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1. Customer value ___________________.

a. is always higher for low-cost products

b. is a subjective judgment by each customer

c. is the same as price paid

d. depends on the number of features of a product

e. is based on the manufacturing cost of the product

2. Deja just bought a new pair of sneakers off an ad on social media. Since the sneakers didn't cost much, she wasn't sure about the quality, but once the sneakers arrived she was pleasantly surprised by how well made they were. Since the sneakers exceeded her expectations, she experienced ___________.

a. positive decision feedback

b. consumer dissonance

c. positive buying value

d. high customer satisfaction

e. buyer's remorse

3. While it is important for companies to be able to produce quality products, the main problem with the production orientation toward marketing is that________________________________. a. it requires to too much spending on research and development

b. it focuses too much on fickle consumer needs

c. it typically requires a large sales force

d. it doesn't include an advertising strategy

e. what the company is really good at making isn't necessarily what the market wants

4. The _________________ orientation to marketing focuses on the question, What do customers want and need? a. sales b. external c. market d. production e.buyer 5. The marketing mix variable Place includes decisions about __________________________________________.

a. where to place manufacturing facilities for the product

b. how to locate the target market for the product

c. what social media channels should be used for promoting the product

d. where the product should be sold

e. the outdoor media locations in which the product should be advertised

6. In most product categories, consumers have a lot of choices. For example, the cereal aisle in most grocery stores offers many options that cater to a range of consumer preferences. In order to develop a product for a specific group of consumers, companies first use _________________________ to identify different consumer groups.

a. stratified marketing

b. value based marketing

c. market segmentation

d. group based marketing

e. market structuring

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