Name: __________________________ Date: ______________

Course: ____________________

Multiple choice: Encircle the best letter. No erasure, alteration, or superimposition allowed.

1. The practice of marketing has an impact on customers, the firm, the market, and society in
general. All of the following are part of marketing EXCEPT:
a. creating value.
b. the exchange process.
c. satisfying customer needs and wants.
d. efforts by both individuals and organizations.
e. ensuring that financial statements correctly reflect the value of the firms brands.

2. Which of the following questions does marketing NOT consider?

a. How much should products cost?
b. How should products be designed?
c. Where should products be promoted?
d. How should products be manufactured?
e. How should products be delivered to the customer?

3. Customers give up things they valuefor example, money, information or timeto a firm in
return for goods, services and idea. This process is called:
a. barter.
b. exchange.
c. the marketing mix.
d. the free market economy.
e. customer relationship management.

4. In addition to marketing goods, marketers also work with ______________, which offer
customers intangible benefits, are produced by people or machines, and cannot be separated
from the producer.
a. ideas
b. brands
c. services
d. product features
e. marketing plans

5. Marketing has evolved from early beginnings into a business function that creates value.
Which of the following is NOT one of the recognized eras in its evolution?
a. Sales-oriented era
b. Market-oriented era
c. Production-oriented era
d. Value-based marketing era
e. Communications-oriented era

6. Some firms like Nike and Mars, Inc., the maker of M&Ms, involve customers directly in the
design of products and services to create additional value and strengthen the relationship
between the customer and the firm. This practice is known as:
a. Marketing 2.0.
b. value exchange.
c. customer teams.
d. value co-creation.
e. customer integration.

7. Customers seek benefits and will consider trade-offs among them, while also considering
costs. In value-based marketing, the marketer must:
 a. meeting as many needs as possible while also keeping costs down.
b. decide which benefits most customers want and promote them heavily.
c. seek the lowest cost of the goods and avoid expensive features to give customers the
greatest value.
d. gather the most desirable benefits into features bundles to find effective ways to cover
costs and still offer customers options.
e. None of these.

8. Customer relationship management includes all of the following EXCEPT:

a. a system.
b. a program.
c. a philosophy.
d. a set of strategies.
e. a transaction-oriented approach.

9. When expanding globally, marketing provides the critical function of:

a. economic analysis.
b. accounting accuracy.
c. production efficiency.
d. personnel management.
e. understanding customers.

10.Just as savvy job seekers use ideas from marketing to improve their chance of getting a better
job, some employers are using research, brand images and value propositions to find what
they consider to be the best and brightest new employees. This practice is known as:
a. exchange.
b. services marketing.
c. creating quality circles.
d. employment marketing.
e. he employment social contract.

Principles of Mktg.
MKTG 1 1st Quiz C1
(Overview of Mktg.)

1. E
2. D
3. B
4. C
5. E
6. D
7. A
8. E
9. E
10. D