M1S1 Marketing in Today’s Business Milieu 🤝 2

Question 1

Stakeholders include both internal and external parties.

Answer 1

Marketing’s Stakeholders

Question 2

Involves considering members of society at large as stakeholders.

Answer 2

Societal Marketing

Question 3

Focuses on environmentally friendly practices.

Answer 3

Green Marketing

Question 4

Emphasizes sustainability by meeting needs without harming future generations.

Answer 4

Green Marketing

Question 5

What are the Core Marketing Concepts?

Answer 5

Value and Exchange

Question 6

is the ratio of benefits to costs received from an offering.

Answer 6

Value

Question 7

occurs when parties give up something for something else they desire.

Answer 7

Exchange

Question 8

How many parties are involved in an exchange according to the conditions for exchange?

A) One
B) At least two
C) Three
D) Four

Answer 8

Correct Answer: B) At least two

Question 9

What does the condition of “Value Exchange” in exchange entail?

A) Each party has something the other values
B) Each party communicates effectively
C) Each party has equal bargaining power
D) Each party has unlimited resources

Answer 9

Correct Answer: A) Each party has something the other values

Question 10

Which condition ensures that both parties can communicate and deliver what they offer?

A) Value Exchange
B) Communication and Delivery
C) Freedom of Choice
D) Mutual Agreement

Answer 10

Correct Answer: B) Communication and Delivery

Question 11

True or False: According to the conditions for exchange, both parties must have the freedom to accept or reject the exchange.

A) True
B) False

Answer 11

Correct Answer: A) True

Question 12

What is the final condition for exchange according to the conditions listed?

A) Value Exchange
B) Communication and Delivery
C) Freedom of Choice
D) Mutual Agreement
Correct Answer: D) Mutual Agreement

Answer 12

Correct Answer: D) Mutual Agreement

Question 13

What characterized marketing before the industrial revolution?

A) Mass production via assembly line
B) Customized products and one-to-one marketing
C) Sales orientation
D) Pushy salespeople

Answer 13

Correct Answer: B) Customized products and one-to-one marketing

Question 14

Which orientation assumes that customers will seek out the producer?

A) Production orientation
B) Sales orientation
C) Marketing concept evolution
D) Pre-industrial revolution marketing

Answer 14

Correct Answer: A) Production orientation

Question 15

What is the focus of sales orientation in marketing?

A) Customized products
B) One-to-one marketing
C) Pushy salespeople
D) Mass production

Answer 15

Correct Answer: C) Pushy salespeople

Question 16

True or False: The marketing concept evolution occurred before the industrial revolution.

A) True
B) False

Answer 16

Correct Answer: B) False

Question 17

What characterized the marketing concept evolution after World War II?

A) Increased focus on pushy sales tactics
B) Surge in demand for goods
C) Decrease in production of consumer goods
D) Lack of technological advancements

Answer 17

Correct Answer: B) Surge in demand for goods

Question 18

During the 1960s and 70s, what approach did marketing shift towards?

A) Sales-oriented approach
B) Market-led approach
C) Production-oriented approach
D) Technology-led approach

Answer 18

Correct Answer: B) Market-led approach

Question 19

What is the focus of the marketing mix today compared to the mid-1960s?

A) Greater emphasis on physical products
B) Simplification of the marketing mix elements
C) Shift towards high-tech media for promotion
D) Decrease in value proposition emphasis

Answer 19

Correct Answer: C) Shift towards high-tech media for promotion

Question 20

True or False: The marketing mix has remained unchanged since its inception in the mid-1960s.

A) True
B) False

Answer 20

Correct Answer: B) False