MPU1222_Marketing

Which of the following statements is incorrect?

• ‘Needs’ refer to a person’s feeling of a state of inadequacy.

• ‘Wants’ refer to what a customer desires beyond basic needs.

• ‘Value’ is the benefit received when buying a product or service.

• ‘Price’ is the value of the products or services.

Which of the following statements is incorrect about marketing?

• An entrepreneur may divide potential customers into segments of customers that share common characteristics.

• ‘Positioning’ refers to how customers perceive a brand or a company and its offerings as compared to other company’s offerings.

• Some companies use taglines to position, reflect and differentiate their products from competitors’ product.

• Marketing and sales are the same.

Marketing mix refers to the following except:

• Strategies of product

• Strategies of customer relationship

• Strategies of promotion

• Strategies of place of distribution and selling outlets or points

Which of the following statements is incorrect about marketing?

• A marketer’s role is to find an opportunity to sell products and/or services to his target customers using the most suitable, cost-effective marketing strategies, in order to create profit for the marketer and to be of benefit to the customers.

• Marketing is only an effort to convince others to buy products or services.

• Effective marketing is based on the principles of understanding customers, delivering value to satisfy customers, and doing it at a profit.

• A cost-effective marketing strategy is a strategy that has minimal cost, but the marketing impact or effectiveness is maximum.

Which of the following statements is incorrect about marketing?

• Marketing identifies unfulfilled needs and desires.

• Customer satisfaction is very important as it will translate into repeated sales.

• In the marketplace, sellers compete with each other to sell to customers.

• A seller’s courteous, respectful and friendly service are part of a contact experience which is not part of the marketing.

A brand differentiates a company’s product from its competitors and helps customers to make comparisons. Customers are more loyal to brands that they can associate with.

• True

• False

Customer relationship management or customer relationship marketing focuses on building relationships with existing customers to turn them into loyal customers.

• True

• False

Effective marketing is based on the principles of understanding customers, delivering value to satisfy customers, and doing it at a profit.

• True

• False

Commodity products often use cost-based pricing while premium luxury products often use value-based pricing.

• True

• False

Kotler defines marketing as ‘the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies fulfilled needs and desires’.

• True

• False