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) _____________. a. demand. b. basic staple. c. product. d. service. 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. a. demand b. basic staple c. service d. product 6. Customers do not often judge product values and costs accurately or objectively. Instead, they act on ___________________. a. customer satisfaction. b. customer quality. c. needs. d. perceived value. 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. a. sale b. exchange c. transaction d. market
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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? a. Monetary transaction. b. Barter transaction. c. Social transaction. d. Consensual transaction. 10. The concepts of exchange and relationships lead to the concept of a market. A market is thought to be: a. wherever a marketer sells products. b. the set of actual buyers of a product. c. the set of actual and potential buyers of a product. d. square in the middle of the city. 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). a. product concept b. production concept c. production cost expansion concept d. marketing concept 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. a.
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This note was uploaded on 02/23/2012 for the course MKTG 331 taught by Professor during the Spring '12 term at Morgan.

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

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