10 Questions
What does the American Marketing Association (AMA) define as marketing?
The process of creating and delivering offerings with value for customers, clients, partners, and society
What is the difference between a need and a want?
A need is necessary for survival while a want is not necessary
What has changed the nature of the marketing exchange since the 1990s?
Increase in consumer access to information through technology and the internet
What does a business need to do in order to generate customer value through marketing?
Understand the marketplace and customer's wants and needs
What is considered a consumer need?
Functionally necessary products or services
Which of the following is considered as one of the main four elements of the marketing mix?
Product
What is the term used to describe tangible products that have an independent physical existence?
Tangible products
Which concept is in contrast to the concept of price, and refers to the perceived utility a customer will receive from a product?
Value
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
In the 4P's marketing mix, what does 'P' stand for when referring to the concept of 'unique selling proposition'?
Product
Test your knowledge of marketing fundamentals with this quiz. Explore key concepts such as the definition of marketing, creating value for customers, and understanding consumer needs and wants.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
