BUSI 520 | BUSI520
Chapter 1: Defining Marketing for the 21st Century
GENERAL CONCEPT QUESTIONS
Multiple Choice
1. Good marketing is no accident, but a result of careful planning and ________.
a. execution
b. selling
c. strategies
d. tactics
e. research
Answer: a Page: 4 Level of difficulty: Medium
2. Marketing is both an “art” and a “science”—there is constant tension between the
formulated side of marketing and the ________ side.
a. creative
b. selling
c. management
d. forecasting
e. behavior
Answer: a Page: 4 Level of difficulty: Easy
3. The most formal definition of marketing is ________.
a. meeting needs profitably
b. identifying and meeting human and social needs
c. the 4Ps (Product, Price, Place, Promotion)
d. 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 stake holders.
e. improving the quality of life for consumers
Answer: d Page: 6 Level of difficulty: Medium
4. Marketing management is ________.
a. managing the marketing process
b. monitoring the profitability of the companies products and services
c. selecting target markets
d. developing marketing strategies to move the company forward
e. the art and science of choosing target markets and getting, keeping, and growing
customers through creating, delivering, and communicating superior customer
value
Answer: e Page: 6 Level of difficulty: Easy
,5. A transaction involves ________.
a. at least two parties
b. each party has something that might be of value to the other party
c. each party is capable of communication and delivery
d. each party is free to accept or reject the exchange offer
e. all of the above
Answer: e Pages: 6–7 Level of difficulty: Medium
6. ________ goods constitute the bulk of most countries’ production and marketing
efforts.
a. Durable
b. Impulse
c. Physical
d. Service
e. Event
Answer: c Page: 8 Level of difficulty: Medium
7. ________ can be produced and marketed as a product.
a. Information
b. Celebrities
c. Durable goods
d. Organizations
e. Properties
Answer: a Page: 9 Level of difficulty: Medium
8. Charles Revson of Revlon observed: “In the factory, we make cosmetics; in the store,
________.”
a. we make profits
b. we challenge competitors
c. we implement ads
d. we sell hope
e. we sell quality
Answer: d Page: 9 Level of difficulty: Easy
9. A ________ is someone seeking a response (attention, a purchase, a vote, a donation)
from another party, called the ________.
a. salesperson, customer
b. fund raiser, contributor
c. politician, voter
d. marketer, prospect
e. celebrity, audience
Answer: d Page: 10 Level of difficulty: Hard
, 10. In ________—consumers may share a strong need that cannot be satisfied by an
existing product.
a. negative demand
b. latent demand
c. declining demand
d. irregular demand
e. non-existent demand
Answer: b Page: 10 Level of difficulty: Medium
11. In ________—more customers would like to buy the product than can be satisfied.
a. latent demand
b. irregular demand
c. overfull demand
d. excessive
e. negative demand
Answer: c Page: 10 Level of difficulty: Medium
12. Marketers often use the term ________ to cover various groupings of customers.
a. people
b. buying power
c. demographic segment
d. social class position
e. market
Answer: e Page: 10 Level of difficulty: Hard
13. Companies selling mass consumer goods and services such as soft drinks, cosmetics,
air travel, and athletic shoes and equipment spend a great deal of time trying to
establish a superior brand image in markets called ________.
a. business markets
b. global markets
c. consumer markets
d. nonprofit and governmental markets
e. service markets
Answer: c Page: 11 Level of difficulty: Medium
14. In business markets, advertising can play a role, but a stronger role may be played by
the sales force, ________, and the company’s reputation for reliability and quality.
a. brand image
b. distribution
c. promotion
d. price
e. performance
Answer: d Page: 11 Level of difficulty: Hard
Chapter 1: Defining Marketing for the 21st Century
GENERAL CONCEPT QUESTIONS
Multiple Choice
1. Good marketing is no accident, but a result of careful planning and ________.
a. execution
b. selling
c. strategies
d. tactics
e. research
Answer: a Page: 4 Level of difficulty: Medium
2. Marketing is both an “art” and a “science”—there is constant tension between the
formulated side of marketing and the ________ side.
a. creative
b. selling
c. management
d. forecasting
e. behavior
Answer: a Page: 4 Level of difficulty: Easy
3. The most formal definition of marketing is ________.
a. meeting needs profitably
b. identifying and meeting human and social needs
c. the 4Ps (Product, Price, Place, Promotion)
d. 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 stake holders.
e. improving the quality of life for consumers
Answer: d Page: 6 Level of difficulty: Medium
4. Marketing management is ________.
a. managing the marketing process
b. monitoring the profitability of the companies products and services
c. selecting target markets
d. developing marketing strategies to move the company forward
e. the art and science of choosing target markets and getting, keeping, and growing
customers through creating, delivering, and communicating superior customer
value
Answer: e Page: 6 Level of difficulty: Easy
,5. A transaction involves ________.
a. at least two parties
b. each party has something that might be of value to the other party
c. each party is capable of communication and delivery
d. each party is free to accept or reject the exchange offer
e. all of the above
Answer: e Pages: 6–7 Level of difficulty: Medium
6. ________ goods constitute the bulk of most countries’ production and marketing
efforts.
a. Durable
b. Impulse
c. Physical
d. Service
e. Event
Answer: c Page: 8 Level of difficulty: Medium
7. ________ can be produced and marketed as a product.
a. Information
b. Celebrities
c. Durable goods
d. Organizations
e. Properties
Answer: a Page: 9 Level of difficulty: Medium
8. Charles Revson of Revlon observed: “In the factory, we make cosmetics; in the store,
________.”
a. we make profits
b. we challenge competitors
c. we implement ads
d. we sell hope
e. we sell quality
Answer: d Page: 9 Level of difficulty: Easy
9. A ________ is someone seeking a response (attention, a purchase, a vote, a donation)
from another party, called the ________.
a. salesperson, customer
b. fund raiser, contributor
c. politician, voter
d. marketer, prospect
e. celebrity, audience
Answer: d Page: 10 Level of difficulty: Hard
, 10. In ________—consumers may share a strong need that cannot be satisfied by an
existing product.
a. negative demand
b. latent demand
c. declining demand
d. irregular demand
e. non-existent demand
Answer: b Page: 10 Level of difficulty: Medium
11. In ________—more customers would like to buy the product than can be satisfied.
a. latent demand
b. irregular demand
c. overfull demand
d. excessive
e. negative demand
Answer: c Page: 10 Level of difficulty: Medium
12. Marketers often use the term ________ to cover various groupings of customers.
a. people
b. buying power
c. demographic segment
d. social class position
e. market
Answer: e Page: 10 Level of difficulty: Hard
13. Companies selling mass consumer goods and services such as soft drinks, cosmetics,
air travel, and athletic shoes and equipment spend a great deal of time trying to
establish a superior brand image in markets called ________.
a. business markets
b. global markets
c. consumer markets
d. nonprofit and governmental markets
e. service markets
Answer: c Page: 11 Level of difficulty: Medium
14. In business markets, advertising can play a role, but a stronger role may be played by
the sales force, ________, and the company’s reputation for reliability and quality.
a. brand image
b. distribution
c. promotion
d. price
e. performance
Answer: d Page: 11 Level of difficulty: Hard
