Types of Transactions and Responses Quiz
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Questions and Answers

What is the basis for marketing according to the text?

  • Transaction (correct)
  • Sales
  • Advertising
  • Customer service

    • What do many sellers make the mistake of, according to the text?

  • Paying too much attention to customer needs
  • Focusing only on specific products offered (correct)
  • Understanding underlying customer needs
  • Providing solutions to customer needs

    • What term could be substituted for 'product' in the text?

  • Beneficiary
  • Acquisition
  • Satisficer (correct)
  • Exporter

    • What does a manufacturer of drill bits think the customer needs, according to the text?

    <p>A hole</p> Signup and view all the answers

    What can sellers suffer from if they are too focused on their products?

    <p>'Marketing Myopia'</p> Signup and view all the answers

    What is 'exchange' defined as in marketing?

    <p>Giving or receiving something of value for another thing</p> Signup and view all the answers

    What is the key difference between a monetary transaction and a barter transaction?

    <p>A monetary transaction involves the exchange of money, while a barter transaction involves the exchange of goods or services.</p> Signup and view all the answers

    What is the primary goal of relationship marketing, as described in the text?

    <p>To build long-term relationships with valued customers, distributors, dealers, and suppliers.</p> Signup and view all the answers

    What is the ultimate goal of a company in its marketing efforts?

    <p>To build a unique company asset called a marketing network.</p> Signup and view all the answers

    Which of the following is NOT a type of desired response that a marketer may seek, as mentioned in the text?

    <p>Gaining membership for a church.</p> Signup and view all the answers

    What is the key difference between transaction marketing and relationship marketing, as described in the text?

    <p>Transaction marketing focuses on maximizing profit on each individual transaction, while relationship marketing focuses on building long-term relationships.</p> Signup and view all the answers

    What is the key reason why marketers are shifting from transaction marketing to relationship marketing, according to the text?

    <p>Relationship marketing allows companies to build a unique company asset called a marketing network.</p> Signup and view all the answers

    What is a transaction in marketing?

    <p>A trade of values between two parties where one party gives X and gets Y in return</p> Signup and view all the answers

    What is the main advantage of exchange as a means of satisfying needs, according to the text?

    <p>All of the above</p> Signup and view all the answers

    Which of the following is NOT a way that people can obtain a desired object?

    <p>Offering money, another good, or a service in return</p> Signup and view all the answers

    What does the quote 'In the factory we make cosmetics. In the store we sell hope.' suggest about the nature of marketing?

    <p>Marketing is about selling intangible ideas and experiences</p> Signup and view all the answers

    Which of the following can be considered a 'product' in marketing?

    <p>Anything that can be offered to a market that might satisfy a need or want</p> Signup and view all the answers

    What is the core concept of marketing, according to the text?

    <p>Satisfying needs and wants through exchange</p> Signup and view all the answers

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