1. _________ is the extent to which a firm fulfills a customer’s needs, desires, and expectations?
a) Form utility
b) Production
c) Customer satisfaction
d) Micro marketing

2. Which of the following is NOT an objective of the World Trade Organization (WTO) agreements?
a) To help the free-flow of trade
b) To facilitate additional negotiation
c) To provide an impartial means of settling disputes
d) To encourage the development of a common international currency

3. The universal functions of marketing include?
a) Buying, selling and risk taking
b) Transporting, standardization and grading
c) Storing, financing, and market information
d) All of the above

4. ___________ is defined as the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits?
a) Customer value
b) Satisfaction scale
c) Profit margin
d) Competitive benefit

5. Which of the following parts are included in the marketing mix?
a) Product, place, promotion, and price
b) Competition and customer satisfaction
c) Buying, selling, transporting and storing
d) Profit, distribution, and advertising

6. Opportunities that help innovators develop hard-to-copy marketing strategies that will be profitable for a long time are called?
a) Competitive advantages
b) Breakthrough opportunities
c) Market segmentation
d) Market penetration

7. When a firm tries to increase sales by selling present products in new markets, they are engaging in?
a) Product development
b) Market penetration
c) Market development
d) Product penetration

8. Positioning refers to how ____ think about proposed and/or present brands in a market?
a) Firms
b) Marketing professionals
c) Customers
d) All of the above

9. A generic market description does NOT include any ______ terms?
a) Customer-type
b) Geographic area
c) Product-type
d) Customer needs

10. It is always preferable for a seller to have a close relationship with a customer?
a) True
b) False