Principles of Marketing Reviewer: Introduction to Marketing
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Questions and Answers

What is the American Marketing Association's definition of marketing?

  • A combination of activities to satisfy consumer needs
  • A process of exchanging products for money
  • A societal process for obtaining what individuals and groups need and want
  • A set of institutions for creating and delivering offerings (correct)
  • Which of the following is NOT one of the elements of the marketing mix?

  • Promotion
  • Product
  • Place
  • Profit (correct)
  • How does marketing create value for both companies and consumers?

  • By prioritizing profits over consumer benefits
  • By offering products at low prices
  • By ensuring consumers pay more than the product's value
  • By exchanging value (benefits) for consumer payments (profits) (correct)
  • What does the term 'goods' refer to in marketing?

    <p>Tangible products that can be touched physically</p> Signup and view all the answers

    In marketing, what role do the four Ps play in delivering superior value?

    <p>The four Ps interact with each other to deliver superior value</p> Signup and view all the answers

    Which organization's definition of marketing focuses on the societal aspects of the process?

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

    What does the price component of marketing focus on?

    <p>Capturing value of a product</p> Signup and view all the answers

    What is the micro-environment in marketing primarily concerned with?

    <p>Directly influencing the organization</p> Signup and view all the answers

    In marketing, what distinguishes needs from wants?

    <p>Needs are about survival, wants are about desires</p> Signup and view all the answers

    What do marketing intermediaries primarily help companies with?

    <p>Promoting, selling, and distributing goods</p> Signup and view all the answers

    What is the main purpose of promotion in marketing?

    <p>Informing, persuading, and reminding buyers</p> Signup and view all the answers

    Suppliers in marketing are best described as:

    <p>Entities providing resources needed by a company</p> Signup and view all the answers

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