MARKETING MANAGEMENT 5504
QUIZ 1-14 COMPLETE QUESTIONS
WITH 100% CORRECT ANSWERS
\.T or F: Reasonable government over sight is required in order to have a
marketing exchange - ANSWERS✔-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 - ANSWERS✔-False
\.T or F: A customer is always a constituent - ANSWERS✔-True
\.What is the easiest thing for the seller to change or control in a Marketing
Exchange? - ANSWERS✔-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? - ANSWERS✔-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? - ANSWERS✔-Not-for-Profit
,\.Markets can be made up of what? 3 things - ANSWERS✔--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 - ANSWERS✔-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. - ANSWERS✔-False
\.T or F: Cost is everything the seller gives up in the exchange, including non-
monetary costs - ANSWERS✔-True
\.The marketing environment includes which of the following: (3 things) -
ANSWERS✔-Constituents, Government, Society in general
\.Which of the following is a correct definition for a "Product"? (2 things) -
ANSWERS✔--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"? - ANSWERS✔-
Place
, \.T or F: In the 4 P's Promotion can include word of mouth - ANSWERS✔-True
\.Buyers are primarily interested in which of the following: - ANSWERS✔-BENEFITS
BENEFITS AND MORE BENEFITS
\.T or F: Segmentation should ALWAYS be done BEFORE targeting - ANSWERS✔-
True
\.Saying a segment is "substantial" means: - ANSWERS✔-it is big enough to justify
a specific effort
\.According to lecture, targets are best described as segments that are: -
ANSWERS✔-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 - ANSWERS✔-False
\.T or F: An undifferentiated strategy has the lowest fixed cost - ANSWERS✔-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? - ANSWERS✔-Ethics
QUIZ 1-14 COMPLETE QUESTIONS
WITH 100% CORRECT ANSWERS
\.T or F: Reasonable government over sight is required in order to have a
marketing exchange - ANSWERS✔-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 - ANSWERS✔-False
\.T or F: A customer is always a constituent - ANSWERS✔-True
\.What is the easiest thing for the seller to change or control in a Marketing
Exchange? - ANSWERS✔-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? - ANSWERS✔-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? - ANSWERS✔-Not-for-Profit
,\.Markets can be made up of what? 3 things - ANSWERS✔--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 - ANSWERS✔-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. - ANSWERS✔-False
\.T or F: Cost is everything the seller gives up in the exchange, including non-
monetary costs - ANSWERS✔-True
\.The marketing environment includes which of the following: (3 things) -
ANSWERS✔-Constituents, Government, Society in general
\.Which of the following is a correct definition for a "Product"? (2 things) -
ANSWERS✔--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"? - ANSWERS✔-
Place
, \.T or F: In the 4 P's Promotion can include word of mouth - ANSWERS✔-True
\.Buyers are primarily interested in which of the following: - ANSWERS✔-BENEFITS
BENEFITS AND MORE BENEFITS
\.T or F: Segmentation should ALWAYS be done BEFORE targeting - ANSWERS✔-
True
\.Saying a segment is "substantial" means: - ANSWERS✔-it is big enough to justify
a specific effort
\.According to lecture, targets are best described as segments that are: -
ANSWERS✔-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 - ANSWERS✔-False
\.T or F: An undifferentiated strategy has the lowest fixed cost - ANSWERS✔-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? - ANSWERS✔-Ethics
