Podcast
Questions and Answers
What does the American Marketing Association (AMA) define as marketing?
What does the American Marketing Association (AMA) define as marketing?
- The selling of goods and services for money
- The process of creating and delivering offerings with value for customers, clients, partners, and society (correct)
- The exchange of products and services in a competitive environment
- The activity of communicating with customers and society
What is the difference between a need and a want?
What is the difference between a need and a want?
- A need is more important than a want
- A need is necessary for survival while a want is not necessary (correct)
- A need is related to products while a want is related to services
- A need is functional while a want is emotional
What has changed the nature of the marketing exchange since the 1990s?
What has changed the nature of the marketing exchange since the 1990s?
- Expansion of global markets
- Advancement in traditional marketing techniques
- Increase in consumer access to information through technology and the internet (correct)
- Emergence of social media platforms
What does a business need to do in order to generate customer value through marketing?
What does a business need to do in order to generate customer value through marketing?
What is considered a consumer need?
What is considered a consumer need?
Which of the following is considered as one of the main four elements of the marketing mix?
Which of the following is considered as one of the main four elements of the marketing mix?
What is the term used to describe tangible products that have an independent physical existence?
What is the term used to describe tangible products that have an independent physical existence?
Which concept is in contrast to the concept of price, and refers to the perceived utility a customer will receive from a product?
Which concept is in contrast to the concept of price, and refers to the perceived utility a customer will receive from a product?
What is the term used to describe the process of making a product or service available and accessible for use or consumption by a consumer or business user?
What is the term used to describe the process of making a product or service available and accessible for use or consumption by a consumer or business user?
In the 4P's marketing mix, what does 'P' stand for when referring to the concept of 'unique selling proposition'?
In the 4P's marketing mix, what does 'P' stand for when referring to the concept of 'unique selling proposition'?
