T or F: Reasonable government over sight is required in order to have a
marketing exchange - ANSWER False
T or F: Price is the money given up by the buyer, it does not include thought,
time, or travel to participate in the exchange - ANSWER False
T or F: A customer is always a constituent - ANSWER True
What is the easiest thing for the seller to change or control in a Marketing
Exchange? - ANSWER Price
A seller is offering an item for $20, will not lower the price, and there is no tax. A
potential buyer is aware of the offer, and thinks the item is worth exactly $20 to
them as a buyer. According to the lecture, and assuming both the buyer and
seller are rational, what will happen? - ANSWER Nothing it isn't worth the
exchange
According to lecture, which type of business is primarily interested in providing
value to constituents rather than customers? - ANSWER Not-for-Profit
Markets can be made up of what? 3 things - ANSWER -Individuals
-all the buyers and sellers engaged in the pursuit or consideration of a
marketing exchange
-organizations
T or F: Organizations sell, but only individuals buy - ANSWER False
T or F: Business markets serve only businesses that manufacture or re-sell what
they are buying. Consumer markets serve individuals and families that are the
end-use OR businesses that consume products in the course of doing
businesses, such as with janitorial supplies. - ANSWER False
T or F: Cost is everything the seller gives up in the exchange, including non-
monetary costs - ANSWER True
The marketing environment includes which of the following: (3 things) - ANSWER
Constituents, Government, Society in general
, Which of the following is a correct definition for a "Product"? (2 things) -
ANSWER -anything that can be bought, sold, or offered for consideration
-a tangible good and/or a service and/or an idea
In the 4 P's, which P is occasionally referred to as "distribution"? - ANSWER
Place
T or F: In the 4 P's Promotion can include word of mouth - ANSWER True
Buyers are primarily interested in which of the following: - ANSWER BENEFITS
BENEFITS AND MORE BENEFITS
T or F: Segmentation should ALWAYS be done BEFORE targeting - ANSWER
True
Saying a segment is "substantial" means: - ANSWER it is big enough to justify a
specific effort
According to lecture, targets are best described as segments that are: -
ANSWER Not de-selected
T or F: a differentiated strategy is targeting multiple segments regardless of
whether or not there is a meaningful difference in the 4-P's in approaching the
various targets - ANSWER False
T or F: An undifferentiated strategy has the lowest fixed cost - ANSWER True
Organizations put limits on the value of gifts their employees can receive from
suppliers. Their may also be limits on giving gifts to family members that could
impact anything from birthday gifts to wedding presents. These rules or
standards best fall under which of the following? - ANSWER Ethics
T or F: All paid advertising is held to similar standards of accuracy regardless of
whether the "product" is a tangible good, a service, or an idea. - ANSWER False
Codes of Conduct are best described as being required to be which of the
following? - ANSWER A written clarification of an organization's mission and
principles outlining specific standards
Which of the following is true about Informal Corporate Culture? - ANSWER
Makes things work when formal culture cannot or does not
Which of the following is true about Formal Corporate Culture? - ANSWER
Designed by top management
marketing exchange - ANSWER False
T or F: Price is the money given up by the buyer, it does not include thought,
time, or travel to participate in the exchange - ANSWER False
T or F: A customer is always a constituent - ANSWER True
What is the easiest thing for the seller to change or control in a Marketing
Exchange? - ANSWER Price
A seller is offering an item for $20, will not lower the price, and there is no tax. A
potential buyer is aware of the offer, and thinks the item is worth exactly $20 to
them as a buyer. According to the lecture, and assuming both the buyer and
seller are rational, what will happen? - ANSWER Nothing it isn't worth the
exchange
According to lecture, which type of business is primarily interested in providing
value to constituents rather than customers? - ANSWER Not-for-Profit
Markets can be made up of what? 3 things - ANSWER -Individuals
-all the buyers and sellers engaged in the pursuit or consideration of a
marketing exchange
-organizations
T or F: Organizations sell, but only individuals buy - ANSWER False
T or F: Business markets serve only businesses that manufacture or re-sell what
they are buying. Consumer markets serve individuals and families that are the
end-use OR businesses that consume products in the course of doing
businesses, such as with janitorial supplies. - ANSWER False
T or F: Cost is everything the seller gives up in the exchange, including non-
monetary costs - ANSWER True
The marketing environment includes which of the following: (3 things) - ANSWER
Constituents, Government, Society in general
, Which of the following is a correct definition for a "Product"? (2 things) -
ANSWER -anything that can be bought, sold, or offered for consideration
-a tangible good and/or a service and/or an idea
In the 4 P's, which P is occasionally referred to as "distribution"? - ANSWER
Place
T or F: In the 4 P's Promotion can include word of mouth - ANSWER True
Buyers are primarily interested in which of the following: - ANSWER BENEFITS
BENEFITS AND MORE BENEFITS
T or F: Segmentation should ALWAYS be done BEFORE targeting - ANSWER
True
Saying a segment is "substantial" means: - ANSWER it is big enough to justify a
specific effort
According to lecture, targets are best described as segments that are: -
ANSWER Not de-selected
T or F: a differentiated strategy is targeting multiple segments regardless of
whether or not there is a meaningful difference in the 4-P's in approaching the
various targets - ANSWER False
T or F: An undifferentiated strategy has the lowest fixed cost - ANSWER True
Organizations put limits on the value of gifts their employees can receive from
suppliers. Their may also be limits on giving gifts to family members that could
impact anything from birthday gifts to wedding presents. These rules or
standards best fall under which of the following? - ANSWER Ethics
T or F: All paid advertising is held to similar standards of accuracy regardless of
whether the "product" is a tangible good, a service, or an idea. - ANSWER False
Codes of Conduct are best described as being required to be which of the
following? - ANSWER A written clarification of an organization's mission and
principles outlining specific standards
Which of the following is true about Informal Corporate Culture? - ANSWER
Makes things work when formal culture cannot or does not
Which of the following is true about Formal Corporate Culture? - ANSWER
Designed by top management
