Question 1

Which of the following best defines a need?

Accepted Answer

A)  A strong desire for something 
B)  The perceived benefit from an exchange 
C)  A lack of means of subsistence 
D)  Something deemed important missing that is available at a reasonable price

Question 2

The basic goal of marketing managers in managing exchanges involves all of these elements EXCEPT:

Accepted Answer

A)  promotional planning. 
B)  value. 
C)  price. 
D)  cost.

Question 3

Properly designed and executed, marketing can do which of the following?

Accepted Answer

A)  Influence people to do things they don't want to do. 
B)  Make it more appealing to buy certain things over others. 
C)  Create a need for something. 
D)  Make people buy things they really can't afford.

Question 4

Which skill set is required to be a good marketer?

Accepted Answer

A)  Experience in professional sales 
B)  A high degree of creativity 
C)  Understanding algebra and calculus 
D)  Basic math skills

Question 5

Which of the following factors is important in managing perceived value?

Accepted Answer

A)  Different customers have different perceptions. 
B)  Perception sometimes doesn't reflect reality. 
C)  Value is a nebulous concept to most people. 
D)  Competitive pricing is a major determinant of value.

Question 6

Finding a group of customers who want what you have to offer and providing it better than others do so that you maximize perceived value for that group defines:

Accepted Answer

A)  target market differentiation. 
B)  your value proposition. 
C)  total market value maximization. 
D)  sales maximization.

Question 7

Managing a marketing effort involves all of these functions EXCEPT:

Accepted Answer

A)  control. 
B)  planning. 
C)  implementation. 
D)  advertising.

Question 8

Which statement is valid in managing exchanges between a company and its customers?

Accepted Answer

A)  The company wants to maximize customer benefits. 
B)  Customers want to pay the least amount possible. 
C)  Customers are the primary drivers of the purchase decisions. 
D)  The two parties have conflicting goals.

Question 9

Testing an idea to see if it is effective requires:

Accepted Answer

A)  a specific goal against which to measure the outcome. 
B)  a method of separating out the effect of luck on the test. 
C)  a series of tests with constantly changing measures. 
D)  employing an outside, non-biased research firm.

Question 10

Demand is a combination of which two things?

Accepted Answer

A)  desire for something and its availability 
B)  desire for something and the ability to purchase it 
C)  availability of something and the ability to pay for it 
D)  desire for something and a well-executed marketing plan

Exam 1: What Is Marketing