MGT301 Quiz 3 by VU Topper RM

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The societal marketing concept call on marketers to balance consumer wants and desires, company profits, and society's interest. True False Customer value is defined as the customer's evaluation of the perceived difference between all the bene fits and all the costs of a marketing offer relative to those of competing offers. True False Demarketing is a marketing philosophy focused upon product differentiation and positioning True False Your accounting department must measure revenues and costs to help the marketing department know how well it is achieving its objectives. True Fa lse When sellers focus on existing needs and lose sight of the underlying customer wants, they suffer from marketing myopia. True False Most firms follow the production concept when they face overcapacity. True False The significant trends in the natural environment include shortages of raw materials and increased pollution True False When firms take aggressive action to affect t he public and forces in their marketing environment, they are taking an environmental management perspective. True False At times it becomes necessary to reduce demand for some products and services. When the government tries to reduce the smoking of tobacco products, it adds more tax to the products and is practicing demarketing. True False Marketing management is interested in serving all customers in every way to remain competitive in today's markets. True False Product, Price, Place and promotion make up the elements of a firm's marketing mix. True y False The simplest definition of modern marketing is managing profitable customer relationships True y False Customer perceived value depends on the product's perceived performance relative to a buyer's expectations. True y False When backed by buying power, needs become demands. True y False Characteristics such as age, gender, and marital status are known as ___ Psychographic characteristics Biographical characteristics Geographical characteristics Behavioral characteristics ___ works on supposition that consumers/customers buy products which fulfill their needs. Production concept Marketing concept y Selling concept Product Concept Which of the following options refers to the activities that are associated with planning, pricing, promoting and distributing the product or service?

Selling Promotion All of given ___ focuses on making every possible sale of the product, regardless of the need of customer. Production concept Marketing concept Selling concept y Product concept . ___ focuses on making better quality products for their customers. Product ion concept Marketing concept Selling concept Product concept y Marketing is a process which aimed at ___

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Production Financial management Satisfaction of consumer needs/wants y None The ___ is a marketing concept that holds that the company makes its marketing decisions by considering consumer's needs and, wants and society's long term interests. Product Production Selling Societal Marketing y A transaction involves ___ At least two individuals/ Parties Both is capable to communicate and deliver Both are free to accept or reject the offer

Delivering customer satisfaction in return of profit is known as: Management Selling Distribution Buildin g, keeping and growing profitable value laden relationships with all customers of a company refers to which of the following options? Customer lifetime value Customer perceived value Customer relationship management Y Societal marketing The 4 P's of m arketing are the product, price, place, and promotion. Occasionally marketers consider two more P's. These are: People and Processes Profits and Processes People and Profits y Profits and Procedure All of the following are the actors of micro environment EXCEPT:

Company Suppliers