BUS 346 Chapter 1

Which of the following is a core aspect of marketing? a. creating a product that everyone will want to buy b. making product, place, promotion, and price decisions c. setting prices lower than all competitors d. increasing the company's profit e. satisfying as many needs as possible

b. making product, place, promotion, and price decisions

The basic difference between a good and a service is that a good a. generates greater interest among consumers. b. is more quickly forgotten by consumers. c. is always less expensive than a corresponding service. d. can be physically touched. e. provides intangible benefits.

d. can be physically touched.

Effective promotion enhances a product or service's a. wholesaling capabilities. b. trialability. c. design features. d. supply chain management system. e. perceived value.

e. perceived value.

Traditionally marketing activities have been divided into product, price, place, and promotion. What best describes the 4 P's?

Marketing mix

Internet sites, physical stores, and kiosks are most closely associated with which element of the marketing mix?

Place

Firms have come to realize that good corporate citizenship through socially responsible actions should be a priority because it will help their bottom line in the long run. T/F

True

Understanding the marketplace and a customer's needs and wants is fundamental to marketing success. T/F

True

The fundamental goal of marketers when creating goods, services, or combinations of both is to a. create value. b. defeat the competition. c. stimulate short-term sales. d. serve all consumers. e. operate according to government regulations.

a. create value

At one point in the evolution of marketing, the United States entered a buyer's market and the customer became king. Which era is being described? Select one: A. market-oriented B. value-based marketing C. sales-oriented D. production-oriented E. economics-oriented

a. market-oriented