Quizz Chapter 1

What is marketing primarily about?

• Selling products

• Increasing production efficiency

• Reducing costs

• Creating and delivering value to customers

Which of the following statements is true?

• New customers demand more services

• Existing customers demand more services

• It is more expensive to attract new customers than to retain existing ones

• It is more expensive to keep customers than to attract new customers

Why is there a need to monitor and understand competitors?

• Because companies need to create products similar to their competitors

• Because customers will turn to competitors if their needs are not being met

• Because companies need to match their competitors' prices

• Because customers will buy from competitors if they are cheaper

Which of these is not part of the marketing concept?

• Matching competitors' offering

• 
  That corporate goals can be achieved through customer satisfaction

• Exceeding customer needs better than competition

• t relies on the integrated effort of numerous departments, not just marketing

Which of the following defines customer value?

• The total cost of a product

• The difference between the benefits received and the costs incurred

• The brand reputation

• The price of a product

Why do marketing-orientated companies attempt to create customer value?

• In order to attract value conscious customers

• 
  In order to reduce customer complaints

• In order to attract and retain customers

• In order to reduce manufacturing costs

Which of the following is seen as the key to achieve marketing success?

• Matching the value offered by competitors

• 
  Exceeding the advertising spend of competitors

• Matching the prices offered by competitors

• 
  Exceeding the value offered by competitors

When does customer satisfaction occur?

• When perceived performance matches or exceeds expectations

• When there are no complaints

• When customers continue to purchase

• When perceived performance matches or exceeds competitors' offering

Customers' expectations are mainly formed through _______?

• the company's advertising

• recommendations from friends

• the company's promises

• all of the above

Which of the following is a characteristic of a sales-oriented marketing approach?

• Focus on customer needs

• Emphasis on maximizing sales volume

• Emphasis on product quality

• Building long-term customer relationships