Reference no: EM13751329

Question 1 The equation a buyer applies to assess a product's value is

• value = monetary price - customer benefits.
• value = customer costs - customer benefits.
• value = customer benefits - customer costs.
• value = customer benefits - monetary price.
• value = customer benefits - time and effort.

Question 2: In managing customer relationships, the three primary ways profits can be obtained are by

• acquiring new customers, enhancing the profitability of new customers, and shortening the duration of relationships with existing customers.
• enhancing the profitability of existing customers, eliminating customers who provide smaller profits, and finding new customers.
• extending the length of relationships with customers, cutting organizational costs, and enhancing the profitability of new customers.
• eliminating long-term customers who have decreased purchases, finding new customers, and increasing sales to existing customers.
• enhancing the profitability of existing customers, extending the duration of relationships with customers, and obtaining new customers.

Question 3: Marketing activities are

• used by all sizes of organizations including for-profit, nonprofit, and government agencies.
• limited to use by larger for-profit and nonprofit organizations.
• implemented only to increase profits for the organization and to expand the scope of its customer base.
• used by all types and sizes of businesses but are not used by nonprofit organizations.
• used by small businesses and small nonprofit organizations the most.

Question 4: ____ refers to minimizing the resources an organization must spend to achieve a specific level of desired exchanges.

• Effectiveness
• Productivity
• Efficiency
• Objectivity
• Cost cutting

Question 5: From the 1920s to the 1950s, demand for manufactured goods decreased, leading to the ____ orientation.

• production
• market
• revolutionary
• sales
• reduction

Question 6: A physical product you can touch is a(n)

• service.
• good.
• idea.
• concept.
• philosophy.

Question 7: The three basic forms that a product can take are

• markets, products, and images.
• goods, ideas, and intangibles.
• brands, services, and tangibles.
• services, ideas, and goods.
• ideas, services, and things.

Question 8: Marketing management is defined as a process of

• maintaining an appropriate and efficient marketing mix for a target market.
• establishing performance standards and evaluating actual performances against these standards.
• providing products that satisfy customers' needs through a coordinated set of activities.
• facilitating satisfying exchanges between an organization and its customers.
• planning, organizing, implementing, and controlling marketing activities.

Question 9: The marketing concept is a philosophy that states that an organization should try to satisfy customers' needs and also

• increase market share.
• increase sales.
• achieve the organization's goals.
• produce high-quality products.
• coordinate its activities to increase production.

Question 10: Issues of inventory levels and storage costs are both concerns relating to the ____ variable of the marketing mix.

• distribution
• product
• exchange
• price
• promotion