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