Marketing Revision Quiz 1 What is Marketing?

________ are human needs that are shaped by culture and individual personality.

. a. Necessities b. Wants X c. Values d. Demands

Over the past few decades, marketing has been _____________ to fit new technologies, new media and new customers.

. a. reshaped b. altered c. revolutionised d. redefined X

Which of the following marketing orientations holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?

. a. the selling concept. b. the marketing concept. X c. the production concept. d. the product concept.

Which of the following is a characteristic of customer-driven marketing?

a. Customers are unaware of their needs. b. Companies understand customer needs even better than customers themselves do. c. Customers know what they want. X d. Products are created that meet both existing and latent needs, now and in the future.

Which of the following is NOT one of the main challenges/opportunities for marketing in the 21st Century?

a. Locus of power has shifted from the firm to the collective. b. Locus of attention has shifted from selling products to providing experiences. X c. Locus of value production has shifted from the firm to the consumer. d. Locus of activity has shifted from desktop to the web.

Which is NOT an accurate description of modern marketing?

a. Marketing emphasizes selling and advertising exclusively. X b.Marketing is building value-laden exchange relationships with customers. c.Marketing involves satisfying customers' needs. d.Marketing is the creation of value for customers.

Choose the one alternative that best completes the following statement. Marketing in the 21st century is ________."

a. a highly interconnected business discipline. b. more challenging than ever before. X c. about putting customers needs first. d. continuously evolving, and therefore difficult to define.

A ________ is some combination of products, services, information, ideas or experiences provided to consumers to satisfy a need or want

a. brand positioning b. value proposition c. market mix d. market offering X

Choose the one alternative that best completes the statement or answers the question. A ________ is the set of actual and potential buyers of a product or service

a. consumer audience b. segment c. market X d. target group

Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through ________.

a. innovation and creativity. b. sales and revenue creation. c. value creation and exchange. X d. manufacturing efficiencies.

When backed by buying power, wants become ________.

a. market need b. market demand X c. market exchanges d. market transactions

Henry Ford's philosophy was to perfect the Model T so that its cost could be reduced further for increased consumer affordability. This reflects the ________ concept

a. marketing b. selling c. production X d. product

The set of marketing tools a firm uses to implement its marketing strategy is called the ________.

a. promotion mix. b. market offering. c. product mix. d. marketing mix. X

" Creative consumers" are those that

engage in informal discussions about products or services. promote or demote brands through self-created advertising videos/ adapt, modify or transform firms' proprietary offerings. can do all of the above X