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Marketing Basics Quiz

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Questions and Answers

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?

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?

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?

Understand the marketplace and customer's wants and needs (C) Signup and view all the answers

What is considered a consumer need?

Functionally necessary products or services (A) Signup and view all the answers

Which of the following is considered as one of the main four elements of the marketing mix?

Product (A) Signup and view all the answers

What is the term used to describe tangible products that have an independent physical existence?

Tangible products (B) Signup and view all the answers

Which concept is in contrast to the concept of price, and refers to the perceived utility a customer will receive from a product?

Value (D) Signup and view all the answers

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?

Distribution (C) Signup and view all the answers

In the 4P's marketing mix, what does 'P' stand for when referring to the concept of 'unique selling proposition'?

Product (D) Signup and view all the answers