Click on the box next to each answer. Keep track of your own score.

1. A product:
   • A. consists of goods and services. INCORRECT Goods and services can be products, but answer B would   be better.
   • B. consists of goods, services, and ideas. INCORRECT   Goods, services, and ideas can all be products, making   this a better choice than answer A.    However, people, places, and anything else that could   be designed, promoted, priced, and distributed could   also be products. 
   • C. is anything exchanged to satisfy a need or want. CORRECT  
   • D. is anything that has monetary value to somebody. INCORRECT   See answer B.  A billboard that promotes the idea,   "friends don't let friends drive drunk" is   hoped by the sponsor to change peoples' behaviors.   The person who adopts new behaviors as a result of   the sign might have to give up something, but it isn't   monetary.
2. Internal assessment refers to an assessment that:
   • A. is conducted by employees (vs., e.g., consultants). INCORRECT  
   • B. is not revealed to anyone outside of the organization. INCORRECT  
   • C. uses information from non-public sources. INCORRECT  
   • D. reviews an organization's resources and strategy. CORRECT An internal analysis looks at an organization's   objectives, resources, and its strategy for matching   these with the dynamic external environment. That strategy is the 4Ps or marketing mix.
3. Uncle John's Used Cars advertises "Ninety Days Same as Cash!!!" This seller is emphasizing what aspects of the product offering?
   • A. form utility INCORRECT Form utility has to do with the value of physical features   possessed by a product.
   • B. time utility INCORRECT Time utility has to do with enabling a buyer to take   possession of a product when s/he wants or needs it. E.g., a new automobile that is a good price but must be   ordered from the factory for delivery in two weeks   has no value if you are in desperate need of a   replacement vehicle right now.
   • C. place utility INCORRECT Place utility has to do with the value of a product being   where it is needed.  Uncle John might have your ideal car on another lot that he   owns, but it is 100 miles away.  Unless you are   are willing to drive that far to test drive the car,   a car that is local is worth more, or has higher   utility, than a car that is located elsewhere.
   • D. possession utility CORRECT Uncle John's is allowing folks to drive home in a car that   they might otherwise not be able to purchase.   Uncle John knows that some folks need a car in order   to get a job that would enable them to make car   payments.  Uncle John gives these folks a break,   and, of course, commands a higher price for doing so. Utility has to do with the difference that people are   people are willing to pay. See all other answers as well.
4. A focus on acquiring customers and on making a sale is associated with:
   • A. relationship marketing. INCORRECT The immediate goal is not a sale in relationship marketing. The greater focus throughout is on building trust and on   maintaining satisfying arrangements for both buyer   and seller.  an assumption is that sales will   follow. Be sure to look at answer B.
   • B. transactional marketing. CORRECT The term transactional marketing suggests a focus that is   more short term than relationship marketing. Unfortunately, many people (including textbook writers)   assume that this isn't a good orientation to have   or that this is an old-fashioned idea. Whether household consumers or organizational buyers, we   sometimes just want to make a purchase on the best   terms and move on.  Sellers who don't realize t   this need can get very annoying! Be sure to look at Answer A as well.
5. The set of decisions about product design, price, channels of distribution, and promotion are associated with:
   • A. organizational objectives. INCORRECT The elements above are used to implement a strategy   in order to meet an organization's objectives.   These are not, by themselves, objectives.
   • B. customer targets. INCORRECT Lousy guess.                                  
   • C. competitor targets. INCORRECT Lousy guess.                                  
   • D. the marketing mix. CORRECT The marketing mix is also known as the 4Ps. These   factors are under the control of the   organization; these are minipulated to meet   the organization's objectives in the context of   uncontrollable internal and external factors.
6. The marketing mix is associated with:
   • A. the external marketing environment - competitors, regulation, etc. INCORRECT The marketing mix is internal to and under the control  of an organization.
   • B. the implementation of marketing strategy. CORRECT The marketing mix is used to match an organization's  resources with the external environment to meet  an objective.
   • C. customer targets. INCORRECT You apparently didn't understand the prior question.                                        
   • D. competitor targets. INCORRECT You apparently didn't understand the prior question.                                        
7. The marketing concept is:
   • A. concerned primarily with the needs of customers. INCORRECT Consider other constituencies! Customer satisfaction is  an issue, but the needs of the organization are  important as well. For example, selling a product  at a low price might result in happy customers,  but it might also lead to losses that bankrupt our  company.
   • B. concerned primarily with the needs of consumers. INCORRECT Consider other constituencies! See answer A.
   • C. concerned primarily with the needs of sellers. INCORRECT Consider other constituencies! The idea of the marketing concept is that if we do not  adequately meet the needs of our customers, then  we might eventually not have enough customers to  meet our own needs.
   • D. concerned primarily with the needs of producers. INCORRECT Consider other constituencies! See answer C.
   • E. concerned with the needs of both sellers and buyers. CORRECT Additionally, there are other "stakeholders" who  might have needs, such as people who own company  stock. Customer satisfaction is an issue, but the  needs of the organization are important as well.  For example, selling a product at a low price might  result in happy customers, but it might also lead  to losses that bankrupt our company. The idea of  the marketing concept is that if we do not adequately  meet the needs of our customers, then we might  eventually not have enough customers to meet our  own needs.
8. China has attempted to reduce the country's population by stressing the importance of having only one child. Is this marketing?
   • A. Yes. CORRECT Insert the word "promoting" in place of "stressing"  and you have the start of the marketing mix (strategy).  The objective is to encourage adherence to the one  child policy. In exchange for having only one child  (price), couples receive what they believe to be a  better future for their family, their children, and  their country. If such benefits are being promoted,  then there most certainly is a product (because  benefits are derived from products), however intangible.  
   • B. No. INCORRECT Marketing and marketing strategy aren't associated only with  physical things.
9. The environment in which marketing and marketers operate is dynamic and largely outside the control of marketing management.
   • A. False: a good marketing manager would be in control. INCORRECT
   • B. True. CORRECT Customer tastes change, competitor actions are difficult  to predict, the economy changes, government  regulation changes, technology changes, etc.
10. Customers are part of the:
    • A. internal environment. INCORRECT, but maybe sometimes We can choose which prospective customers to target and   which markets to decline.  While that choice is   ours, these markets are not internal resources.  That we have achieved some measure of success in a   particular market or that we have a very loyal list   of present customers or clients could be an important   internal resource (strength), but the market itself   is external.
    • B. external environment. CORRECT But one of the other answers could sometimes be used.  
    • C. neither - this is a separate kind of environment. INCORRECT Customers are external to the organization, and the   potential customers that exist in this external   environment present opportunities and/or threats   to the organization.  See Answer A.
11. Product "quality" has to do with:
    • A. the degree of superiority of a firm's products. INCORRECT This is a definition used in some textbooks."   It is a lousy definition because it doesn't   define what is meant by "superiority."
    • B. conformance to the customer's expectations. CORRECT If a customer wants a particular shade of red, adding   more pigment doesn't create better quality; it   just creates the wrong color.  Adding a more   expensive kind of pigment doesn't create better   quality; it just creates the wrong color.    Quality can also have to do with issues of   consistency.