Question 1

Which best describes "wants"?

Accepted Answer

A)   Strong desires for something
B)   Unfulfilled needs
C)   Unsupplied demands
D)   Untapped marketsE) A) and C)
F) A) and D)

Question 2

Which of the following is a good example of a company having a social orientation?

Accepted Answer

A)   Tom's Shoes ships a free pair of shoes to a child in a third world country for each pair sold in the United States.
B)   A bakery uses non-GMO ingredients in its products.
C)   A large company practices truth-in-advertising in all its TV commercials.
D)   A non-profit organization raises money for a cause in which you believe.E) A) and B)
F) C) and D)

Question 3

The focus of your marketing plan should be on what?

Accepted Answer

A)   timeline and budget
B)   assessment of effectiveness
C)   coordination of activities
D)   target marketE) All of the above
F) None of the above

Question 4

All of the following relate to managing exchanges with customers EXCEPT:

Accepted Answer

A)   development of a significant social media presence.
B)   creating offerings.
C)   communicating with customers.
D)   delivering offerings to customers.E) A) and B)
F) None of the above

Question 5

Why is research critical to marketing?

Accepted Answer

A)   To determine what's likely to be the next hot trend in marketing
B)   To determine basic consumer needs
C)   To determine if marketing activities are effective
D)   To pinpoint whether an economy is production or service orientedE) None of the above
F) A) and B) C

Question 6

The combination of a strong desire for something and the ability to purchase it defines what?

Accepted Answer

A)   Demand
B)   Supply
C)   Price equilibrium
D)   CostE) A) and B)
F) A) and C)

Question 7

In a period of companies having a marketing orientation, which of the following was true?

Accepted Answer

A)   Customers became more sophisticated buyers.
B)   The percentage of customers in the middle class decreased.
C)   Manufacturing grew as the dominant sector.
D)   Levels of competition decreased.E) B) and C)
F) A) and C)

Question 8

Understanding your target market so well that you build a relationship with them over time defines what?

Accepted Answer

A)   a social orientation
B)   a sales orientation
C)   customer relationship marketing
D)   retention of sometimes undesirable customersE) B) and D)
F) B) and C)

Question 9

Offering too many options can lead to which problem for some companies?

Accepted Answer

A)   It's difficult to keep track of inventory and re-order as certain items are sold out.
B)   They can't specialize, leaving them vulnerable to competition.
C)   Suppliers to the company can get confused and send incorrect shipments.
D)   Your target market, by definition, prefers limited options.E) A) and B)
F) None of the above B

Question 10

Which is identified as the foundation for the marketing plan?

Accepted Answer

A)   Target market segmentation
B)   Market research
C)   Value proposition development
D)   Market plan developmentE) A) and B)
F) B) and C)

Question 11

Producing the most efficient and cost-effective version of a product describes what?

Accepted Answer

A)   Production orientation
B)   Sales orientation
C)   Market orientation
D)   Social orientationE) All of the above
F) A) and B)

Question 12

All of these are common misconceptions about what marketing is EXCEPT:

Accepted Answer

A)   managing exchanges with customers.
B)   making people buy things they don't need.
C)   an art, and you either have the gift for it or you don't.
D)   it does not involve numbers.E) None of the above
F) All of the above

Question 13

The breadth of marketing decisions is referred to as what?

Accepted Answer

A)   The 4Ps of marketing
B)   The marketing plan
C)   The marketing strategy
D)   The creative conceptE) B) and C)
F) All of the above

Question 14

Someone who has an idea that something might work based on theory or watching it in action and testing the idea is thought of as:

Accepted Answer

A)   market planner.
B)   skilled researcher.
C)   naïve scientist.
D)   consumer behavior theorist.E) A) and B)
F) All of the above

Question 15

The process of testing, then measuring, then revising-sometimes repeatedly-is known as:

Accepted Answer

A)   market research.
B)   target market segmentation.
C)   value proposition development.
D)   marketing plan development.E) C) and D)
F) None of the above

Question 16

As the United States has economy became more specialized in information technology, what has occurred?

Accepted Answer

A)   The opportunities for social interaction between consumers and businesses have increased.
B)   Levels of social interaction have reached their maximum level and begun to decline.
C)   Opportunities for future interaction have been minimized.
D)   Social media activities originating with businesses have begun to decline.E) A) and C)
F) A) and D)

Question 17

In simple terms, what is a market?

Accepted Answer

A)   The combination of competitors and customers
B)   A physical location where products or services are offered for sale
C)   A place where a similar group of products are bartered
D)   A place where a company and its customer come togetherE) B) and C)
F) All of the above

Question 18

The key to value creation is:

Accepted Answer

A)   perception.
B)   cost.
C)   benefits.
D)   willingness to pay.E) None of the above
F) B) and C)

Question 19

Which of the following statements is true?

Accepted Answer

A)   Marketers try to influence wants, but customers ultimately decide if something is worth buying or not.
B)   Marketers are often able to make people buy something against their will.
C)   Marketing is primarily based on the science of human behavior.
D)   Marketing is more of an art than a science.E) All of the above
F) C) and D) A

Question 20

To be successful, marketers have to understand what associated with a particular exchange for a group of customers?

Accepted Answer

A)   benefits
B)   influencers
C)   target market
D)   perceived valueE) A) and B)
F) All of the above

Exam 1: What Is Marketing

Which best describes "wants"?

Correct AnswerverifiedShow Answer

Which of the following is a good example of a company having a social orientation?

Correct AnswerverifiedShow Answer

The focus of your marketing plan should be on what?

Correct AnswerverifiedShow Answer

All of the following relate to managing exchanges with customers EXCEPT:

Correct AnswerverifiedShow Answer

Why is research critical to marketing?

Correct AnswerverifiedC

The combination of a strong desire for something and the ability to purchase it defines what?

Correct AnswerverifiedShow Answer

In a period of companies having a marketing orientation, which of the following was true?

Correct AnswerverifiedShow Answer

Understanding your target market so well that you build a relationship with them over time defines what?

Correct AnswerverifiedShow Answer

Offering too many options can lead to which problem for some companies?

Correct AnswerverifiedB

Which is identified as the foundation for the marketing plan?

Correct AnswerverifiedShow Answer

Producing the most efficient and cost-effective version of a product describes what?

Correct AnswerverifiedShow Answer

All of these are common misconceptions about what marketing is EXCEPT:

Correct AnswerverifiedShow Answer

The breadth of marketing decisions is referred to as what?

Correct AnswerverifiedShow Answer

Someone who has an idea that something might work based on theory or watching it in action and testing the idea is thought of as:

Correct AnswerverifiedShow Answer

The process of testing, then measuring, then revising-sometimes repeatedly-is known as:

Correct AnswerverifiedShow Answer

As the United States has economy became more specialized in information technology, what has occurred?

Correct AnswerverifiedShow Answer

In simple terms, what is a market?

Correct AnswerverifiedShow Answer

The key to value creation is:

Correct AnswerverifiedShow Answer

Which of the following statements is true?

Correct AnswerverifiedA

To be successful, marketers have to understand what associated with a particular exchange for a group of customers?

Correct AnswerverifiedShow Answer

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C

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B

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A

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