Assess a product value

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Reference no: EM13751329

Question 1 The equation a buyer applies to assess a product's value is

  • value = monetary price - customer benefits.
  • value = customer costs - customer benefits.
  • value = customer benefits - customer costs.
  • value = customer benefits - monetary price.
  • value = customer benefits - time and effort.

Question 2: In managing customer relationships, the three primary ways profits can be obtained are by

  • acquiring new customers, enhancing the profitability of new customers, and shortening the duration of relationships with existing customers.
  • enhancing the profitability of existing customers, eliminating customers who provide smaller profits, and finding new customers.
  • extending the length of relationships with customers, cutting organizational costs, and enhancing the profitability of new customers.
  • eliminating long-term customers who have decreased purchases, finding new customers, and increasing sales to existing customers.
  • enhancing the profitability of existing customers, extending the duration of relationships with customers, and obtaining new customers.

Question 3: Marketing activities are

  • used by all sizes of organizations including for-profit, nonprofit, and government agencies.
  • limited to use by larger for-profit and nonprofit organizations.
  • implemented only to increase profits for the organization and to expand the scope of its customer base.
  • used by all types and sizes of businesses but are not used by nonprofit organizations.
  • used by small businesses and small nonprofit organizations the most.

Question 4: ____ refers to minimizing the resources an organization must spend to achieve a specific level of desired exchanges.

  • Effectiveness
  • Productivity
  • Efficiency
  • Objectivity
  • Cost cutting

Question 5: From the 1920s to the 1950s, demand for manufactured goods decreased, leading to the ____ orientation.

  • production
  • market
  • revolutionary
  • sales
  • reduction

Question 6: A physical product you can touch is a(n)

  • service.
  • good.
  • idea.
  • concept.
  • philosophy.

Question 7: The three basic forms that a product can take are

  • markets, products, and images.
  • goods, ideas, and intangibles.
  • brands, services, and tangibles.
  • services, ideas, and goods.
  • ideas, services, and things.

Question 8: Marketing management is defined as a process of

  • maintaining an appropriate and efficient marketing mix for a target market.
  • establishing performance standards and evaluating actual performances against these standards.
  • providing products that satisfy customers' needs through a coordinated set of activities.
  • facilitating satisfying exchanges between an organization and its customers.
  • planning, organizing, implementing, and controlling marketing activities.

Question 9: The marketing concept is a philosophy that states that an organization should try to satisfy customers' needs and also

  • increase market share.
  • increase sales.
  • achieve the organization's goals.
  • produce high-quality products.
  • coordinate its activities to increase production.

Question 10: Issues of inventory levels and storage costs are both concerns relating to the ____ variable of the marketing mix.

  • distribution
  • product
  • exchange
  • price
  • promotion

Reference no: EM13751329

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