Marketing and Stakeholders Quiz

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What is the customer's perspective on value?

The value proposition from the seller's perspective

The ratio of perceived benefits to perceived costs (correct)

The economic value of a single customer

The total costs of acquiring a product

How do marketing activities contribute to value creation?

By reducing customer benefits

By decreasing the perceived value proposition

By increasing advertising costs

Through innovations that enhance customer benefits and reduce costs (correct)

What is the primary goal for marketers in terms of a single customer?

To decrease the cost of acquisition

To retain customers at all costs

To decrease perceived customer benefits

To increase value through co-creation (correct)

What is a distinctive competency that can lead to a competitive advantage?

Building a strong value chain (B) Signup and view all the answers

What are everyday people doing in terms of value creation?

Producing user-generated content (C) Signup and view all the answers

How is social networking related to value creation?

It leverages Web 2.0 to generate value (B) Signup and view all the answers

What is the key difference between needs and wants?

Needs are the difference between the actual and desired state, while wants are the desire to satisfy a need in a particular way. (A) Signup and view all the answers

Who are considered stakeholders in marketing?

Consumers, business buyers, sellers, and investors (B) Signup and view all the answers

What is a marketplace in marketing?

Any location or medium used to facilitate an exchange (A) Signup and view all the answers

Which utility represents the benefit derived from having access to a product at the right time?

Time utility (C) Signup and view all the answers

What does value represent for customers in marketing?

The sum of benefits a consumer receives from using a product (C) Signup and view all the answers

Which of the following utility refers to the benefit derived from obtaining a product where it is needed?

Place utility (A) Signup and view all the answers

What is the key difference between needs and wants in marketing?

Needs are essential for survival, while wants are not necessary. (C) Signup and view all the answers

In the context of marketing, which group is considered a stakeholder?

Both A and B (A) Signup and view all the answers

How does marketing create value for stakeholders?

By identifying and satisfying the needs of consumers. (B) Signup and view all the answers

What is a marketplace in the realm of marketing?

Any location or medium where an exchange can take place. (A) Signup and view all the answers

Which utility is NOT typically considered in the marketing mix?

Production utility (A) Signup and view all the answers

How do modern marketers implement the marketing concept?

By identifying and satisfying consumer needs to ensure profitability. (A) Signup and view all the answers