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Chapter 1—An Overview of Marketing MULTIPLE CHOICE 1.One facet of marketing is that it is: a.an approach that focuses on maximizing sales b.a short-term oriented approach to profit maximization c.an approach that requires diversity d.a philosophy that stresses customer satisfaction e. independent of value creation ANS:D Marketing has two facets. First, it is a philosophy, an attitude, a perspective, or a management orientation that stresses customer satisfaction. Second, marketing is activities and processes used to implement this philosophy. 2.A business is concerned with many day-to-day activities. Some of the most important of these activities are the planning and development of a product, its pricing policy, and the distribution strategy. These activities are all a part of: a.a control system b.marketing c.accounting d.production e.human resources ANS:B This description contains three of the four main activities included in the marketing function. The fourth main activity is communicating value. 3.Which of the following would be considered a stakeholder of Southwest Airlines? a.Southwest Airlines employees b.Southwest Airlines stockholders c.companies that supply parts to Southwest Airlines d. individuals who fly on Southwest Airlines e.All of these ANS:E Marketing entails an understanding that organizations have many connected stakeholder “partners,” including employees, suppliers, stockholders, distributors, and society at large. 4.The American Marketing Association's definition of marketing: a.is limited to promotional activities b.focuses on the value of empowerment, teamwork, and customer value c.shows how marketing benefits the marketer d.relies on the synergy created by exchange e.includes creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large. ANS: E According to the American Marketing Association, marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. 5.Which of the following occurs when people give up something in order to receive something that they would rather have? done MCQ - Marketing Total Questions - 111
Which concept in firm practices all its activities directed to satisfy the consumer?Marketing comprises all activities involved in the satisfaction of customer needs at a profit. It is a human activity directed at satisfying needs and wants through exchange process.
Which concept of marketing is based on customer satisfaction key points?Relationship marketing is a strategy that focuses on forging long-term partnerships with customers. Companies build relationships with customers by offering value and providing customer satisfaction.
When a consumer decides to buy without much logical thinking his decision is said to be?Definition: Impulsive buying is the tendency of a customer to buy goods and services without planning in advance. When a customer takes such buying decisions at the spur of the moment, it is usually triggered by emotions and feelings. Description: Impulsive buying can't be categorized for one specific product category.
What does modern marketing begin and end?Modern Marketing Starts and Ends with the Customer, Especially for Benefits Advisors.
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