Introduction to Marketing

Question 1

The term market is best defined as
A. Organizations with products which satisfy people’s needs and wants
B. People with the desire and the need for a product
C. Organizations with the need and desire for a product
D. People with the desire and ability to buy a specific product

Answer 1

D

Question 2

Which of the following statements about customer value is most true?
A. Firms gain loyal customers by providing unique value
B. Loyal customers are less profitable
C. Research suggests that all firms can provide value to everyone
D. It is impossible to place a dollar value on a loyal, satisfied customer

Answer 2

A

Question 3

Dub’s Drive-in restaurants fell on hard times when they focused on internal efficiencies to streamline the production of burgers and fries. Recently, Dub’s has focused more strongly on the customer. Dub’s rebuilt many of their restaurants to make them more modern when their market research department discovered this customer desire. Also, Dub’s marketing department now centers their advertising campaigns on the quality of food Dub’s provides. As a result, Dub’s has posted profits, even in difficult economic times. Dub’s switched from a _____ to a _____ to achieve their recent success.
A. marketing orientation, market orientation
B. sales orientation, marketing orientation
C. production orientation, marketing orientation
D. production orientation, sales orientation

Answer 3

C

Question 4

Katelyn shops at Boutique Clothing Stores all the time. She thinks that their clothes are cute, and they last a long time because they never go out of style. Katelyn usually shops at a mall that is only five minutes away from her home, but she can always find Boutique Clothing Stores in other locations when she is out of town. Their prices are fair, and Katelyn can return the clothes if there is a problem, no questions asked. Boutique Clothing Stores create:
A. Convenience
B. Brand awareness
C. Customer value
D. Time utility

Answer 4

C

Question 5

Your neighbor is tired of conventional soft drinks and wants something different. Coincidentally, ABC Beverages, Inc. has begun distributing lemonade through the supermarket at a price comparable to that of soft drinks. Which of the conditions needed for marketing to occur is described in this situation?
A. A physical location for an exchange to take place
B. One-way communication
C. Time and place utility
D. Two parties with unsatisfied needs

Answer 5

D

Question 6

Which of the following would a marketer use as a synonym for controllable marketing mix factors?
A. Price, product, production and promotion
B. “STP” marketing
C. The four Ps
D. The five Cs

Answer 6

C