Quiz 6

 __________________________ is an organizational function and a set of processes for creating, communicating and deliverying value to customers and for managing customer relationships in ways that benefit the organization and it's stakeholders.

• a. Production

• b. Marketing

• c. Operations

• d. Finance

 The ultimate benefit that most businesses seek from marketing is long-term ____________________.

• a. segmentation.

• b. mass customization.

• c. profitability.

• d. ownership utility.

Henry Ford's famous quote "You can have your Model T in any color that you want as long as it's black" best reflects marketing attitudes during the ______________________ era.

• a. marketing

• b. production

• c. selling

• d. relationship

 Which of the following statements is most consistent with the marketing view of the relationship era?

• a. It is much less expensive to retain an existing customer than to acquire new customers.

• b. In this era of surging demand, the main focus should be on producing as much as possible.

• c. The key to success is to constantly expand the customer base by recruiting new buyers.

• d. A customer could purchase a product only in the color or size that a manufacturer made available.

The marketing concept is a philosophy that makes __________________ the central focus of an entire organization now and in the future.

• a. customer satisfaction

• b. mass customization

• c. ownership utility

• d. product differentiation

 Through the Web, marketers can tap into communities of users that yield valuable information about their problems, interests and needs and the goods and services that they prefer.

• True

• False

 Market research involves gathering, interpreting and applying information to uncover opportunities and challenges for business.

• True

• False

 Market research is used to monitor and predict customer behavior.

• True

• False

 Through the use of technology, marketers can lower costs and deliver greater value to consumers.

• True

• False

Which of the following is a vital starting point for most marketers?

• a. Psychographics

• b. Cognitive dissonance

• c. Demographics

• d. Sociology