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?

    <p>Understand the marketplace and customer's wants and needs</p> Signup and view all the answers

    What is considered a consumer need?

    <p>Functionally necessary products or services</p> Signup and view all the answers

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

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

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

    <p>Tangible products</p> 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?

    <p>Value</p> 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?

    <p>Distribution</p> 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'?

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

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