Marketing Practice Exam Chapter 1

How does the new concept of marketing differ from the old concept of marketing?
It focuses on the experience of the customer.
The act of obtaining a desired object from someone by offering something in return is known as which of the following?
an exchange
Which marketing philosophy holds that consumers will favor products that offer the most in quality, performance, and innovative features?
product concept
What is most likely to cause a variation in customer-perceived value?
the customer’s opinion of what constitutes value
The ultimate goal of the marketing process is to do which of the following?
Receive value from customers.
Julie’s Jump Rope Emporium is a brand new company. From a marketing standpoint, what is the first thing Julie’s Jump Rope Emporium needs to do?
Determine who in the community wants or needs a jump rope.
A local drama club wants to increase the membership and attendance at its performances. To do so, it hosts free shows, starts poetry reading nights, and sends volunteers to the local high school. What is the drama club engaging in? (1point)
market exchange
Which of the following scenarios best describes the societal marketing concept?
Edward’s Earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term.
Bertram’s Beer structures its company in such a way as to encourage its most profitable older customers to remain loyal while also targeting a new generation of customers. What is Bertram’s Beer attempting to build?
customer equity
Vaughn’s Video has suffered in the current economy because fewer people have the money for videos and because fewer people use the technology, given the advance of online streaming sites such as YouTube and Hulu. The videos Vaughn’s Video does sell are often out priced by versions coming from China or Taiwan, or they are accused of being damaging to the environment. Which of the following marketing impacts has NOT affected Vaughn’s Video?
the digital age
What is the importance of selling and advertising in marketing?
They work in tandem with developing good customer relations.
How do market demands relate to needs and wants?
Needs are satisfied by wants, and buying power converts wants into demand.
Why is good marketing management critical?
to ensure that the company serves as many customers as it can and as well as it can
Which of the following describes the current trend in businesses regarding relationships with customers?
Hand-pick the most profitable customers and allow them more input.
How has the Internet MOST affected companies and customers?
The Internet has allowed consumers to take marketing content and share it.