Study Guide: Chapter 1 Kotler, Marketing Management 14th Ed. Essay

8371 Words May 24th, 2012 34 Pages
Marketing Management, 14e (Kotler/Keller)
Chapter 1 Defining Marketing for the 21st Century

1) Which of the following statements about marketing is true?
A) It is of little importance when products are standardized.
B) It can help create jobs in the economy by increasing demand for goods and services.
C) It helps to build a loyal customer base but has no impact on a firm's intangible assets.
D) It is more important for bigger organizations than smaller ones.
E) It is seldom used by nonprofit organizations.
Answer: B
Page Ref: 4
Objective: 1
Difficulty: Easy

2) ________ is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior
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A) latent
B) irregular
C) overfull
D) full
E) negative
Answer: C
Page Ref: 8
Objective: 2
Difficulty: Easy

17) In the case of ________, consumers dislike the product and may even pay a price to avoid it.
A) nonexistent demand
B) overfull demand
C) irregular demand
D) negative demand
E) declining demand
Answer: D
Page Ref: 8
Objective: 2
Difficulty: Easy

18) Organizations catering to the ________ need to price their offerings carefully because these markets usually have limited purchasing power.
A) business market
B) global market
C) nonprofit market
D) consumer market
E) exclusive market
Answer: C
Page Ref: 9
Objective: 2
Difficulty: Easy

19) Which of the following is true of business markets?
A) Buyers are usually not skilled at comparing competitive product offerings.
B) Buyers have limited purchasing power.
C) Property rights, language, culture, and local laws are the most important concerns.
D) Products sold in such markets are usually highly standardized.
E) Business buyers buy goods to make or resell a product to others at a profit.
Answer: E
Page Ref: 9
Objective: 2
Difficulty: Moderate

20) A ________ is a cluster of complementary

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