Principles of Marketing 3rd Quarter Exam

In order to collect value from consumers in return, businesses must first generate value for their customers and then develop solid relationships with them.

• True

• False

Marketing offers are a variety of goods and services that are provided to a market in order to meet its needs or desires.

• True

• False

Marketing myopia is the practice of concentrating primarily on current desires while ignoring underlying customer requirements.

• True

• False

Exchanging is the process of getting something from someone by asking them something else in return.

• True

• False

A product or service's marketplaces are its present and potential customers.

• True

• False

Making successful connections with target markets is the art and science of marketing strategy.

• True

• False

Market segmentation is the process of breaking down marketplaces into groups of consumers.

• True

• False

The assumption behind production is that buyers would favor things that are readily available or very affordable.

• True

• False

Selling concept is the idea that consumers will buy enough of the firm's products unless it undertakes a large scale selling and promotion effort

• True

• False

Marketing concept is the idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do.

• True

• False