Business Class Exam with Accurate
Solutions
Planning Without the Marketing Concept: - correct answer-1. Develop a Product
2. Decide on marketing activities
3. Identify potential customers
Planning With the Marketing Concept: - correct answer-1. Conduct research to identify
potential customers and their needs
2. Develop a marketing mix that meets specific customer's needs
How does the marketing mix concept focus on customer's needs? - correct answer-
Throughout the whole marketing mix process (4 p's)
T/F Good companies focus exclusively on their products. - correct answer-False
What is the first step when using the marketing concept? - correct answer-Conduct
research to identify potential customers and their needs
Is it expensive to bring a new product into the market? - correct answer-Yes
What is the main purpose of marketing for businesses that do not use the marketing
concept? - correct answer-The product is marketed to EVERYONE
Is planning what to sell and how to present it to their customer the main planning effort
of a company? - correct answer-Yes
Where are most products and services exchanged? - correct answer-Product market.
Retailer ---> Consumer
What is more important to a monopoly...profit or customer satisfaction? - correct
answer-Profit
Who has more control on prices....service businesses or product businesses? - correct
answer-Service
Do service companies have to work with a channel or can they go directly through their
customers? - correct answer-Directly
When does planning start in the marketing concept? - correct answer-Conducting
research to identify potential customers and their needs
Solutions
Planning Without the Marketing Concept: - correct answer-1. Develop a Product
2. Decide on marketing activities
3. Identify potential customers
Planning With the Marketing Concept: - correct answer-1. Conduct research to identify
potential customers and their needs
2. Develop a marketing mix that meets specific customer's needs
How does the marketing mix concept focus on customer's needs? - correct answer-
Throughout the whole marketing mix process (4 p's)
T/F Good companies focus exclusively on their products. - correct answer-False
What is the first step when using the marketing concept? - correct answer-Conduct
research to identify potential customers and their needs
Is it expensive to bring a new product into the market? - correct answer-Yes
What is the main purpose of marketing for businesses that do not use the marketing
concept? - correct answer-The product is marketed to EVERYONE
Is planning what to sell and how to present it to their customer the main planning effort
of a company? - correct answer-Yes
Where are most products and services exchanged? - correct answer-Product market.
Retailer ---> Consumer
What is more important to a monopoly...profit or customer satisfaction? - correct
answer-Profit
Who has more control on prices....service businesses or product businesses? - correct
answer-Service
Do service companies have to work with a channel or can they go directly through their
customers? - correct answer-Directly
When does planning start in the marketing concept? - correct answer-Conducting
research to identify potential customers and their needs
