Check your Understanding Read and analyze carefully the following statements and use the scale below for your

answers. Write the letter only.

A. Definitely true

B. Probably true

C. Could be true or false

D. Probably false

E. Definitely false

1. Marketing is an organizational function, because it is a core task that is expected of a modern

organization, whether or not it operates for profit.

2. A well thought-out marketing strategy ensures products that delight customers, leading them

to become loyal patrons who will buy products from a company again and again.

3. An objective maybe measurable, specific action that an employee or team needs to meet the

needs of a larger company goal.

4. Marketers who write down their goals and objectives are more likely to make them a reality.

5. Knowing what marketing truly needs will help you gain useful insights on what consumers

are really looking for.

MULTIPLE CHOICE (5 points)

Directions: Encircle the letter corresponding to the correct answer.

1. It is the activity, set of institutions, processes for creating, capturing, communicating,

delivering and exchanging offerings that have value for customers/clients and society at large.

A. Exchange B. Marketing C. Promotion D. Marketing plan

2. While there are many interpretations and applications today, it all started with the four basic

principles of marketing. What are these?

A. product, people, price, place C. product, process, price, place

B. product, price, place, promotion D. product, price, promotion, partners

3. Once you have your goals, these are measurements which provide metrics to evaluate success

factors enabling you to track progress.

A. business plan C. marketing process

B. marketing strategy D. key performance indicators

4. Which of the following group of words form the acronym SMART for objectives in Marketing?

A. Specific, manageable, aspirable, relevant, time based

B. Specific, measurable, attainable, relevant, time based

C. Specific, manageable, attainable, relevant, time based

D. Sociable, measurable, attainable, relevant, time based

5. Which of the following best describes contemporary methods?

A. It can be used to build the relationship with the client

B. It incorporates both co-creative and share value ideas

C. It builds a trusting relationship with their customer base

D. All of the above​