of green marketing.

__________ is a customer's subjective assessment of benefits relative to costs in determining the worth of a product.

Which element of the marketing mix can be used to enhance perceptions of value through images?

The application of human and/or mechanical efforts to people or objects to provide intangible benefits to customers is:

The marketing concept stresses that a business organisation can best achieve its goal by providing customer satisfaction through coordinated activities.

How does marketing fuel the global economy?

Customer benefits include __________ a buyer receives in an exchange.

The marketing concept is best defined as:

A target market is a specific group of customers on whom an organisation focuses its marketing efforts.

The marketing concept focuses on:

Which of the following would not be a customer cost considered in determining product value?

The customer expects to gain an advantage or benefit in excess of the costs incurred in a marketing exchange.The marketer also expects to gain a benefit in return, generally a financial gain.How do these two opposing ideas result in a benefit to both the marketer and the customer?

Organising marketing activities hinges on coordination of marketing activities, motivation of marketing personnel and effective communication within the unit.

Explain why marketing efforts should be oriented towards creating and maintaining satisfying exchange relationships.