Principles of Marketing Section 4

A group of people or an organization that lacks of the five core concepts in marketing is not a market?

• True

• Flase

An exchange cannot take place unless each party in the exchange has something that the other party values.

• True

• False

Global Travel Agency is a small business that creates personalized vacations for its customers and in now in the process of identifying groups of travellers who have relatively similar vacation dreams. The business is engaged in the process of market segmentation.

• True

• False

The marketing concepts states that the social and economic justification for an organization's existence is the satisfaction of customers wants and needs while meeting organizational objectives.

• True

• False

Marketers can control the external environment in which their organizations operates.

• True

• False

Firms try to achieve customer satisfaction and value by ensuring customer expectations are met or exceeded.

• True

• False

MARS Bridal studio is a wedding consulting business designed to appeal to East Asians. At one time, it used the same marketing mix for all of its customers, but it has discovered that it needs a different marketing mix to appeal to its ethnic customers. For example Chinese brides want elaborate red gowns, and Vietnamese brides wear a brocaded gown with long sleeves and a Mandarin collar. MARs Bridal Studio uses a procedure called _____________________ to divide its large market.

• micromarketing

• positioning

• market segmentation

• cannibalization

The marketing concepts includes a goa orientation to remind managers that achieving long term organizational goals is as important as satisfying customers.

• True

• False

The difference between human needs and wants is that needs are not influenced by marketers

• True

• False

Only sellers of products, services and ides practice marketing; buyers do not.

• True

• False