UCF MAR 3023 Exam 1 Study Guide
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questions with answers \| \|
Which of the following are associated with marketing, as defined
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by the American Marketing Association? (Choose every correct
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answer.)
Multiple select question. \| \|
a.) Organizations that develop industry partnerships for
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international outsourcing \|
b.) Institutions that facilitate the exchange of offerings that have
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value for customers
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c.) Institutions that implement technologies for increased
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production efficiency \|
d.) Activities that communicate offerings that have value for
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society at large \| \|
e.) Processes used to create value for clients - CORRECT
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ANSWERS ✔✔b, d, e \| \| \|
When a toothpaste manufacturer divides the marketplace into
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smaller targets based on benefits sought by the consumer, this
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is an example of market ______.
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Multiple choice question. \| \|
a.) satisfaction
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b.) segmentation
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c.) manufacturing
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d.) needs - CORRECT ANSWERS ✔✔b.) segmentation
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,A core aspect of marketing involves a(n) _______ which is a
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transaction in which things of value are traded by buyers and
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sellers. - CORRECT ANSWERS ✔✔exchange
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Which of the following are elements of the marketing mix?
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(Choose every correct answer.) \| \| \|
Multiple select question. \| \|
a.) Portfolio
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b.) Product
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c.) Price
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d.) Purchase - CORRECT ANSWERS ✔✔b, c, d
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Reason:
The 4 Ps include product, price, place, and promotion.
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A company's Blank______ create(s) value by satisfying customer
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needs.
a.) production efficiency
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b.) product promotions
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c.) brand names
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d.) products, services, or ideas - CORRECT ANSWERS ✔✔d.)
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products, services, or ideas \| \| \|
Which of the following characterizes an exchange?
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,a.) A buyer and seller work together to neither increase nor
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decrease net satisfaction. \| \|
b.) A seller determines the best way to maximize profit while
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minimizing buyer value. \| \|
c.) A buyer and seller trade things of value, leaving each better
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off than before.
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d.) A buyer maneuvers a seller into providing maximum value
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for the lowest price. - CORRECT ANSWERS ✔✔c.) A buyer and
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seller trade things of value, leaving each better off than before.
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Product, the first of the four Ps, is responsible for ______.
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a.) establishing prices
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b.) communicating promotions
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c.) satisfying customer needs
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d.) delivering ambiance - CORRECT ANSWERS ✔✔c.) satisfying
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customer needs \|
Which of the following are considered ideas? (Choose every
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correct answer.) \|
a.) A service
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b.) A philosophy
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c.) A non-profit organization
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d.) An opinion - CORRECT ANSWERS ✔✔b, d
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Which of the following describes the fundamental purpose of
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marketing?
, a.) To achieve market dominance by selling as many products
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and services as possible
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b.) To develop highly original and innovative products
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Reason:
c.) To advertise and entertain customers
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d.) To create value and satisfy consumer needs through a variety
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of offerings - CORRECT ANSWERS ✔✔d.) To create value and
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satisfy consumer needs through a variety of offerings
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Which of the following are components of price? (Check all that
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apply.)
a.) Money
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b.) Ethical climate
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c.) Management style
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d.) Time
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e.) Energy - CORRECT ANSWERS ✔✔a, d, e
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True or False: In the marketing mix, place attempts to deliver
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value by making the product or service available when and
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where the consumer needs or wants it. - CORRECT ANSWERS
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✔✔True
Reason: Place delivers value that product creates.
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The 4 Ps include - CORRECT ANSWERS ✔✔product, price, place,
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and promotion
\|
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questions with answers \| \|
Which of the following are associated with marketing, as defined
\| \| \| \| \| \| \| \| \| \|
by the American Marketing Association? (Choose every correct
\| \| \| \| \| \| \| \|
answer.)
Multiple select question. \| \|
a.) Organizations that develop industry partnerships for
\| \| \| \| \| \| \|
international outsourcing \|
b.) Institutions that facilitate the exchange of offerings that have
\| \| \| \| \| \| \| \| \| \|
value for customers
\| \|
c.) Institutions that implement technologies for increased
\| \| \| \| \| \| \|
production efficiency \|
d.) Activities that communicate offerings that have value for
\| \| \| \| \| \| \| \| \|
society at large \| \|
e.) Processes used to create value for clients - CORRECT
\| \| \| \| \| \| \| \| \| \|
ANSWERS ✔✔b, d, e \| \| \|
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 - CORRECT ANSWERS ✔✔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. - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔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. - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔a, d, e
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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. - CORRECT ANSWERS
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✔✔True
Reason: Place delivers value that product creates.
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The 4 Ps include - CORRECT ANSWERS ✔✔product, price, place,
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and promotion
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