UCF MAR 3023 EXAM 1 MASSIAH
QUESTIONS AND VERIFIED
ANSWERS
◉ When a toothpaste manufacturer divides the marketplace into
smaller targets based on benefits sought by the consumer, this is an
example of market ______.
Multiple choice question.
a.) satisfaction
b.) segmentation
c.) manufacturing
d.) needs. Answer: b.) segmentation
◉ A core aspect of marketing involves a(n) _______ which is a
transaction in which things of value are traded by buyers and
sellers.. Answer: exchange
◉ Which of the following are elements of the marketing mix?
(Choose every correct answer.)
Multiple select question.
a.) Portfolio
b.) Product
c.) Price
,d.) Purchase. Answer: b, c, d
Reason:
The 4 Ps include product, price, place, and promotion.
◉ A company's Blank______ create(s) value by satisfying customer
needs.
a.) production efficiency
b.) product promotions
c.) brand names
d.) products, services, or ideas. Answer: d.) products, services, or
ideas
◉ Which of the following characterizes an exchange?
a.) A buyer and seller work together to neither increase nor decrease
net satisfaction.
b.) A seller determines the best way to maximize profit while
minimizing buyer value.
c.) A buyer and seller trade things of value, leaving each better off
than before.
d.) A buyer maneuvers a seller into providing maximum value for the
lowest price.. Answer: c.) A buyer and seller trade things of value,
leaving each better off than before.
,◉ Product, the first of the four Ps, is responsible for ______.
a.) establishing prices
b.) communicating promotions
c.) satisfying customer needs
d.) delivering ambiance. Answer: c.) satisfying customer needs
◉ Which of the following are considered ideas? (Choose every
correct answer.)
a.) A service
b.) A philosophy
c.) A non-profit organization
d.) An opinion. Answer: b, d
◉ Which of the following describes the fundamental purpose of
marketing?
a.) To achieve market dominance by selling as many products and
services as possible
b.) To develop highly original and innovative products
Reason:
c.) To advertise and entertain customers
d.) To create value and satisfy consumer needs through a variety of
offerings. Answer: d.) To create value and satisfy consumer needs
through a variety of offerings
, ◉ Which of the following are components of price? (Check all that
apply.)
a.) Money
b.) Ethical climate
c.) Management style
d.) Time
e.) Energy. Answer: a, d, e
◉ True or False: In the marketing mix, place attempts to deliver
value by making the product or service available when and where
the consumer needs or wants it.. Answer: True
Reason: Place delivers value that product creates.
◉ The 4 Ps include. Answer: product, price, place, and promotion
◉ Products include goods and services, as well as ________ which are
thoughts, opinions, and philosophies that can be marketed, just as
goods and services can.. Answer: ideas
◉ Marketing is the activity, set of institutions, and processes that
create, capture, communicate, and Blank______ value.
QUESTIONS AND VERIFIED
ANSWERS
◉ When a toothpaste manufacturer divides the marketplace into
smaller targets based on benefits sought by the consumer, this is an
example of market ______.
Multiple choice question.
a.) satisfaction
b.) segmentation
c.) manufacturing
d.) needs. Answer: b.) segmentation
◉ A core aspect of marketing involves a(n) _______ which is a
transaction in which things of value are traded by buyers and
sellers.. Answer: exchange
◉ Which of the following are elements of the marketing mix?
(Choose every correct answer.)
Multiple select question.
a.) Portfolio
b.) Product
c.) Price
,d.) Purchase. Answer: b, c, d
Reason:
The 4 Ps include product, price, place, and promotion.
◉ A company's Blank______ create(s) value by satisfying customer
needs.
a.) production efficiency
b.) product promotions
c.) brand names
d.) products, services, or ideas. Answer: d.) products, services, or
ideas
◉ Which of the following characterizes an exchange?
a.) A buyer and seller work together to neither increase nor decrease
net satisfaction.
b.) A seller determines the best way to maximize profit while
minimizing buyer value.
c.) A buyer and seller trade things of value, leaving each better off
than before.
d.) A buyer maneuvers a seller into providing maximum value for the
lowest price.. Answer: c.) A buyer and seller trade things of value,
leaving each better off than before.
,◉ Product, the first of the four Ps, is responsible for ______.
a.) establishing prices
b.) communicating promotions
c.) satisfying customer needs
d.) delivering ambiance. Answer: c.) satisfying customer needs
◉ Which of the following are considered ideas? (Choose every
correct answer.)
a.) A service
b.) A philosophy
c.) A non-profit organization
d.) An opinion. Answer: b, d
◉ Which of the following describes the fundamental purpose of
marketing?
a.) To achieve market dominance by selling as many products and
services as possible
b.) To develop highly original and innovative products
Reason:
c.) To advertise and entertain customers
d.) To create value and satisfy consumer needs through a variety of
offerings. Answer: d.) To create value and satisfy consumer needs
through a variety of offerings
, ◉ Which of the following are components of price? (Check all that
apply.)
a.) Money
b.) Ethical climate
c.) Management style
d.) Time
e.) Energy. Answer: a, d, e
◉ True or False: In the marketing mix, place attempts to deliver
value by making the product or service available when and where
the consumer needs or wants it.. Answer: True
Reason: Place delivers value that product creates.
◉ The 4 Ps include. Answer: product, price, place, and promotion
◉ Products include goods and services, as well as ________ which are
thoughts, opinions, and philosophies that can be marketed, just as
goods and services can.. Answer: ideas
◉ Marketing is the activity, set of institutions, and processes that
create, capture, communicate, and Blank______ value.
