1. Which of the following statements is true?

A) It is more expensive to keep customers than to attract new customers

B) It is more expensive to attract new customers than to retain existing ones

C) Existing customers demand more services

D) New customers demand more services

E) All of the above statements are true

2. Customer Value =______________?

A) Perceived Costs - Perceived Sacrifice

B) Perceived Sacrifice - Perceived Benefits

C) Perceived Benefits - Perceived Sacrifice

D) Perceived Benefits - Perceived Costs

E) Perceived Benefits + Perceived Costs

3. When does customer satisfaction occur?

A) Customer satisfaction occurs when perceived performance matches or exceeds competitors offering.

B) Customer satisfaction occurs when perceived performance matches or exceeds expectations

C) Customer satisfaction always occurs when the customer obtains a product for a value price

D) Customer satisfaction occurs when there are no complaints

E) Customer satisfaction occurs when customers continue to purchase

4. How are customers' expectations mainly formed?

A) Expectations are formed through the company's promises

B) Expectations are formed through recommendations from friends

C) Expectations are mainly formed through the company's advertising

D) Expectations are formed through post-buying experiences, discussions with other people, and suppliers' marketing activities

E) All of the above are ways in which customers expectations are formed

5. The marketing mix consists of which of the following four major elements?

A) Promotion, Place, Product & Price

B) Place, Product, Productivity & Plans

C) Price, Place, Plans & Promotion

D) Price, Plans, Product & Promotion

E) Plans, Promotion, Productivity & Price

6. Which of the following does the promotional mix not control?

A) Sales Promotions

B) Public Relations

C) Trade Discounts

D) Direct Marketing

E) Online Marketing

7. Service marketers have argued for a 7-Ps approach for their marketing mix. Which of the following are the 7 P's?

A) Place, Product, Promotion, Planning, Price, People, Process

B) Place, Product, People, Productivity, Promotion, Process, Planning

C) People, Promotion, Price, Process, Physical Evidence, Product, Place

D) People, Place, Price, Process, Planning, Product, Physical Evidence

E) None of the above are the service marketing 4P's

8. What are distribution channels?

A) Distribution channels are standardised vertical marketing systems, whereby a firm controls the distribution process

B) Distribution channels are promotional methods used to distribute advertising messages

C) Distribution channels are high street retail outlets who sell goods to customers

D) Distribution channels consist of transport providers who provide transport solutions

E) Distribution channels consist of organizations such as retailers or wholesalers through which goods pass on their way to customers

9. Which of the following is required for successful marketing implementation?

A) Researching the market and delivering high value products

B) Getting and keeping close to the customer

C) Maintaining prices at present levels

D) Carrying out marketing research on a yearly basis

E) Advertising more than our competitors

10. Which of the following is not required for successful marketing implementation?

A) Organizational structure that must reflect marketing strategy

B) Understanding and responding to customers

C) Meet needs better than competitors

D) Matching what your competitors offers both in terms of price and features

E) Clear communication of strategy

11. Research has found that there is a positive relationship between marketing and which of the following?

A) Share Prices

B) Revenue

C) Costs

D) Performance

E) All of the above

12. Based on research, which of the following statements is true?

A) Marketing should be viewed not merely as a departmental function but as a guiding philosophy for the whole organization

B) Marketing should be viewed as supporting the sales department of an organisation

C) Marketing should be viewed as sole responsibility of the marketing department

D) Marketing should be viewed as the joint responsibility of the sales and marketing departments

E) Marketing should be viewed as controlling the sales, operations and logistics function of an organisation