Definition Of Marketing

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MKT 200 Unit 2 Quiz 1 Latest-POST

MKT200

MKT 200 Unit 2 Quiz 1 Latest-POST

Unit 2 Quiz 1

Question 1

Which of the following is most essential to any definition of marketing?

• demand management
• the production concept
• customer relationships
• making a profit

Question 2

When backed by buying power, wants become:

• social needs
• demands
• physical needs
• exchanges

Question 3

The art and science of choosing target markets and building profitable relationships with them is called:

• selling
• segmentation
• positioning
• marketing management

Question 4

Which of the following best explains why consumers have greater power and control in today’s marketplace?

• The production concept and competition have lowered prices.
• Through new communication technologies, customers have more access to information and more methods of sharing their opinions with other customers.
• Implementation of the product concept has resulted in continually improving products.
• Customer-driven marketing creates goods and services that meet customers’ future needs.

Question 5

The act of obtaining a desired object from someone by offering something in return speaks most closely to:

• needs, wants and demands
• market offerings
• value and satisfaction
• exchange relationships

Question 6

The set of benefits a company promises to deliver to its consumers to satisfy their needs is called:

• a money-back guarantee
• low pricing
• a value proposition
• good customer service

Question 7

Each department in a company that carries out value-creating activities can be thought of as a link in the company’s:

• market development
• product development
• business portfolio
• value chain

Question 8

The place a product occupies in the consumer’s mind relative to competitors’ products is termed:

• product placement
• product position
• market segmentation
• market targeting

Question 9

In the four P’s of the marketing mix, design, packaging, services, and variety all fall under the category of:

• product
• price
• promotion
• place

Question 10

Instead of thinking of selling products, marketers would be wise to take the customer’s view and think of:

• providing convenience
• initiating two-way communication
• offering discounts
• offering solutions to problems

Question 11

Regarding customer relationship groups, a long-term customer who has a very low contribution to overall profits is called a:

• butterfly
• true friend
• barnacle
• stranger

Question 12

A product with a low market growth rate andrelatively high market share is known in the Growth-Share Matrix as a:

• dog
• cash cow
• star
• question mark

Question 13

If you want to sell new products to new markets, you are using a strategy called:

• market penetration
• product development
• market initiation
• diversification

Question 14

Your marketing department is currently researching the size, density, location, age, and occupations of your target market. Which environment is being researched?

• psychographic
• economic
• demographic
• geographic
• cultural and social

Question 15

Which of the following descriptions most accurately characterizes the baby boomers?

• They are aging and slowing down.
• They are a shrinking market for new housing and home remodeling.
• They are past their peak earning and spending years.
• They hold 70% of the country’s financial assets.
• They were largely unaffected by the recent recession.

Question 16

What is the first step in the marketing research process?

• developing a marketing information system
• defining the problem and research objectives
• developing the research plan for collecting information
• implementing the research plan
• interpreting data and deciding on type of research

Question 17

Secondary data consists of information:

• that already exists somewhere but is outdated
• that does not currently exist in an organized form
• that already exists somewhere but was collected for another purpose
• that is used by competitors
• that the researcher can only obtain through surveys and observation

Question 18

Companies who use brand ambassadors are using a specific technique called:

• opinion leading
• buzz marketing
• direct marketing
• values marketing

Question 19

Researchers found that a number of well-known brands tended to be strongly associated with one particular trait, such as JetBlue with “being human”. Which of the following terms would a marketer use to describe a specific mix of traits that may be attributed to a particular brand?

• brand personality
• product image
• product perception
• brand equity

Question 20

You are bringing out a new product and want to be sure to reach those customers who will influence the choices of others. Which group will you target to carry your message?

• laggards and late mainstream customers
• early mainstream and early adopters
• innovators and early mainstream
• early adopters and innovators