Marketing Basics Quiz
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Questions and Answers

Which one of the following best describes marketing?

  • The process of collaborating with suppliers and customers to create products
  • The process of trading value for products
  • The process of getting products to consumers
  • The process of creating, communicating, delivering, and exchanging products (correct)

    • What are the four components of marketing?

  • Suppliers, customers, consumers, and society
  • Collaborating, describing, optimizing, and trading
  • Benefits, price, hassle, and value
  • Creating, communicating, delivering, and exchanging (correct)

    • What does value refer to in marketing?

  • The benefits buyers receive that meet their needs (correct)
  • The time and effort consumers put into purchasing a product
  • The collaboration between suppliers and customers
  • The price consumers pay for a product

    • What is the personal value equation?

    <p>Value = benefits received – [price + hassle]</p> Signup and view all the answers

    What does hassle refer to in the personal value equation?

    <p>The time and effort the consumer puts into the purchase</p> Signup and view all the answers

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