MKT 3350 - 002

Harper

September 1, 2016

Group 1

Chapter 1 Quiz

  1. ______is the Process in which consumers sell to other consumers
  2. B2B Marketing
  3. B2C Marketing
  4. C2C Marketing
  5. Exchange
  6. Trade
  1. Product, one of the four P’s, is responsible for what in Marketing?
  1. Creating Value
  2. Capturing Value
  3. Delivering the Value Proposition
  4. Communicating the Value Proposition
  5. None of the above
  1. Which of the following is not a part of an Exchange?
  1. Customers and consumers
  2. Advertising and Communications
  3. Money and Information
  4. Goods and Services
  1. ______is everything a buyer gives up in exchange for the product whereas ______describes all activities necessary to get the product to the right customer.
  2. Place, Price
  3. Goods, Price
  4. Goods, Place
  5. Price, Place
  1. John is running late to work. He gets on the highway and takes a sharp turn to get into the express lane that costs $5. Instead of being stuck in traffic for one hour, he will now arrive at work in 30 minutes. Which of the Four P’s of Marketing does his willingness to sacrifice money in exchange for saved time exemplify?
  2. Product
  3. Price
  4. Place
  5. Promotion
  1. Which of the following helps create value driven marketing firms?
  2. Balancing benefits with costs
  3. Using social and mobile media to connect with customers
  4. Building relationships with customers
  5. All of the above
  1. What is a service?
  2. An intangible customer benefit produced by people or machines and cannot be separated from the producer.
  3. A trade of things of value between buyer and seller so that each is better off as a result.
  4. It specifies marketing activities for a specific period of time.
  5. It creates value in a product.
  1. Intellectual concepts such as thoughts, opinions, philosophies, and ______can be marketed.
  2. Quotes
  3. Services
  4. Goods
  5. Ideas
  1. Which one of these does not belong in the marketing mix?
  2. Promotion
  3. People
  4. Place
  5. Price
  1. Which era do most firms today define with?
  2. Sales Oriented Era
  3. Market Oriented Era
  4. Value-based Marketing Era
  5. Production Oriented Era
  1. Which of the following is not a way a marketing firm becomes more value driven?
  2. Sharing Information
  3. Building Relationships with Customers
  4. Balancing Benefits with Costs
  5. Building Relationships with Managers
  1. What is the correct order of the supply chain?
  1. Raw material, Manufacturer, Retailer, Consumer
  2. Manufacturer, Raw material, Retailer, Consumer
  3. Manufacturer, Deliverer, Retailer, Consumer
  4. Raw material, Retailer, Manufacturing, Consumer

13.At the turn of the 20th century most companies used what kind of marketing orientation?

  1. Sales
  2. Production
  3. Market
  4. Value Based

14. A ______is a broad description of a firm's objectives and the scope of activities it plans to undertake.

  1. Marketing Plan
  2. Mission Statement
  3. Plan of Action
  4. Business Objective

15. What is the most important part of understanding the market place?

  1. Understanding Fluctuations in the Market
  2. Understanding Customer Needs and Wants
  3. Understanding Product Price
  4. Understanding Business Needs and Wants

16. According to the book, what is the definition of Goods?

  1. Intangible customer benefits
  2. Experiences that encourage social interaction
  3. Items that you can physically touch
  4. Products that are for sale by a company

17. Which of the following does a Promotion NOT do?

  1. Informs
  2. Persuades
  3. Devalues
  4. Reminds

18. What is a business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm’s most valued customers?

  1. CRM
  2. CPR
  3. SPC
  4. BRM

19. Three of the following are considered important outcomes of Marketing… Which is NOT?

  1. Can be Entrepreneurial
  2. Expands Global Presence
  3. Increases Price of Product
  4. Enriches Society

20. What is another name for the Supply Chain?

  1. Production Channel
  2. English Channel
  3. Production Chain
  4. Marketing Channel

Answer Key:

  1. C
  2. A
  3. B
  4. D
  5. B
  6. D
  7. A
  8. D
  9. B
  10. C
  11. D
  12. A
  13. B
  14. B
  15. B
  16. C
  17. C
  18. A
  19. C
  20. D