BA 370 - Chapter 1 Practice

By allowing consumers to sell their unwanted goods to other consumers, auction sites like eBay, Poshmark, and Mercari cater to ________ marketing. B2B C2C D2C C2D B2G

C2C

Justine offers design and consulting services on a fee-only basis. She has found that different customers are willing to pay different rates for her services. This shows that her pricing decisions should depend primarily on: choosing an average price that she will charge all her clients. changes in technology allowing consumers to manage their own affairs. how different customers perceive the value of her services. changes in the economy. how much her competitors charge for similar services.

how different customers perceive the value of her services.

Which of the following statements reflects the philosophy of the market-oriented era? A good product will sell itself. The customer is king. Firms should take advantage of a seller's market. Advertising and personal selling should be emphasized in order to make the sale. Firms should focus on value.

The customer is king.

T or F - The marketing plan is broken down into various components—how the product or service will be conceived or designed, how much it should cost, where and how it will be promoted, and how it will get to the consumer.

True

T or F - To build relationships, firms focus on the lifetime profitability of the relationship, not how much money is made during each transaction.

True

To become a more value-driven organization, Pequot College is holding regular coffee-hour discussions with its students and surveying its graduates regarding students' educational needs and desires. By doing so, Pequot College is becoming more value-driven through sharing information across the organization. balancing its customers' benefits and costs. evaluating strategic competitive partnerships. building relationships with customers. keeping the faculty members happy.

building relationships with customers.

The basic difference between a good and a service is that a good: provides intangible benefits. can be physically touched. is always less expensive than a corresponding service. generates greater interest among consumers. is more quickly forgotten by consumers.

can be physically touched.

According to your text, in the broadest terms, the "marketplace" refers to: wholesale and retail environments. brick-and-mortar stores and the Internet. the four Ps. channels that are accessible to a given customer. the world of trade.

the world of trade.

A relational orientation is based on the philosophy that buyers and sellers develop: a complete understanding of one another's needs. a long-term relationship. a price-value comparison matrix. supply chain synergy. a marketing value transaction focus.

a long-term relationship

Which of the following is a core aspect of marketing? satisfying as many needs as possible creating a product that everyone will want to buy setting prices lower than all competitors making product, place, promotion, and price decisions increasing the company's profit

making product, place, promotion, and price decisions

Data about how, when, why, where, and what people buy refers to: statistics. demographics. marketing analytics. value-based marketing. relational orientation.

marketing analytics.

Jeffrey is going to sell sporting apparel, which he has already purchased from manufacturers, and has signed a deal agreeing to the volume he will sell monthly. He has researched his competition, talked to some customers, and decided on prices he will charge. Jeffrey has also developed a plan for promoting his business. Based on this description, which element of the marketing mix does Jeffrey still need to work on? planning product price promotion place

place

When the publisher of the well-known Berenstain Bears books wanted to celebrate the 50th anniversary of the series, it initiated a $150,000 campaign. Which of the four Ps does this campaign represent? performance price place promotion product

promotion

Red Robin suggests that its diners check in to its locations using their phones. This demonstrates the use of ________ to market a product. adding value social media marketing analytics value cocreation social responsibility

social media

When a sweatshirt manufacturer states, "We sell it only in gray because that way we can buy plenty of gray fabric and run our plant efficiently," its statement reflects the views that were popular in which era of the evolution of marketing? production-oriented sales-oriented market-oriented value-based marketing economics-oriented

production-oriented

As use of the Internet took off, car manufacturers were tempted to sell directly to consumers, but decided instead to continue to sell through their existing dealer networks. The car manufacturers considered switching from ________ to ________ marketing. B2C; B2B B2C; C2C B2B; B2C B2B; C2C C2C; B2C

B2B; B2C

Dylan bought a sport jacket from a retail store. Which type of transaction was Dylan participating in? B2B C2C B2C R2C C2B

B2C

T or F - A set of approaches and techniques that firms use to make and deliver a given set of goods and services is known as a distribution network.

False - A set of approaches and techniques that firms use to make and deliver a given set of goods and services is known as a supply chain or a marketing channel.

T or F - Marketing is an activity that only large firms with specialized departments can perform.

False - Marketing activities can be performed by organizations of all sizes and also by individuals.

T or F - The four Ps of the marketing mix include product, promotion, planning, and place.

False - They are product, price, place, and promotion.