Marketing involves managerial process to formulate programs designed to bring about voluntary exchanges of values with target market.

• True

• False

Product concepts hold the assumption that customers favor product that offer quality, performance and innovative features.

• True

• False

Selling what you have is the concept of ………………………………………

• Product concept

• marketing concept

• selling concept

• none of them

Understanding, creating, communicating and delivering customer value and satisfaction are the very heart of traditional marketing.

• True

• False

In production concept companies put all their marketing efforts in:

• Reducing the cost of production

• Distribution system

• both of them

• none of them

The process of breaking the marketing environment into smaller parts in order to gain a better understanding of it is known as (select ONE)

• Internal environment

• micro environment

• macro environment

• environmental analysis

When using the PESTL framework, marketers are investigating: (Select ONE)

When using the PESTL framework, marketers areESTL framework, marketers are investigating: (Select ONE)

• internal forces

• micro environmental forces

• macro environmental forces

• competitive forces

Which of the following statements is correct? (Select ONE)

• a. The internal environment includes those factors that are not controllable by the organization

• b. Weaknesses are internal factors that marketers seek to minimize

• c. The internal environment includes factors that are controllable by the organization

• Both b and c

• All a, b and c

An organisation that cuts its marketing budget during an economic downturn could be more likely to view marketing as (Select ONE)

• a. cost

• b. investment

• c. essential

• Both a and c

• both a and b

In an attempt to overcome legal regulations, an industry body may attempt to influence which aspect of its marketing environment? (Select ONE)

• Socio cultural

• Political

• competitive

• Economic