Marketing Concepts Quiz

Customer equity is defined as:

• The total combined customer lifetime values of all the company's customers

• The total combined supplier lifetime values of all the company's suppliers

• The total combined stock value of all the company's warehouses

• All of the above

Which of the following is not part of the marketing concept?

• Customer needs

• Integrated marketing

• Profits through customer satisfaction

• Profits through sales volume

Marketing is the process by which companies create ______ for customers and build strong customer ______ in order to capture value from customers in return.

• ads, campaigns

• products, discounts

• value, relationships

• none of the above

Which of the following statements is true?

• Demography is the study of human population in terms of size, density, location, age, gender, occupation and other statistics

• The technological environment is made up of institutions and other forces that affect a society's basic values, perceptions, preferences and behaviors

• The ecological environment consists of factors that affect consumer purchasing power and spending patterns

• None of the above

The relatively homogeneous and enduring divisions in a society, which are hierarchically ordered and whose members share similar values, interests, and behavior constitute a ______.

• culture

• subculture

• social class

• family

The process of selecting one or more market segments to enter is called market ______.

• targeting

• dominance

• positioning

• segmentation

Which of the following best describes a car company's value proposition?

• We charge a 20 percent premium on our cars

• We target safety-conscious upscale families

• We sell the safest, most durable wagon

• We are the market leader in the small car category

Which of the following statements is true?

• Primary data can usually be obtained more quickly and at a lower cost than secondary data

• Marketing intelligence is the systematic collection and analysis of non-public information about consumers, competitors and developments in the marketplace.

• Marketing intelligence is the systematic collection and analysis of publicly available information about consumers, competitors and developments in the marketplace

• None of the above

The set of marketing variables which the organization blends to achieve the marketing goals in a defined target market is said to be:

• Marketing channel

• Marketing mix

• Marketing environment

• Marketing management

Many people want BMW, only few are able to buy. This is an example of:

• Need

• Want

• Demand

• Status