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Chapter 1

Chapter Quiz

Concept Check

Concept Check


This activity contains 22 questions.

	The act of obtaining a desired object from someone by offering something in return is known as a(n) ________.   relationship value transaction exchange

	Marketing is best understood as the process of _____.   promoting products and services satisfying customer needs and wants making a sale creating customer needs

	_________ is defined as a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.   Promotion Advertising Sales Marketing

	When backed by buying power, wants become ________.   purchases needs demands products

	Economists use the term ________ to refer to a collection of buyers and sellers who transact in a particular product class   market experience exchange customer

	When marketers try to reduce demand for a product temporarily, they are engaging in   Environmental management Customer management Satisfying demands Demarketing

	An organization that has adopted the ________ concept believes that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort.   product production selling marketing

	The ________ concept calls on marketers to balance company interests, customer wants and society's interests.   production societal marketing marketing selling

	The marketing concept expresses the company's commitment to _____.   consumer sovereignty an integrated company effort organizational goals all of the above

	The ________ concept holds that consumers will favour products that are available and highly affordable. Therefore, management should focus on improving production and distribution efficiency.   production marketing selling product

	Marketing is critical to the success of every organization, large or small, business or not-for-profit, domestic or international.    True  False

	The two goals of marketing are to attract new customers by providing superior value and to keep and grow current customers by delivering satisfaction.    True  False

	Marketing offers are typically limited to tangible products only.    True  False

	Marketing principles are applied to the marketing of products and services, and to create brand experiences for consumers    True  False

	The product concept suggests that an organization should devote considerable effort making continuous product improvements.    True  False

	The key to building customer relationships is to create superior customer value and satisfaction.    True  False

	Mass marketing, which is selling in a standardized way to any and all customers, is an especially appropriate marketing strategy in today's fragmented market place.    True  False

	Marketing activities may be performed not only by sellers, but also by potential customers.    True  False

	Marketing offers are not limited to physical objects, but they may include persons, places, organizations, information, and ideas.    True  False

	Selling focuses on creating sales transactions rather than on building profitable customer relationships.    True  False

	Discuss the modern concept of marketing.   To create paragraphs in your essay response, type <p> at the beginning of the paragraph, and </p> at the end.

	Explain how an organization that has adopted the marketing concept has really adopted a customer-centred "sense and respond" philosophy   To create paragraphs in your essay response, type <p> at the beginning of the paragraph, and </p> at the end.

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