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Chapter 1: Defining Marketing for the 21st Century

1. Good marketing is no accident, but a result of careful planning and ________. a. execution b. selling c. strategies d. tactics e. research Answer: a Page: 4 Level of difficulty: Medium 2. Marketing is both an “art” and a “science”—there is constant tension between the formulated side of marketing and the ________ side. a. creative b. selling c. management d. forecasting e. behavior Answer: a Page: 4 Level of difficulty: Easy 3. The most formal definition of marketing is ________. a. meeting needs profitably b. identifying and meeting human and social needs c. the 4Ps (Product, Price, Place, Promotion) d. an organizational function and a set of processes for creating, communicating, and delivering, value to customers, and for managing customer relationships in ways that benefit the organization and its stake holders. e. improving the quality of life for consumers Answer: d Page: 6 Level of difficulty: Medium 4. Marketing management is ________. a. managing the marketing process b. monitoring the profitability of the companies products and services c. selecting target markets d. developing marketing strategies to move the company forward e. the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value Answer: e Page: 6 Level of difficulty: Easy


called the ________. politician. fund raiser. salesperson. we make profits b. Properties Answer: a Page: 9 Level of difficulty: Medium 8. in the store. Charles Revson of Revlon observed: “In the factory. Durable goods d. each party is free to accept or reject the exchange offer e. a purchase.Part 1: Understanding Marketing Management 5. Information b. we implement ads d. we sell quality Answer: d Page: 9 Level of difficulty: Easy 9. at least two parties b. Impulse c. marketer. Organizations e. A transaction involves ________. customer b.” a. a vote. celebrity. contributor c. ________ can be produced and marketed as a product. we make cosmetics. prospect e. a. voter d. Physical d. Durable b. Service e. ________ goods constitute the bulk of most countries’ production and marketing efforts. ________. a. Celebrities c. a. each party has something that might be of value to the other party c. A ________ is someone seeking a response (attention. a. all of the above Answer: e Pages: 6–7 Level of difficulty: Medium 6. we challenge competitors c. each party is capable of communication and delivery d. Event Answer: c Page: 8 Level of difficulty: Medium 7. we sell hope e. audience Answer: d Page: 10 Level of difficulty: Hard 2 . a donation) from another party.