Marketing: Defined, Explained, Applied (Levens)
Chapter 1 The Meaning of Marketing
1) ________ is an organizational function and a collection of processes designed to plan
for, create, communicate, and deliver value to customers.
A) Selling
B) Advertising
C) Bartering
D) Marketing
E) Negotiating
Answer: D
Diff: 1 Page Ref: 3
AACSB: Communication
Skill: Concept
Objective: 1-1
2) A company achieves ________ for itself by creating value for customers.
A) utility
B) needs
C) profits
D) a brand
E) a marketing concept
Answer: C
Diff: 2 Page Ref: 3
Skill: Concept
,Objective: 1-1
3) Modern marketing has its roots in all BUT which of the following?
A) anthropology
B) economics
C) psychology
D) sociology
E) statistics
Answer: A
Diff: 3 Page Ref: 3
Skill: Concept
Objective: 1-1
,4) Which of the following is the satisfaction received from owning or consuming a
product or service?
A) utility
B) demand
C) perceived need
D) want
E) brand
Answer: A
Diff: 1 Page Ref: 3
Skill: Concept
Objective: 1-1
5) Which of the following is most likely to happen when a consumer does not perceive
that a product has utility?
A) The customer will not buy the product.
B) The customer will research the product before buying it.
C) The customer will buy the product without conducting research.
D) The customer will have a perceived need for the product.
E) The customer will not be influenced by marketing.
Answer: A
Diff: 3 Page Ref: 3
Skill: Concept
Objective: 1-1
6) ________ are desires for things that are not essential.
A) Needs
, B) Wants
C) Demands
D) Values
E) Exchanges
Answer: B
Diff: 1 Page Ref: 3
Skill: Concept
Objective: 1-1
7) ________ is an individual's financial capacity to buy what he or she wants.
A) Perceived need
B) Demand
C) Social need
D) Utility
E) Exchange
Answer: B
Diff: 1 Page Ref: 3
Skill: Concept
Objective: 1-1
Chapter 1 The Meaning of Marketing
1) ________ is an organizational function and a collection of processes designed to plan
for, create, communicate, and deliver value to customers.
A) Selling
B) Advertising
C) Bartering
D) Marketing
E) Negotiating
Answer: D
Diff: 1 Page Ref: 3
AACSB: Communication
Skill: Concept
Objective: 1-1
2) A company achieves ________ for itself by creating value for customers.
A) utility
B) needs
C) profits
D) a brand
E) a marketing concept
Answer: C
Diff: 2 Page Ref: 3
Skill: Concept
,Objective: 1-1
3) Modern marketing has its roots in all BUT which of the following?
A) anthropology
B) economics
C) psychology
D) sociology
E) statistics
Answer: A
Diff: 3 Page Ref: 3
Skill: Concept
Objective: 1-1
,4) Which of the following is the satisfaction received from owning or consuming a
product or service?
A) utility
B) demand
C) perceived need
D) want
E) brand
Answer: A
Diff: 1 Page Ref: 3
Skill: Concept
Objective: 1-1
5) Which of the following is most likely to happen when a consumer does not perceive
that a product has utility?
A) The customer will not buy the product.
B) The customer will research the product before buying it.
C) The customer will buy the product without conducting research.
D) The customer will have a perceived need for the product.
E) The customer will not be influenced by marketing.
Answer: A
Diff: 3 Page Ref: 3
Skill: Concept
Objective: 1-1
6) ________ are desires for things that are not essential.
A) Needs
, B) Wants
C) Demands
D) Values
E) Exchanges
Answer: B
Diff: 1 Page Ref: 3
Skill: Concept
Objective: 1-1
7) ________ is an individual's financial capacity to buy what he or she wants.
A) Perceived need
B) Demand
C) Social need
D) Utility
E) Exchange
Answer: B
Diff: 1 Page Ref: 3
Skill: Concept
Objective: 1-1
