NHM 464 Marketing Test 1 Questions and Answers| New Update with 100% Correct Answers
Quality the features and characteristics of a product that bear on its ability to satisfy
customer needs
*need a state of felt deprivation
product anything that can be offered to a market to satisfy a want or need
value proposition A company's ___________ is the set of benefits or values it promises to
deliver to consumers to satisfy their needs.
*A market is only the set of actual, not potential, buyers who have transacted with a seller. T or
F? False
A product can be: tangible or intangible
*Building strong economic and social ties with customers by delivering high-quality products
and services is the foundation of: relationship marketing
*In choosing among products, the guiding principle of most consumers is customer value-the
most benefit for the price. T or F? True
Instead of simply being defined as "freedom from defects," QUALITY should be defined: in
terms of customer satisfaction
*It is wise to assess the customer's __________ value and take appropriate actions to ensure a
customer's long-term support. long-term
*Marketing mix elements, 4 P's: Product
, Placement (distribution)
Price
Promotion
Relationship marketing is a process where marketers work at building relationships with
customers, distributors, dealers, and: suppliers
The ________________ describes a channel that stretches from raw materials, to components,
to final products that are carried to final buyers. supply chain
*The most basic concept underlying marketing is that of: needs
*The product concept holds that customers prefer existing products, and the job of
management is to develop good versions of these existing products. T or F? True
*The production concept holds that consumers will favor products that are __________ and
highly ____________, and therefore management should focus on production and distribution
efficiency. available; affordable
*The selling concept holds that consumers will not buy enough of the organization's products
unless the organization undertakes a large _________ and __________ effort. selling;
promotion
The simplest definition of marketing is delivering customer satisfaction at a profit. T or F?
True
*The social and managerial process by which individuals and groups obtain what they need
through creating and exchanging products and value with others is called: marketing
Quality the features and characteristics of a product that bear on its ability to satisfy
customer needs
*need a state of felt deprivation
product anything that can be offered to a market to satisfy a want or need
value proposition A company's ___________ is the set of benefits or values it promises to
deliver to consumers to satisfy their needs.
*A market is only the set of actual, not potential, buyers who have transacted with a seller. T or
F? False
A product can be: tangible or intangible
*Building strong economic and social ties with customers by delivering high-quality products
and services is the foundation of: relationship marketing
*In choosing among products, the guiding principle of most consumers is customer value-the
most benefit for the price. T or F? True
Instead of simply being defined as "freedom from defects," QUALITY should be defined: in
terms of customer satisfaction
*It is wise to assess the customer's __________ value and take appropriate actions to ensure a
customer's long-term support. long-term
*Marketing mix elements, 4 P's: Product
, Placement (distribution)
Price
Promotion
Relationship marketing is a process where marketers work at building relationships with
customers, distributors, dealers, and: suppliers
The ________________ describes a channel that stretches from raw materials, to components,
to final products that are carried to final buyers. supply chain
*The most basic concept underlying marketing is that of: needs
*The product concept holds that customers prefer existing products, and the job of
management is to develop good versions of these existing products. T or F? True
*The production concept holds that consumers will favor products that are __________ and
highly ____________, and therefore management should focus on production and distribution
efficiency. available; affordable
*The selling concept holds that consumers will not buy enough of the organization's products
unless the organization undertakes a large _________ and __________ effort. selling;
promotion
The simplest definition of marketing is delivering customer satisfaction at a profit. T or F?
True
*The social and managerial process by which individuals and groups obtain what they need
through creating and exchanging products and value with others is called: marketing
