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MKTG331 Final Exam

MKTG331 Final Exam - Marketing 331 Principles of Marketing...

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Marketing 331 Principles of Marketing Test Bank Replacement 1. _________________ is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. a. Management b. Economics c. Marketing d. Demand 2. _______ are the form human needs take as they are shaped by culture and individual personality. a. Demands. b. Wants. c. Services. d. Exchanges. 3. Demands are wants that are backed by: a. coercion. b. greed. c. exchanges. d. buying power. 4. Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need is called a(n) _____________. 5. A(n) _______________ is any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything. 6. Customers do not often judge product values and costs accurately or objectively. Instead, they act on ___________________. 7. Marketing occurs when people decide to satisfy needs and wants through ________. a. exchange. b. selling. c. transaction. d. relationships. 8. A(n) ______________ consists of a trade of values between parties.
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9. When you pay your local grocery store $2.00 for a gallon of milk, this is a classic illustration of which of the following forms of a transaction? 10. The concepts of exchange and relationships lead to the concept of a market. A market is thought to be: 11. If Yosemite National Park becomes badly overcrowded during the summer vacation season, the Federal Government might have to undertake a ___________________ campaign to reduce crowding. a. public relations b. regulation program c. demarketing d. relationship marketing 12. The _______________ holds that consumers will favor products that are available and highly affordable (therefore, work on improving production and distribution efficiency). 13. The _________________ holds that consumers will favor products that offer the most quality, performance, and innovative features. Thus, an organization should devote energy to making continuous product improvements under this concept.
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