1. Which of the following is central to any definition of marketing?
a) Making a profit
b) Demand management
c) Transactions
d) Customer relationships
2. Introducing new products to existing markets is an example of:
a) conglomerate diversification
b) vertical diversification
c) horizontal diversification
d) concentric diversification
3. When a company acquires a supplier through an acquisition strategy, this is referred to as:
a) vertical marketing system
b) horizontal integration
c) forward integration
d) backward integration
4. When backed by buying power, wants become ..........
a) physical needs
b) demands
c) social needs
d) exchanges
5. Which of the following reflects the marketing concept philosophy?
a) "You won't find a better deal anywhere."
b) "When it's profits versus customer's needs, profits will always win out."
c) "We're in the business of making and selling superior products."
d) "We don't have a marketing department, we have a customer department."
6. Selecting which segments of a population of customers to serve is called ........
a) managing the marketing effort
b) target marketing
c) customization
d) positioning
7. Which of the following is the term for customers who make repeat purchases and tell others about their positive experiences with a product or service?
a) full partners
b) butterflies
c) social customers
d) customer evangelists
8. Greater consumer control means that companies must rely more on marketing by ........than by ..........
a) producing; selling
b) inspiration; competition
c) interruption; involvement
d) interaction; intrusion
9. Most companies today enter a new market by serving a ........, and if this proves successful, they
a) single market segment; add segments
b) target market; reposition
c) few segments; add more segments
d) multitude of segments; add more segments
10. An increasingly large number of firms are changing their organizational focus from ......... to .......
a) product management; functional management
b) brand management; customer relationship management
c) territory management; functional management
d) global management; regional management