1.      The element of the marketing mix used to increase awareness of a product or company is

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communication.

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product.

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price.

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distribution.

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2.      Customer costs include anything the buyer must give up in order to obtain the benefits the product provides. The most obvious customer cost is

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risk.

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time.

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monetary price.

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effort.

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availability.

 

 

 

3.      Marketing knowledge and skills

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are not necessary for a nonprofit organization.

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enhance consumer awareness and help provide people with satisfying goods and services.

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constitute the marketing mix.

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were most important during the production era.

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are most valuable for advertising executives but less important for wholesalers and distributor

4.      The focal point of all marketing activities is

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products.

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the marketing mix.

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profits.

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sales.

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customers.

 

5.      ____ is the degree to which an exchange helps achieve an organization’s objectives.

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Controlling

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Effectiveness

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Success rate

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Efficiency

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Objectivity

6.      In managing customer relationships, the three primary ways profits can be obtained are by

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acquiring new customers, enhancing the profitability of new customers, and shortening the duration of relationships with existing customers.

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enhancing the profitability of existing customers, eliminating customers who provide smaller profits, and finding new customers.

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extending the length of relationships with customers, cutting organizational costs, and enhancing the profitability of new customers.

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eliminating long-term customers who have decreased purchases, finding new customers, and increasing sales to existing customers.

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enhancing the profitability of existing customers, extending the duration of relationships with customers, and obtaining new customers.

 

7.      The marketing concept is best defined as

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a second definition of marketing.

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a philosophy stating that an organization should try to satisfy customers’ needs through a coordinated set of activities that allows the organization to achieve its goals.

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the performance of business activities that direct the flow of goods and services from producer to customer or user.

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a philosophy stating that an organization should attempt to accomplish its goals with no regard for the needs of customers.

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the inclusion of marketing activities in the activities of an organization.

 

8.      The equation a buyer applies to assess a product’s value is

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value = monetary price – customer benefits.

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value = customer costs – customer benefits.

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value = customer benefits – customer costs.

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value = customer benefits – monetary price.

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value = customer benefits – time and effor

9.      ____ refers to minimizing the resources an organization must spend to achieve a specific level of desired exchanges.

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Effectiveness

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Productivity

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Efficiency

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Objectivity

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Cost cutting

 

10.  Marketing management is defined as a process of

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maintaining an appropriate and efficient marketing mix for a target market.

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establishing performance standards and evaluating actual performances against these standards.

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providing products that satisfy customers’ needs through a coordinated set of activities.

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facilitating satisfying exchanges between an organization and its customers.

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planning, organizing, implementing, and controlling marketing activities

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