MAKT 101 Chapter 1

Mason is trying to understand what marketing really means. He learns that it involves more than just selling products. What is the simplest definition of marketing?

• Conducting market research

• Creating advertisements

• Engaging customers and managing profitable customer relationships

• Selling products at a discount

Nora is working on a marketing project for her business class. She learns that the twofold goal of marketing is to achieve specific objectives. What is the twofold goal of marketing?

• Attract new customers and grow current customers

• Expand into new markets and enhance brand image

• Maximize profits and minimize costs

• Increase product variety and reduce prices

Charlotte is trying to understand what needs are in the context of marketing.

• Financial capabilities to purchase

• Cultural influences on buying behavior

• Desires for specific products

• States of felt deprivation

Abigail is working on a marketing project for her company, but she notices that her team is paying more attention to the specific features of their latest product rather than the benefits it provides to customers. What is this phenomenon called?

• Creating long-term customer relationships

• Paying more attention to specific products than to benefits

• Focusing on customer needs

• Understanding market trends

In a small town, David is trying to understand what a market is. He learns that it involves a set of actual and potential buyers of a product or service. What is a market?

• A type of advertisement

• A marketing strategy

• A set of actual and potential buyers of a product or service

• A group of sellers

Elijah is trying to understand what market segmentation involves for his new business. What does market segmentation involve?

• Increasing product prices

• Creating a single marketing strategy for all consumers

• Developing new products

• Dividing the market into segments of consumers

What is a brand's value proposition?

• The target market demographics

• The set of benefits or values it promises to deliver

• The price of the product

• The marketing channels used

In a marketing class, Luna is discussing different marketing management orientations. She mentions that one orientation focuses on continuous product improvements. Which orientation is she referring to?

• Societal marketing concept

• Product concept

• Selling concept

• Production concept

Mason is working on a marketing project for his class. What does the marketing concept emphasize?

• Knowing the needs and wants of target markets

• Selling as many products as possible

• Creating advertisements

• Focusing solely on production efficiency

Mia is studying marketing and wants to understand the macroenvironment. What is the macroenvironment in marketing?

• The larger societal forces affecting the microenvironment

• The internal company structure

• The immediate environment surrounding a company

• The financial resources available