Section II: Please indicate your response as \"T\" if the statement is correct or \"F\" if it is incorrect. Circle your choice. Each statement is valued at 1 point. 1. A key element of the marketing concept is establishing short-term, mutually beneficial customer T or F relationships. 2. The marketing mix variables are controllable factors within an organization's marketing strategy. T or F 3. Researchers have described needs as a basic force that motivates a person or group. T or F 4. A market development strategy is used when organizations want to increase purchases from T or F existing customers. 5. The demand for business products derives from the demand for final consumer products. T or F 6. The marketing process functions whether or not exchange occurs. T or F 7. As discussed in class, when an organization meets the minimum requirements established by law T or F or customer expectation, this might be described as social responsibility. 8. Primary data is information collected for another purpose that can be used for your research project. T or F 9. When demand changes in relation to a change in price, we describe this as inelasticity. T or F 10. For learning to occur, it must always result from direct experience. T or F 11. Customers, organizational resources and competition represent direct market forces. T or F 12. A marketer is considering changing the formulation of liquid laundry detergent. This represents T or F the \"Product\" variable within the marketing mix. 13. \"Positioning\" is a marketing strategy to make products and brands stand out from others. T or F 14. When all the conditions of exchange are present, an agreement (transaction) is always reached by T or F the parties. 15. As discussed in class, \"The meaning of words he in people not in the words themselves.\" T or F Section III: Please answer each question or statement using the best selection from the alternatives provided. Each selection should be used once. Each item is valued at 1 point. Primary Competitive advantage Market Penetration Market Development Secondary Buying Center Observation Diversification Experimentation or Experiential Method Social Responsibility Utility Marketing Concept or Orientation Product Development New Task Routine (Habitual) Response 1. U.S. Census information used for marketing purposes would be an example of data. 2. A mechanical traffic counter, when used in a marketing research project, is an example of 3. A firm that seeks to develop new products/services for new customers and markets is using a marketing strategy. 4. New product testing is an example of the method of market research. 5. The seeks to satisfy customers' needs and expectations while achieving profitability. 6. Consumers follow the decisionmaking process when purchasing convenience items such as carbonated beverages, snacks, newspapers, chewing gum, etc. 7. A marketing strategy that is focused upon new markets and customers for existing products is called 8. The value or benefit received through exchange is called . is the business decision process typically associated with consumption of products and services that are costly and represent a significant risk to the purchaser. 5-9
