C) obtain information about its customers’ needs.

23. Utility that is created by making a product available at a location where customers wish to purchase a product is called

A) place utility

24. Industrial products may be grouped as

A) producer markets.

B) governmental markets.

C) institutional markets.

D) raw material markets.

E) all of the above.

25. The process of systematically gathering, recording, and analyzing data concerning a particular marketing problem is called

C) marketing research.

26. Which one of the following is not a major category of factors that influence the consumer buying process?

A) social factors.

B) Psychological factors.

C) buying center factors.

D) person-specific factors.

E) situational factors.

27. Utility created by making a product available when customers wish to purchase it is called

C)time utility.

28. The amount of a product an organization expects to sell during a certain period of time, based on a specified level of marketing effort, is called a

C)sales forecast.

29. Which one of the following is not a major marketing mix element?

D) packaging.

30. Between the 1920s and the 1950s, business had a strong_________ orientation, in which emphasis was placed on increased advertising, enlarged sales forces, and occasionally high-pressure selling techniques.

D) marketing.

Variant 6

1 The twofold goal of marketing is to keep and grow current customers by delivering satisfaction and to:

C) Attract new customers by promising superior value

2 Which of the following phrases best identifies how marketing must be understood today?

D) Satisfy customer needs

3 Which of the following is defined as being a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others?

B) Marketing

4 Which of the following would be an appropriate definition for a "need"?

A) The form taken by a human need as shaped by culture and individual personality

5 Customer value is the difference between the values the customer gains from __________________ and the costs of obtaining the product

C) owning and using a product

6 Customer satisfaction is __________________________

B) the extent to which a product's perceived performance in delivering value matches a buyer's expectations

7 If a consumer goes through the act of obtaining a desired object from someone by offering something in return, the consumer has just gone through the act of:

D) Exchange

8 Concept that satisfies customers through profit and societal benefits in long run

B) Societal marketing

9 Set of actual and potential buyers

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