Marketing Fundamentals — Tutorial

A group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas is referred to as _________.

• auditing.

• marketing.

• recruiting.

• segmenting.

• positioning.

The best way marketing activities create value is by ______.

• focusing exclusively on selling and advertising.

• using unsystematic approaches to satisfying consumers.

• manipulating consumers to get them to buy products they do not want.

• allowing individuals and organizations to obtain what they need and want.

• working independently of other functional areas of business—such as operations.

Martin goes to his favorite local bakery and hands the cashier RM2 for a muffin. What has just taken place?

• a trade

• a transfer

• a donation

• an exchange

• a conversion

Through ________, marketers ascertain the need for new goods and services.

• selling activities

• grading activities

• marketing research

• promotions

• campaigns

A customer's subjective assessment of benefits relative to costs in determining the worth of a product is known as _________.

• risk.

• value.

• cost.

• price.

• profit.

The goal of the marketing concept is ________.

• reducing production costs.

• boosting productivity.

• customer satisfaction.

• reducing asset turnover.

• competitive analysis.

The market orientation approach emphasizes ________.

• performing extensive promotional activities.

• determining what customers want first and then producing it.

• producing goods efficiently.

• making the products first and then trying to persuade customers that they need them.

• making profits at the expense of customer satisfaction.

A ________ is a plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers.

• marketing strategy

• contingency plan

• market evaluation

• mission statement

• SWOT analysis.

The first step in developing a marketing strategy is ________________.

• cultivating effective customer relationships.

• attracting new customers.

• selecting a target market.

• developing an appropriate marketing mix.

• conducting a SWOT analysis.

A ________ is best described as a group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas.

• market

• focus group

• command group

• cohort

• segment