The type of product that results from applying human and mechanical efforts to people or objects refers to which one of the following options?

► An idea

► A service

► A philosophy

► A concept

When Olympia Carpets develops new carpets that are highly stain resistant and durable, it must educate consumers about the product's benefits. This activity calls for which one of the following marketing mix variables?

► Price

► Promotion

► Distribution

► Product

Customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers refers to which of the following options?

► Customer perceived value

► Marketing myopia

► Customer relationship management

► Customer satisfaction

Which one of the following statements by a company chairman BEST reflects the marketing concept?

► We have organized our business to satisfy the customer needs

► We believe that marketing department must organize to sell what we produce

► We try to produce only high quality, technically efficient products

► We try to encourage company growth in the market

Which one of the following concepts is a useful philosophy in a situation when the product’s cost is too high and marketers look for ways to bring it down?

► Selling concept

► Product concept

► Production concept

► Marketing concept

Which one of the following is a key to build lasting relationships with consumers?

► Price of the product

► Need recognition

► Customer satisfaction

► Quality of product