Lesson 1: Introduction to Marketing Quiz

Which of the following is the priority of new marketing strategies?

• to sell products

• to advertise products

• to satisfy customer needs

• to make money for the company

The act of dividing a market into segments of customers is referred to as

• market segregation.

• target marketing.

• market segmentation.

• demand marketing.

A market that consists of all possible consumers regardless of their specific needs or wants is a

• market segment.

• mass market.

• target market.

• market position.

A risk of marketing myopia is that sellers pay more attention to

• their products than to customer needs.

• the competition than to their product.

• the benefits and experiences produced by their products.

• their product’s profit margin than to their product’s price.

An instance where sellers should work to keep relationships with consumers is when they feel that the product

• function goes beyond its value.

• value is more important than its function.

• function is more important than its value.

• value goes beyond its function.

What step is most important for sellers to focus on?

• keeping all customers at all costs

• keeping loyal customers and forgetting about the others

• identifying customers with lifetime value to the seller

• working to attract new customers regardless of the costs

A value proposition represents the value that

• a seller will realize when it sells the product or service.

• a customer will realize when he purchases the product or service.

• a product or service has to offer.

• is the ratio of seller’s value to customer’s value.

Redi-Cor is trying to compile information about transactions between customers. Which of the following is not a reason Redi-Cor would rate a transaction as valuable?

• The transaction makes a seller prestigious among the competition.

• The transaction allows a seller to take pride in its product.

• The transaction allows a customer to pay the cheapest price for the product.

• The transaction motivates or educates the public.

What are the "four Ps of Marketing"?

• Promotion, Product, Price, Place

• Promotion, Profit, Place, Productivity

• Promotion, Place, Price, Press

• Promotion, Press, Profit, Productivity

To include customers in the marketing process is an example of a

• Consumer Strategy

• Seller Strategy

• High Profit Margin Strategy

• Product Strategy