MKT 3413
MKT 3413 Exam 1 2025 Verified
Questions and Answers
CHPATER 1
Which of the following is the best definition for marketing?
A) Marketing is an organizational function and a set of business activities designed to
make profits.
B) Marketing is an organizational function and a set of processes for creating,
communicating, and delivering value to customers and for managing customer
relationships in ways that benefit the organization and its stakeholders.
C) Marketing is a business function and a process for determining the value customers
desire in order to gain profit for business organizations and to seek societal benefits
through nonprofit marketing.
D) Marketing is finding a hole and filling it while earning profitable dollars.
E) Marketing is the result of the equilibrium of supply, demand, marginal cost, and
marginal revenue. - Correct Ans-B
Which of the following is most accurate?
A) Marketing is an attempt to create an exchange.
B) Marketing is an attempt to create long-term customer relationships.
C) Marketing is an attempt to create long-term customer relationships which will then
likely satisfy the organization's objectives.
D) Marketing is an attempt to earn profitable dollars.
E) Marketing is an attempt to gain customers from competitors while at least breaking
even profitwise. - Correct Ans-C
According to the AMA definition of marketing, which of the following is true of
marketing?
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,MKT 3413
A) "Making the sale" should be considered the end of marketing.
B) Marketing is carried out for the benefit of the customer.
C) Marketing is carried out for the benefit of the stakeholders.
D) Marketing should not be considered an organizational function.
E) all of the above - Correct Ans-C
What does the phrase "hearing the voice of the consumer" mean?
A) Companies have the information they need to effectively satisfy wants and needs in
the marketplace.
B) Companies specifically use telemarketing to hear their customers' opinions.
C) Marketing is carried out for the benefit of the customers.
D) Marketing managers should take the time to listen in on focus groups.
E) Market trials are necessary for certain products. - Correct Ans-A
The key reason that the marketing concept has been recognized as the "right
philosophy" is that it:
A) is well established in the marketing literature
B) has been recommended by successful marketing executives
C) does not rely on high-pressure selling
D) stresses understanding the competition
E) always puts the customer first - Correct Ans-E
What would a strategy "that allows a firm to truly meet the wants and needs of the
consumers within the market segment that is chosen" be called?
A) the "niche" strategy
B) the "incentivized" strategy
C) the information strategy
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,MKT 3413
D) the "right" strategy
E) the recommended strategy - Correct Ans-D
In order to develop the "right strategy" to succeed in business, managers must make the
right decisions; and in order to make the right decisions, they must have objective,
accurate, and timely:
A) reports about the competition
B) reports about customers wants and needs
C) information about market trends and changes
D) the number and sizes of market segments
E) information - Correct Ans-C
Which of the following is the best definition of marketing research? Marketing research
is:
A) the activity of analyzing secondary information and providing executives with timely
reports
B) the process of designing experiments that provide decision makers with causal
information
C) the linking of consumers with information managers
D) the process of designing, gathering, analyzing, and reporting information that may be
used to solve a specific marketing problem
E) the process of designing, gathering, analyzing, and reporting information that may be
used to solve general marketing problems - Correct Ans-D
Which of the following products was actually a failure after marketing research predicted
it would be successful?
A) Ice Breakers Pacs
B) Coca-Cola C2
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, MKT 3413
C) Wolfgang Puck's Self-Heating Latte
D) Coca-Cola Blak
E) all of the above - Correct Ans-E
Market research refers to________.
A) applying marketing research to a specific geographical marketing area
B) a process used by businesses to collect information used to make sound business
decisions and successfully manage the business
C) a process used by businesses to analyze and interpret information used to make
sound business decisions and successfully manage the business
D) the function that links the consumer, customer, and public to the marketer through
information
E) information used to identify and define marketing opportunities and problems -
Correct Ans-A
Which of the following is the best statement reflecting the purpose of marketing
research?
A) to provide information that improves profitability
B) to link the environments to the firm
C) to link the consumer to the marketer by providing information that can be used in
making marketing decisions
D) to link target markets to specific decision makers at all levels within firms
E) to be perceived as providing value to higher level executives within the firm - Correct
Ans-C
When everyone saw the music industry facing a terrible decline due to pirating of songs
on the Internet, Apple saw an opportunity for iTunes. This example illustrates which use
of marketing research?
A) identify market opportunities and problems
4|Page
MKT 3413 Exam 1 2025 Verified
Questions and Answers
CHPATER 1
Which of the following is the best definition for marketing?
A) Marketing is an organizational function and a set of business activities designed to
make profits.
B) Marketing is an organizational function and a set of processes for creating,
communicating, and delivering value to customers and for managing customer
relationships in ways that benefit the organization and its stakeholders.
C) Marketing is a business function and a process for determining the value customers
desire in order to gain profit for business organizations and to seek societal benefits
through nonprofit marketing.
D) Marketing is finding a hole and filling it while earning profitable dollars.
E) Marketing is the result of the equilibrium of supply, demand, marginal cost, and
marginal revenue. - Correct Ans-B
Which of the following is most accurate?
A) Marketing is an attempt to create an exchange.
B) Marketing is an attempt to create long-term customer relationships.
C) Marketing is an attempt to create long-term customer relationships which will then
likely satisfy the organization's objectives.
D) Marketing is an attempt to earn profitable dollars.
E) Marketing is an attempt to gain customers from competitors while at least breaking
even profitwise. - Correct Ans-C
According to the AMA definition of marketing, which of the following is true of
marketing?
1|Page
,MKT 3413
A) "Making the sale" should be considered the end of marketing.
B) Marketing is carried out for the benefit of the customer.
C) Marketing is carried out for the benefit of the stakeholders.
D) Marketing should not be considered an organizational function.
E) all of the above - Correct Ans-C
What does the phrase "hearing the voice of the consumer" mean?
A) Companies have the information they need to effectively satisfy wants and needs in
the marketplace.
B) Companies specifically use telemarketing to hear their customers' opinions.
C) Marketing is carried out for the benefit of the customers.
D) Marketing managers should take the time to listen in on focus groups.
E) Market trials are necessary for certain products. - Correct Ans-A
The key reason that the marketing concept has been recognized as the "right
philosophy" is that it:
A) is well established in the marketing literature
B) has been recommended by successful marketing executives
C) does not rely on high-pressure selling
D) stresses understanding the competition
E) always puts the customer first - Correct Ans-E
What would a strategy "that allows a firm to truly meet the wants and needs of the
consumers within the market segment that is chosen" be called?
A) the "niche" strategy
B) the "incentivized" strategy
C) the information strategy
2|Page
,MKT 3413
D) the "right" strategy
E) the recommended strategy - Correct Ans-D
In order to develop the "right strategy" to succeed in business, managers must make the
right decisions; and in order to make the right decisions, they must have objective,
accurate, and timely:
A) reports about the competition
B) reports about customers wants and needs
C) information about market trends and changes
D) the number and sizes of market segments
E) information - Correct Ans-C
Which of the following is the best definition of marketing research? Marketing research
is:
A) the activity of analyzing secondary information and providing executives with timely
reports
B) the process of designing experiments that provide decision makers with causal
information
C) the linking of consumers with information managers
D) the process of designing, gathering, analyzing, and reporting information that may be
used to solve a specific marketing problem
E) the process of designing, gathering, analyzing, and reporting information that may be
used to solve general marketing problems - Correct Ans-D
Which of the following products was actually a failure after marketing research predicted
it would be successful?
A) Ice Breakers Pacs
B) Coca-Cola C2
3|Page
, MKT 3413
C) Wolfgang Puck's Self-Heating Latte
D) Coca-Cola Blak
E) all of the above - Correct Ans-E
Market research refers to________.
A) applying marketing research to a specific geographical marketing area
B) a process used by businesses to collect information used to make sound business
decisions and successfully manage the business
C) a process used by businesses to analyze and interpret information used to make
sound business decisions and successfully manage the business
D) the function that links the consumer, customer, and public to the marketer through
information
E) information used to identify and define marketing opportunities and problems -
Correct Ans-A
Which of the following is the best statement reflecting the purpose of marketing
research?
A) to provide information that improves profitability
B) to link the environments to the firm
C) to link the consumer to the marketer by providing information that can be used in
making marketing decisions
D) to link target markets to specific decision makers at all levels within firms
E) to be perceived as providing value to higher level executives within the firm - Correct
Ans-C
When everyone saw the music industry facing a terrible decline due to pirating of songs
on the Internet, Apple saw an opportunity for iTunes. This example illustrates which use
of marketing research?
A) identify market opportunities and problems
4|Page
