Title: Unit 1 Quiz
Course: SLF 130 Marketing Practices for the Small Business > Section: SLF 130 Marketing Practices for the Small Business

Q: Which of the following sentences best describes the marketing concept?
- Marketers and producers of goods and services should concentrate on selling what they have in inventory.
- Marketers should always try to sell a product or service at the lowest possible price in order to attract customers.
- Marketing should cater to the customer needs and wants as opposed to what the company wants.
- Big companies are in the best position to best serve customers because they have the biggest budgets.
A: Marketing should cater to the customer needs and wants as opposed to what the company wants.

Q: What would best describe a value proposition offered to customers by a small, locally owned coffee shop?
- What would best describe a value proposition offered to customers by a small, locally owned coffee shop?
- We offer high quality, fair-trade coffee in an attractive setting where you can have a pleasant experience by yourself or in a group.
- We have coffee from all over the world that you can drink here or take with you.
- Our prices are lower than the global chain.
A: We offer high quality, fair-trade coffee in an attractive setting where you can have a pleasant experience by yourself or in a group.

Q: A _____ is a tangible or defined characteristic of a product; _____ is the desired end result of the use of the product or service.
- benefit / value proposition
- value proposition / feature
- feature / benefit
- none of the above
A: feature / benefit

Q: Only retail businesses need to offer value propositions?
- True
- False
A: False

Q: A transactional marketing approach focuses on a one-time sale; relationship marketing is dedicated to building ongoing and repeat sales built on ____.
- a transactional marketing approach focuses on a one-time sale; relationship marketing is dedicated to building ongoing and repeat sales built on
- the lowest competitive price
- the newest and most multi-featured market offering
- customer satisfaction
A: customer satisfaction