Chapter 1: Overview of Marketing
Exercise questions
1. One of the following is the correct definition of marketing used by the Chartered
Institute of Marketing and the others are fundamentally flawed. Which one is
correct?
a) The selling process which results from the identification and anticipation of
customer requirements.
b) Marketing is the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large.
c) An accounting process of minimizing costs and maximizing revenues.
d) The supply of goods and services to customers in such a way that the
company becomes the preferred source of supply for customers.
2. In a high demand market, which marketing orientation would a manufacturer
most likely take?

Societal

Sales

Manufacturing

Production
3. When two parties agree such that an object is given for an equivalent object of
similar value, this is called...

Supply and demand

Marketing

The production system

The exchange process
4. All are part of relationship marketing EXCEPT:

Finding out the customer's needs

Sending a birthday card to a customer

Sending an email to a customer telling them about a promotion

Making the sale rapidly
5. Real estate companies generally have this orientation.

Societal

Sales

Production

Market
6. A set of attitudes, values, and beliefs BEST describe _____.

Political influence

Marketing

Sales

Culture
7. Which of the following is the best definition of value?

a) A technical measure of a company's selling price relative to its
production costs.

b) A measure of the mark-up charged by companies.

c) The lowest prices available to consumers.

d) The best ratio of benefits to costs available to buyer
8. Explain TWO (2) types of markets
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
………………
9. List THREE (3) roles of ethics in marketings.
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
………………………………………………………………
10. Define social responsibility in marketing.
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
………………………………………………………………