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1. The most formal definition of marketing is ________.
a. meeting needs profitably
b. identifying and meeting human and social needs
c. the 4Ps (Product, Price, Place,Promotion)
d. the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at largeimproving the quality of life for consumers

2. Marketing management is ________.
a. managing the marketing process
b. monitoring the profitability of the companies products and servicesc. selecting target markets
d. developing marketing strategies to move the company forward
e. the art and science of choosing target markets and getting, keeping, and growing customersthrough creating, delivering, and communicating superior customer value

3. A transaction involves ________.
a. at least two parties
b. each party has something that might be of value to the otherparty
c. each party is capable of communication and delivery
d. each party is free to accept or reject the exchange offer
e. all of the above

4. In ________—consumers may share astrong need that cannot be satisfied by an existing product.
a. negative demand
b. latent demand
c. declining demand
d. irregular demand
e. non-existent demand

5. In ________—morecustomers would like to buy the product than can be satisfied.
a. latent demand
b. irregular demand
c. overfull demand
d. excessive
e. negative demand

6. Companies selling massconsumer goods and services such as soft drinks, cosmetics, air travel, and athletic shoes and equipment spend a great deal of time trying to establish a superior brand image in markets called________.
a. business markets
b. global markets
c. consumer markets
d. nonprofit and governmental markets
e. service markets

7. In business markets, advertising can play a role, but a...
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