Types of Transactions and Responses Quiz

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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?

A hole (B) Signup and view all the answers

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

'Marketing Myopia' (A) Signup and view all the answers

What is 'exchange' defined as in marketing?

Giving or receiving something of value for another thing (C) Signup and view all the answers

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

A monetary transaction involves the exchange of money, while a barter transaction involves the exchange of goods or services. (C) Signup and view all the answers

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

To build long-term relationships with valued customers, distributors, dealers, and suppliers. (B) Signup and view all the answers

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

To build a unique company asset called a marketing network. (B) 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?

Gaining membership for a church. (C) Signup and view all the answers

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

Transaction marketing focuses on maximizing profit on each individual transaction, while relationship marketing focuses on building long-term relationships. (D) 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?

Relationship marketing allows companies to build a unique company asset called a marketing network. (C) Signup and view all the answers

What is a transaction in marketing?

A trade of values between two parties where one party gives X and gets Y in return (D) Signup and view all the answers

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

All of the above (D) Signup and view all the answers

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

Offering money, another good, or a service in return (B) 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?

Marketing is about selling intangible ideas and experiences (D) Signup and view all the answers

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

Anything that can be offered to a market that might satisfy a need or want (D) Signup and view all the answers

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

Satisfying needs and wants through exchange (D) Signup and view all the answers