Marketing Concepts Quiz

Evaluate the process of trading goods or services between buyers and sellers. Which term accurately defines this transaction?

• Demands

• Exchange

• Products

• Value

What term refers to a collection of sellers who create products and provide services to people?

• Consumers

• Customers

• Industry

• Market

How can businesses effectively introduce new products to potential customers?

• By relying on word-of-mouth alone

• By keeping products a secret until customers find them

• By only using printed materials such as flyers and brochures

• By using advertisements on various platforms like TV, radio, and the internet

Considering the selling concept, which of the following would be the most appropriate focus for a company using this marketing approach?

• Constant communication

• Customer Value

• Heavy selling and promotional efforts

• Value Creation

What does the production concept believe customers prefer in products?

• Affordable prices

• Protection to customers

• Promotional efforts

• Satisfaction and value to customers

Why is innovation important for businesses to enhance their existing products and stay competitive in the market?

• It eliminates the need for marketing strategies.

• It ensures businesses can operate without competition.

• It allows businesses to reduce costs without improving quality.

• It helps businesses find creative ways to improve human conditions and quality of life.

How much percentage is the probability of selling a product to a new customer?

• 5 – 10%

• 5 – 15%

• 5 – 20%

• 5 – 25%

Imagine a company that focuses solely on producing large quantities of products, believing that the more they produce, the more likely they are to meet customer demand. The company doesn’t prioritize customer needs or the impact on society. Given the scenario, analyze which marketing approach is NOT aligned with the company’s focus on mass production without considering customer needs or societal impact.

• Marketing Concept

• Production Concept

• Relationship Marketing Concept

• Societal Marketing Concept

Which of the following is NOT part of the external environment of a business?

• Competitors

• Customers

• Economy

• Employees

Why do most appliance centers offer free appliance installation?

• To attract customers with lower prices

• To reduce the need for return policies

• To encourage customers to buy more products

• To make it easier for customers to use the product after purchase