English

Chapter 1: Marketing: Creating excitement and value

Quiz

I. Multiple-Choice Questions

1. Marketing is best described as the task of.

a. promoting products through personal selling and advertising to facilitate satisfying exchange relationships.

b. creating, promoting, and delivering goods and services to consumers and businesses in a way that relevant benefits are delivered to buyers and optimum net operational cash flows are delivered to organisations.

c. delivering a standard of living to a society.

d. creating, distributing, promoting, and pricing goods, services and ideas to facilitate the achievement of the firm’s objectives.

e. focusing on customers’ needs.

2. The most basic concept underlying marketing is that of __________.

a. wants

b. needs

c. products

d. customer satisfaction

e. customer value

3. Wants can become demands if they are backed by __________.

a. consumer research

b. buying power

c. customer satisfaction

d. products

e. needs

4. What is 'marketing myopia'?

a. A short-range view that focuses on current wants and loses sight of underlying customer needs

b. Total Quality Management

c. Value, satisfaction and quality

d. Customer value

e. Customer service

5. The twofold goal of marketing is to attract new customers by promising superior value and to _____.

a. keep and grow current customers by delivering satisfaction

b. keep and grow current customers by delivering competitive pricing

c. keep and grow current customers by delivering friendly service

d. keep and grow current customers by delivering vast product assortment

e. all of the above

6. The statement that 'it costs five times as much to attract a new customer as it does to keep an old customer' means that firms should do what?

a. Advertise more

b. Demarket

c. Build lasting customer relationships

d. Provide quality products

e. Reduce prices

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