VSP FOUNDATION EXAMPREP 2026
COMPLETE TEST BANK AND VERIFIED
ANSWERS
⩥ How is marketing an exchange relationship? Answer: The customer
seeks benefits from the company and expects to pay.
The company offers benefits to its customers and seeks profits.
⩥ Why is marketing important? Answer: Enriches society, can be
entrepreneurial, expands global presence, strengthens channel
relationships
Marketing has evolved from a function to an organization-wide
philosophy
The marketing world is a truly customer-oriented and customer-
empowered world where the goal is to build and maintain relationships
with the customer
⩥ What is a market? Answer: The aggregate of all people or
organizations who have a need for, or want, a product or class of
products and have the money to pay for them. It is sometimes used to
,mean a place, real or virtual, where buyers and sellers meet to buy or sell
goods
Markets may be segmented by characteristics of the buyer
⩥ What is the classical marketing concept? Answer: A philosophy which
guides the attitude of everyone in a firm to stimulate and satisfy the
needs and wants of every customer
⩥ What is a competitive marketing strategy? Answer: It involves
product strategy, pricing strategy, integrated marketing communications,
channels, and logistics strategy. It needs to offer value to the target
market, that is defined by marketing, so that the business may focus on
those selected markets
⩥ 5 C's (expanded) Answer: Customers: Who are they? What are they
like? Do we want to draw different customers?
Company: What are our strengths and weaknesses? What customer
benefits can we provide?
Context: What is happening in our industry that might reshape our future
business?
,Collaborators: Can we address our customers' needs while strengthening
our business to business (B2B) partnerships?
Competitors: Who are the competitors we must consider? What are their
likely actions and reactions?
⩥ STP (expanded) Answer: Segmentation: Customers aren't all the
same; they vary in their preferences, needs, and resources.
Targeting: Attracting some of those customers makes better sense than
going after others.
Positioning: Communicate your benefits clearly to your intended
customers.
⩥ 4 P's (expanded) Answer: Product: Will customers want what your
company is prepared to produce?
Price: Will customers pay what you would like to charge?
Place: Where and how will customers purchase your market offering?
Promotion: What can you tell your customers, or do for them, to entice
them to purchase?
, ⩥ Customer behavior Answer: The way customers select, purchase, use,
and dispose of goods, services, ideas, or experiences to satisfy their
needs and desires
⩥ Business-to-customer (B2C) Answer: (Customer involvement: low)
Convenience purchases: Staples (standard, frequently consumed goods
such as bread or gas) and impulse purchases (candy or National Enquirer
available near the check-out stand).
(Customer involvement: moderate) Shopping purchases: Going online to
Citysearch.com to find a restaurant and make reservations when heading
out of town.
(Customer involvement: high) Specialty purchases: A new car, fashion
shows, an expensive laptop computer.
⩥ Business-to-business (B2B) Answer: (Customer involvement: low)
Straight rebuy: You're out of toothpaste and you mindlessly pop a tube
of your usual brand into your basket.
(Customer involvement: moderate) Modified rebuy: You reach for your
brand of toothpaste but you try a new flavor.
COMPLETE TEST BANK AND VERIFIED
ANSWERS
⩥ How is marketing an exchange relationship? Answer: The customer
seeks benefits from the company and expects to pay.
The company offers benefits to its customers and seeks profits.
⩥ Why is marketing important? Answer: Enriches society, can be
entrepreneurial, expands global presence, strengthens channel
relationships
Marketing has evolved from a function to an organization-wide
philosophy
The marketing world is a truly customer-oriented and customer-
empowered world where the goal is to build and maintain relationships
with the customer
⩥ What is a market? Answer: The aggregate of all people or
organizations who have a need for, or want, a product or class of
products and have the money to pay for them. It is sometimes used to
,mean a place, real or virtual, where buyers and sellers meet to buy or sell
goods
Markets may be segmented by characteristics of the buyer
⩥ What is the classical marketing concept? Answer: A philosophy which
guides the attitude of everyone in a firm to stimulate and satisfy the
needs and wants of every customer
⩥ What is a competitive marketing strategy? Answer: It involves
product strategy, pricing strategy, integrated marketing communications,
channels, and logistics strategy. It needs to offer value to the target
market, that is defined by marketing, so that the business may focus on
those selected markets
⩥ 5 C's (expanded) Answer: Customers: Who are they? What are they
like? Do we want to draw different customers?
Company: What are our strengths and weaknesses? What customer
benefits can we provide?
Context: What is happening in our industry that might reshape our future
business?
,Collaborators: Can we address our customers' needs while strengthening
our business to business (B2B) partnerships?
Competitors: Who are the competitors we must consider? What are their
likely actions and reactions?
⩥ STP (expanded) Answer: Segmentation: Customers aren't all the
same; they vary in their preferences, needs, and resources.
Targeting: Attracting some of those customers makes better sense than
going after others.
Positioning: Communicate your benefits clearly to your intended
customers.
⩥ 4 P's (expanded) Answer: Product: Will customers want what your
company is prepared to produce?
Price: Will customers pay what you would like to charge?
Place: Where and how will customers purchase your market offering?
Promotion: What can you tell your customers, or do for them, to entice
them to purchase?
, ⩥ Customer behavior Answer: The way customers select, purchase, use,
and dispose of goods, services, ideas, or experiences to satisfy their
needs and desires
⩥ Business-to-customer (B2C) Answer: (Customer involvement: low)
Convenience purchases: Staples (standard, frequently consumed goods
such as bread or gas) and impulse purchases (candy or National Enquirer
available near the check-out stand).
(Customer involvement: moderate) Shopping purchases: Going online to
Citysearch.com to find a restaurant and make reservations when heading
out of town.
(Customer involvement: high) Specialty purchases: A new car, fashion
shows, an expensive laptop computer.
⩥ Business-to-business (B2B) Answer: (Customer involvement: low)
Straight rebuy: You're out of toothpaste and you mindlessly pop a tube
of your usual brand into your basket.
(Customer involvement: moderate) Modified rebuy: You reach for your
brand of toothpaste but you try a new flavor.
