Marketing Fundamentals Quiz

<p>Sell (A)</p> Signup and view all the answers

<p>Conventional model (B)</p> Signup and view all the answers

<p>Product superiority (D)</p> Signup and view all the answers

<p>Developing a marketing program &gt; Selecting brand elements &gt; Leveraging secondary associations (C)</p> Signup and view all the answers

<p>Superior product innovation (A)</p> Signup and view all the answers

<p>Marketing encompasses creating, communicating, delivering, and exchanging value. (C)</p> Signup and view all the answers

<p>People (B)</p> Signup and view all the answers

<p>Philip Kotler (C)</p> Signup and view all the answers

<p>Philip Kotler (C)</p> Signup and view all the answers

<p>Activities designed to deliver customer value and satisfaction. (C)</p> Signup and view all the answers

<p>Value to the customer (D)</p> Signup and view all the answers

<p>Competitors may introduce products that require a change in strategy. (A)</p> Signup and view all the answers

<p>Engaging in manipulative sales tactics. (B)</p> Signup and view all the answers

<p>Product line pricing (D)</p> Signup and view all the answers

<p>Creating value for the customers (A)</p> Signup and view all the answers

<p>The desires of consumers (C)</p> Signup and view all the answers

<p>In the 1920s (B)</p> Signup and view all the answers

<p>Both science and art (C)</p> Signup and view all the answers

<p>Production (A)</p> Signup and view all the answers

<p>Production concept (A)</p> Signup and view all the answers

<p>Customer-centric value creation (A)</p> Signup and view all the answers

<p>New products in new markets (B)</p> Signup and view all the answers

<p>Adding features and adjusting prices accordingly (D)</p> Signup and view all the answers

<p>Both creativity and critical thinking (B)</p> Signup and view all the answers

<p>The imbalance between the customer's actual and desired state in which a gap is recognized (D)</p> Signup and view all the answers

<p>Vertical marketing system (D)</p> Signup and view all the answers

<p>A BCG matrix (A)</p> Signup and view all the answers

<p>Marketing implementation (A)</p> Signup and view all the answers

<p>Focus was on product quality over customer needs. (D)</p> Signup and view all the answers

<p>Direct channel (D)</p> Signup and view all the answers

<p>Competitor analysis (D)</p> Signup and view all the answers

<p>Growth stage (B)</p> Signup and view all the answers

<p>Total revenue is the same as total cost (B)</p> Signup and view all the answers

<p>Variable cost (B)</p> Signup and view all the answers

<p>Social and ethical concerns in marketing (C)</p> Signup and view all the answers

<p>It eliminates the need for retailers. (C)</p> Signup and view all the answers

<p>Profits are usually negative. (C)</p> Signup and view all the answers

<p>Customer satisfaction (B)</p> Signup and view all the answers

<p>Product (D)</p> Signup and view all the answers

<p>American plan (C)</p> Signup and view all the answers

<p>Business Publications (C)</p> Signup and view all the answers

<p>Marketing pricing (C)</p> Signup and view all the answers

<p>Personal Selling (D)</p> Signup and view all the answers

<p>Two level distribution (C)</p> Signup and view all the answers

<p>The distribution channels selected (D)</p> Signup and view all the answers

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging value offerings for customers and society.

The 4 Ps consist of Product, Price, Place, and Promotion, essential for marketing strategies.

Philip Kotler is known as the father of modern marketing for his influential work and teachings.

Kotler defined marketing as the science and art of delivering value to satisfy target market needs at profit.

Marketing is a set of activities aimed at delivering customer value and satisfaction.

The American Marketing Association's definition emphasizes 'Value' as central to marketing.

Marketers must monitor competitors to adapt their marketing mix in response to external changes.

In addition to the 4 Ps, People, Process, and Physical evidence are included in the 7 Ps for services.

A competitor may break laws to gain market advantage.

Setting different prices for various product features.

Modern marketing focuses on delivering value to customers.

A want is a desire for a product to fulfill a need.

The production era ended in the early 20th century.

Marketing is both a science and an art.

The idea that consumers prefer products that are available and affordable.

A marketing philosophy emphasizing product quality over customer value.

Introducing new products in new markets.

Today’s marketers need creativity and critical thinking.

Recognizing the gap between a customer's actual and desired state.

A unified system of producers, wholesalers, and retailers.

A strategic tool using market share and growth for product positioning.

Achieving marketing objectives through plans and strategies.

The perceived benefit a customer derives from a product.

Achieving marketing goals through strategies and plans.

Using an established brand name to launch a new product in a different category.

Focus on product awareness, trial, and customer acceptance.

Achieving sales is the main goal of any marketing activity.

Believes that a better product will sell itself without considering customer value.

Unique benefits must surpass competitors for success.

The correct sequence is selecting brand elements, leveraging associations, then developing a marketing program.

Success relies on early recognition of the need and product superiority.

A marketing channel that sells products directly to end users without intermediaries.

Adjusting a marketing budget based on the observation of competitors' budgets.

During the growth stage, a product typically incurs high expenses leading to negative profits.

The point where total revenue equals total costs, resulting in no net profit or loss.

Costs that change based on the level of output, such as overtime wages.

The main concern of firms during the societal marketing period was on social and ethical issues.

Overtime wages paid to workers qualify as variable costs due to their fluctuating nature.

The cycle includes four stages where profits vary; negative typically occurs during growth stage.

Achieved when customer expectations are met regarding product quality and price.

The value offered to customers based on quality and price.

Providing welcoming core services along with supportive services.

Approaches like general pricing, discounts, and meal plans used in hotels.

Activities like advertising and personal selling aimed at attracting customers.

Means used to reach potential customers, like publications and direct mail.

Paths through which products or services are delivered to customers.

Includes Product, Price, Place, and Promotion; essential elements in marketing strategy.