Marketing Basics and Concepts Quiz
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Questions and Answers

What is the key difference between goods and services?

  • Goods are produced while services are consumed
  • Goods can be stored while services cannot be stored
  • Goods are physical while services are virtual
  • Goods are tangible products while services are intangible products (correct)

    • What is the main idea behind the concept of marketing myopia?

  • Too much focus on the product to the point of losing sight of underlying customer needs (correct)
  • Focusing too much on marketing tactics and not enough on the product
  • Ignoring the competition and only focusing on one's own products
  • Overemphasizing the importance of market segmentation

    • What is the primary goal of Total Quality Management (TQM)?

  • To ensure customer satisfaction with the company's offerings
  • To maximize profit for the company
  • To improve the company's marketing processes
  • To continuously improve the company's products, services and marketing processes (correct)

    • What is the relationship between customer value and customer satisfaction?

    <p>Customer value determines customer satisfaction</p> Signup and view all the answers

    How do the 4Ps and 7Ps marketing mixes differ?

    <p>The 4Ps are for product-based businesses while the 7Ps are for service-based businesses</p> Signup and view all the answers

    What is the primary purpose of market segmentation?

    <p>To group together prospective buyers with similar needs and wants</p> Signup and view all the answers

    Which of the following best describes the starting point of marketing?

    <p>Satisfying customer needs</p> Signup and view all the answers

    What is the primary difference between needs and wants?

    <p>Needs are required for survival, while wants are desired but not essential</p> Signup and view all the answers

    Which of the following is NOT a component of the marketing umbrella?

    <p>Product development</p> Signup and view all the answers

    According to Maslow's Hierarchy of Needs, which of the following needs must be satisfied first?

    <p>Physiological needs</p> Signup and view all the answers

    What is the definition of a demand in marketing?

    <p>A need that a customer is willing and able to pay for</p> Signup and view all the answers

    Which of the following is an example of celebrity marketing?

    <p>A famous athlete endorsing a sports drink</p> Signup and view all the answers

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