MKTG 351 Exam 1 Chapter 1-7 GRL Questions
If a car company releases an affordable model, but the vehicle is only available in white, would it be
successful in today's market?
a.) No, because consumers have specific wants
b.) Yes, the vehicle will be affordable
c.) No, white color is not appealing
a.) No, because consumers have specific wants
What is the primary focus of marketing philosophy?
a.) Selling the product at the highest possible price
b.) Managing activities to maximize customer value at any cost
c.) Creating environment friendly products for customers
d.) Satisfying customers' needs and wants
d.) Satisfying customers' needs and wants
What is the American Market Association's definition of marketing?
a.) The activity, set of institutions, and processes for creating, communicating, delivering and exchanging
offerings that have value for customers, clients, partners and society at large
b.) The management of supply chain activities to achieve a sustainable competitive advantage
c.) Recording business transactions on behalf of an organization, reporting on company performance to
management, and issuing financial statements
d.)Creating processes to secure and store all transactions with customers
a.) The activity, set of institutions, and processes for creating, communicating, delivering and exchanging
offerings that have value for customers, clients, partners and society at large
,Which philosophy is focused on reducing cost?
a.) Product philosophy
b.) Sales philosophy
c.) Societal philosophy
d.) Production philosophy
d.) Production philosophy
A retail company aims at understanding its customers, and provides customer service at all times. What
philosophy is the company following?
a.) Product philosophy
b.) Production philosophy
c.) Marketing philosophy
d.) Societal philosophy
c.) Marketing philosophy
What is product philosophy?
a.) Making sure the final product is received by the customers
b.) Emphasizing push and hard-selling
c.) Focusing on getting the best value to customers
d.) Focusing on producing the highest quality goods
d.) Focusing on producing the highest quality goods
, An electric vehicle that offers a new, longer lasting battery at the existing prices is an example of a
company focusing on:
a.) Customer satisfaction
b.) Relationship marketing
c.) Customer value
d.)Opportunity cost
c.) Customer value
What is Relationship Marketing?
a.) Marketing team building a relationship with its peers in the service department
b.) Developing and enhancing long-term relationships between a seller and its customers
c.) Long-term relationship between suppliers and distributors
d.)Long term relationship between corporate officers and local market managers
b.) Developing and enhancing long-term relationships between a seller and its customers
Which of the following is key to Bank of America's success at relationship marketing?
a.) It tries to ensure that its customers have a satisfactory experience during each interaction
b.) It does business at a physical location and online
c.) Its mobile app is user friendly
d.)It has a wide range of service
a.) It tries to ensure that its customers have a satisfactory experience during each interaction
If a car company releases an affordable model, but the vehicle is only available in white, would it be
successful in today's market?
a.) No, because consumers have specific wants
b.) Yes, the vehicle will be affordable
c.) No, white color is not appealing
a.) No, because consumers have specific wants
What is the primary focus of marketing philosophy?
a.) Selling the product at the highest possible price
b.) Managing activities to maximize customer value at any cost
c.) Creating environment friendly products for customers
d.) Satisfying customers' needs and wants
d.) Satisfying customers' needs and wants
What is the American Market Association's definition of marketing?
a.) The activity, set of institutions, and processes for creating, communicating, delivering and exchanging
offerings that have value for customers, clients, partners and society at large
b.) The management of supply chain activities to achieve a sustainable competitive advantage
c.) Recording business transactions on behalf of an organization, reporting on company performance to
management, and issuing financial statements
d.)Creating processes to secure and store all transactions with customers
a.) The activity, set of institutions, and processes for creating, communicating, delivering and exchanging
offerings that have value for customers, clients, partners and society at large
,Which philosophy is focused on reducing cost?
a.) Product philosophy
b.) Sales philosophy
c.) Societal philosophy
d.) Production philosophy
d.) Production philosophy
A retail company aims at understanding its customers, and provides customer service at all times. What
philosophy is the company following?
a.) Product philosophy
b.) Production philosophy
c.) Marketing philosophy
d.) Societal philosophy
c.) Marketing philosophy
What is product philosophy?
a.) Making sure the final product is received by the customers
b.) Emphasizing push and hard-selling
c.) Focusing on getting the best value to customers
d.) Focusing on producing the highest quality goods
d.) Focusing on producing the highest quality goods
, An electric vehicle that offers a new, longer lasting battery at the existing prices is an example of a
company focusing on:
a.) Customer satisfaction
b.) Relationship marketing
c.) Customer value
d.)Opportunity cost
c.) Customer value
What is Relationship Marketing?
a.) Marketing team building a relationship with its peers in the service department
b.) Developing and enhancing long-term relationships between a seller and its customers
c.) Long-term relationship between suppliers and distributors
d.)Long term relationship between corporate officers and local market managers
b.) Developing and enhancing long-term relationships between a seller and its customers
Which of the following is key to Bank of America's success at relationship marketing?
a.) It tries to ensure that its customers have a satisfactory experience during each interaction
b.) It does business at a physical location and online
c.) Its mobile app is user friendly
d.)It has a wide range of service
a.) It tries to ensure that its customers have a satisfactory experience during each interaction
