📈 MKT 108: Introduction To Marketing : Leeway Marketplace

1. Which era in the evolution of marketing was primarily focused on addressing shortages of consumer goods due to war?

War era

Marketing control era

Agrarian economy

Sales era

2. Which of the following best describes ‘demands‘ in marketing?

Wants that people do not have the resources to satisfy.

The availability of products in the market.

Desires for products or services that people can afford.

Needs that people are aware of but cannot fulfill.

3. What is the primary difference between the production and marketing concepts?

The production concept focuses on satisfying consumer needs, while the marketing concept focuses on maximizing output.

The production concept focuses on creating mass-produced goods, while the marketing concept focuses on meeting consumer needs and wants.

The production concept is more concerned with advertising, while the marketing concept emphasizes price.

The production concept prioritizes customer feedback, while the marketing concept focuses on inventory management.

4. Which of the following is a key role of marketing in socio-economic development?

Limiting consumer spending to save resources.

Reducing competition between businesses.

Supporting entrepreneurial growth and discovering talent.

Creating monopolistic markets.

5. In which era did marketing departments start gaining prominence in organizations?

Agrarian economy era

Sales era

Marketing control era

Manufacturing era

6. Which of the following is the most comprehensive definition of marketing?

Marketing is a social process by which individuals obtain what they need through creating and exchanging value with others.

Marketing is a total system of business activities designed to plan, price, promote, and distribute goods and services to customers.

Marketing is the business function that identifies customer needs and wants, determines target markets, and designs appropriate products to serve those markets.

Marketing is the business process by which products are matched with markets and through which transfer of ownership is effected.

7. According to Kotler (1984), which of the following is NOT one of the conditions necessary for an exchange to take place?

Each party must have something of value to offer.

There must be at least two parties.

Each party must be able to negotiate the terms of the exchange.

Each party must believe it is appropriate to deal with the other.

8. Which of the following is NOT a necessary condition for marketing exchange to occur?

There must be a written contract between the parties.

Each party must have something of value to offer.

There must be at least two parties.

Each party must be capable of communication and delivery.

9. Which of the following conditions is NOT essential for the existence of a market?

Buyers and sellers must be in the same geographic location.

There must be a system of communication between buyers and sellers.

There must be sellers offering products or services for exchange.

There must be potential buyers with the desire to purchase.

10. What key development led to the emergence of modern marketing?

The rise of self-sufficiency in agrarian societies.

The use of bartering systems in ancient economies.

The creation of local markets in rural areas.

Surplus production from mass manufacturing.

Question 1 of 10

Leeway Marketplace

…Find What You Need, When You Need It

📈 MKT 108: Introduction To Marketing

Curriculum

Unit 1: Introduction

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