Principles of marketing/PMKT101/Marketing products and services/Quiz 1

Quiz: What is marketing?

Indicate whether the following statements are true or false:

• Marketing is about providing value to consumers.
  • True
    • Correct. When we use the term value, we mean the benefits buyers receive that meet their needs.
  • False
    • Incorrect. Value is what the customer gets by purchasing and consuming a company’s offering.
• Marketing is only conducted by for-profit companies
  • True
    • Incorrect. All organizations utilize marketing to communicate value to their customers - including for profit, nonprofit, government, academia and more.
  • False
    • Correct. Marketing is conducted by all organizations wishing to communicate value to their customers or stakeholders.
• Metrics are important because they measure results.
  • True
    • Correct. Metrics are measures that indicate the performance of a marketing campaign. These can included quantitative measures such as number of web visits, sales volume or increases in revenue. Qualitative measures include why a consumer purchased a product / service at a given time compared with an alternative, or how the purchase was made.
  • False
    • Incorrect. Metrics are used by different organizations to ensure that their marketing plans and campaigns are on-track and delivering results. Metrics are a valuable form of feedback, that can be used to inform future market activities, and prompt changes to current activities.