Marketing Concepts Quiz

What is the definition of marketing?

• The process of creating, communicating, delivering, and exchanging offerings

• The ability of a product to satisfy a human need

• The activity of buying and selling products

• The process of dividing a market into segments

What is the definition of value?

• The activity of buying and selling products

• The customer's estimation of the worth of a product based on its costs and benefits

• The process of dividing a market into segments

• The ability of a product to satisfy a human need

Which of the following is not one of the eight major marketing functions?

• Buying

• Selling

• Transporting

• Financing

What is the definition of relationship marketing?

• Establishing long-term, mutually satisfying buyer-seller relationships

• Using information about customers to create marketing strategies

• Identifying patterns of buying behavior

• A measure of a customer's worth to a business over one's lifetime

What is the definition of customer lifetime value?

• Establishing long-term, mutually satisfying buyer-seller relationships

• Identifying patterns of buying behavior

• Using information about customers to create marketing strategies

• A measure of a customer's worth to a business over one's lifetime

What is the definition of utility?

• The value added by marketing

• The process of dividing a market into segments

• The ability of a product to satisfy a human need

• The activity of buying and selling products

What is the definition of form utility?

• Utility created by transferring title of a product to a buyer

• Utility created by making a product available when customers wish to purchase it

• Utility created by making a product available at a location where customers wish to purchase it

• Utility created by converting production inputs into finished products

What is the definition of the marketing concept?

• A measure of a customer's worth to a business over one's lifetime

• Identifying patterns of buying behavior

• A business philosophy that a firm should provide goods and services that satisfy customers' needs

• Using information about customers to create marketing strategies

What is the definition of market segmentation?

• Directing a single marketing mix at the entire market for a particular product

• The process of dividing a market into segments and directing a marketing mix at a particular segment

• Identifying patterns of buying behavior

• A measure of a customer's worth to a business over one's lifetime

What is the definition of target market?

• A group of individuals or organizations that need products in a given category

• A measure of a customer's worth to a business over one's lifetime

• The process of dividing a market into segments and directing a marketing mix at a particular segment

• Directing a single marketing mix at the entire market for a particular product