Chapter 1

Many U.S. companies first discovered marketing during the __________ era. Select one: a. market-oriented b. production-oriented c. retailing-oriented d. sales-oriented e. value based marketing

a

Auction sites like eBay have increased opportunities for __________ marketing. Select one: a. B2G b. B2B c. D2C d. C2C e. C2D

d

During the __________ era, manufacturers and retailers recognized they needed to give their customers greater value than their competitors did. Select one: a. production-oriented b. market-oriented c. retailing-oriented d. value-based marketing e. sales-oriented

d

Internet sites, physical stores, and kiosks are most closely associated with which element of the marketing mix? Select one: a. price b. proximity c. product d. place e. promotion

d

Jami sells construction equipment. Whenever she calls on her building contractor customers, she asks whether they are having any problems. In doing so, Jami is addressing which of the following core aspects of marketing? Select one: a. Creating value b. Decisions about the setting in which marketing takes place c. Product, place, promotion, and price decisions d. Satisfying customer needs and wants e. The exchange function of marketing

d

Many U.S. companies first discovered marketing during the __________ era. Select one: a. sales-oriented b. value-based marketing c. retailing-oriented d. market-oriented e. production-oriented

d

Many inventors struggle with the question, "I made it; now how do I get rid of it?" They have made the error of considering marketing as Select one: a. important only for new products. b. an integral part of a business plan. c. a profit center. d. an afterthought. e. an accounting function

d

People who initiate, organize, operate, and assume the risk of a business venture are called Select one: a. managers. b. professionals. c. leaders. d. entrepreneurs. e. consultants.

d

Marketing channel management is also known as Select one: a. product design. b. wholesaling. c. a transactional orientation. d. endless chain marketing. e. supply chain management.

e

One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in Select one: a. strong connections among competing firms in the marketplace. b. long-term relationships. c. lower prices. d. higher prices than the market leader charges. e. increased competition.

b

To become a more value-driven organization, Pokrah University is holding regular coffee-hour discussions with its students and surveying its graduates regarding students' educational needs and desires. Pokrah University is becoming more value driven through Select one: a. balancing its customers' benefits and costs. b. keeping the faculty members happy. c. sharing information across the organization. d. building relationships with customers. e. evaluating strategic competitive partnerships.

d

When referring to exchange, marketers are focusing on Select one: a. location-based tactics for creating value. b. the location where products and services are traded. c. the price charged, adjusted for currency exchange rates. d. the trading of things of value. e. promotional offers designed to stimulate barter.

d

Which element of the marketing mix is most relevant to the activity "delivering value"? Select one: a. purchasing b. price c. promotion d. place e. product

d

Yolanda is the new restaurant manager in a major hotel. When considering changes in the restaurant that will increase value to customers, Yolanda will likely attempt to either provide the same quality at a lower cost or a. increase prices to increase revenue. b. lower the quality and the price. c. reduce customer expectations through reduced service. d. improve products and services at the same cost.

d

Franco uses a database software system to remind him when his customers should be ready to reorder his industrial cleaning products. With this reminder system, Franco contacts his customers when they are most likely to be in the buying mode. Franco's system is part of Select one: a. supply chain management. b. C2C marketing. c. typical production era marketing practices. d. a transactional marketing orientation. e. customer relationship management.

e

In the broadest terms, the marketplace refers to Select one: a. brick-and-mortar stores and the Internet. b. the four Ps. c. wholesale and retail environments. d. channels that are accessible to a given customer. e. the world of trade.

e

Many catalog companies create special-run issues based on what customers have purchased in the past. For example, customers who frequently order bedding items like sheets and pillows receive a catalog with a larger section of bedding items than do customers who mostly order kitchen tools. This is an example of Select one: a. typical production-oriented era marketing practices. b. C2C marketing. c. supply chain management. d. a transactional marketing orientation. e. customer relationship management.

e

Marketing enriches society by Select one: a. sponsoring charitable events. b. coordinating marketing functions with other functional areas in the company. c. focusing solely on maximizing profits. d. recognizing that the firm can do very little by itself, so it should stay focused on its own core competencies. e. facilitating the smooth flow of goods through the supply chain.

e

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

e

The marketing goal of getting the right quantities to the right locations at the right time relates to a. price and performance management. b. service marketing. c. communicating the value proposition. d. capturing value. e. supply chain management

e

The prevailing marketing strategy of the __________ era was to find customers for inventories that went unsold. Select one: a. value-based marketing b. market-oriented c. production-oriented d. retailing-oriented e. sales-oriented

e

When an accounting firm provides an online training module showcasing real-life decision lapses and their negative effect on the company, it is trying to encourage what type of behavior from its employees? Select one: a. strategic b. formal c. casual d. secretive e. ethical

e

A friend of yours comments, "I'm starting my own business. I have a perfect product that no one else can touch, but I have no use for marketing. That's just for the mega-corporations." Which of the following arguments would you NOT use in talking about marketing? Select one: a. Marketing isn't essential now, but it will be in a year or two when the product takes off. b. Marketing focuses on the product, but only as one element. Three other areas are Promotion, Price, and Place. c. Marketing helps new ventures organize, operate, and assess risk. d. Marketers are skilled at communicating the value of the product to potential customers. e. Marketers help address unmet customer needs, regardless of the size of the firm.

a

Internet sites, physical stores, and kiosks are most closely associated with which element of the marketing mix? a. place b. product c. promotion d. proximity e. price

a

Janine was tired of her winter coat, so she sold it to her friend, Marissa. This is an example of ________ marketing. Select one: a. C2C b. C2B c. B2C d. B2B e. BBC

a

Leah is the marketing manager for an electronics company. While on vacation in Ecuador, she visited electronics stores in the major malls in Quito, the capital city. Most of her company's products were available, except for smart phones. When she returned to work, she mentioned this observation to her international sales manager. Leah was providing the important marketing function of Select one: a. identifying opportunities to expand. b. alerting the logistics department when to ship products. c. engaging customers, developing long-term relationships. d. advising production on how much product to make. e. synthesizing and interpreting sales, accounting, and customer-profile data.

a

Marketing provides the critical function of __________ when companies expand globally. Select one: a. understanding customers b. forecasting economic growth c. managing personnel d. managing production efficiency e. evaluating government stability

a

Supply chain management is also referred to as Select one: a. marketing channel management. b. retail management. c. production management. d. value proposition management. e. delivery management.

a

The idea that a good product will sell itself is associated with the __________ era of marketing. Select one: a. production-oriented b. market-oriented c. retailing-oriented d. sales-oriented e. value-based marketing

a

The process of value __________, in which customers collaborate in product design, often provides additional value to the firm's customers. a. cocreation b. positioning c. delivery d. based marketing e. chain management

a

UPS, FedEx, DHL, and other shipping companies support other firms' __________ marketing goals. Select one: a. supply chain management b. value communication c. retail management d. value capture e. promotion

a

Value-driven firms constantly measure the __________ that customers perceive, compared to the prices of their offerings. Select one: a. benefits b. rebates c. information d. relationships e. merchandise

a

A __________ is the trade of things of value between the buyer and the seller so that each is better off as a result. a. market segment b. exchange c. promotional plan d. transactional orientation e. relational orientation

b

Even though they operate from out-of-the-way airports and offer few extra services, discount, no-frill airlines like Ryanair and EasyJet have been successful. Consumers obviously consider a. the prices to be slightly lower, but not low enough to have much influence. b. the benefit of lower prices to be greater than the cost of reduced services and less convenience. c. the schedules these airlines offer to be the most convenient in the industry. d. the major airlines to be worthless. e. the longterm relationships established by these airlines to be a critical benefit.

b

If a radio station holds an online contest in which you must log in to its website and submit personal details such as name, phone number, and email to participate, the radio station is a. implementing a CRM program. b. offering an exchange. c. hoping to receive feedback. d. overstepping its role. e. behaving unethically.

b

Many inventors struggle with the question, "I made it; now how do I get rid of it?" They have made the error of considering marketing as a. a profit center. b. an afterthought. c. an integral part of a business plan. d. important only for new products. e. an accounting function.

b

Near the end of the model year, Move-Them-Out automobile dealership had an unusually high inventory level. The manager increased her advertising spending and gave extra incentives to its salespeople. Move-Them-Out operates as if it were in the __________ era. Select one: a. retailing-oriented b. sales-oriented c. production-oriented d. market-oriented e. value-based marketing

b

The importance of supply chain management is often overlooked in the study of marketing because a. companies do not want customers to know anything about the supply chain. b. many of the activities take place behind the scenes. c. marketing has no responsibility for supply chain management. d. supply chain management doesn't add much value for customers. e. supply chain management is already transparent

b

Trey sells consumer electronics. He knows his customers weigh the costs versus the benefits associated with the different options available. He decides which products to offer and what prices to charge based on the way his customers think. Trey operates as if he were in the __________ era. a. production-oriented b. value-based marketing c. market-oriented d. retailing-oriented e. sales-oriented

b

Whenever Valerie has a new massage therapy customer, she invites the person to be on her email distribution list. In the process, in addition to exchanging her massage therapy service for payment, Valerie is gathering a. promotional capital. b. information. c. pricing data. d. value cocreation. e. feedback.

b

During the __________ era, firms had excess capacity and used personal selling and advertising to generate customers. Select one: a. market-oriented b. production-oriented c. value-based marketing d. sales-oriented e. retailing-oriented

d

Many universities provide physical or electronic bulletin boards to facilitate ride-sharing and exchange of used books among students. These bulletin boards increase __________ marketing. Select one: a. underground b. B2B c. B2C d. C2C e. C2B

d

Marketers must determine the price of a product carefully, based on potential buyers' beliefs about Select one: a. the cost to manufacture the product. b. the economic outlook. c. the product's new advertising campaign. d. its value. e. the environment.

d

Marketing provides the critical function of __________ when companies expand globally. Select one: a. evaluating government stability b. managing production efficiency c. managing personnel d. understanding customers e. forecasting economic growth

d

Auction sites like eBay have increased opportunities for __________ marketing. Select one: a. C2C b. B2B c. D2C d. B2G e. C2D

a

A friend of yours comments, "I'm starting my own business. I have a perfect product that no one else can touch, but I have no use for marketing. That's just for the megacorporations." Which of the following arguments would you NOT use in talking about marketing? a. Marketing helps new ventures organize, operate, and assess risk. b. Marketers are skilled at communicating the value of the product to potential customers. c. Marketing isn't essential now, but it will be in a year or two when the product takes off. d. Marketers help address unmet customer needs, regardless of the size of the firm. e. Marketing focuses on the product, but only as one element. Three other areas are Promotion, Price, and Place.

c

As owner of a retail franchise food store, Mary Gray purchases supplies based on specials advertised nationally throughout the franchise system. One Monday, she was surprised to find customers asking for specials she hadn't been informed of in advance. The franchise company failed to live up to the value driven activity of a. building relationships with customers. b. keeping prices below those charged by competitors. c. sharing information across the organization. d. evaluating strategic competitive partnerships. e. balancing customers' benefits and costs.

c

Four Winds Art Gallery recently began offering appraisals of customers' art collections, in addition to continuing to sell paintings. Four Winds is Select one: a. expanding from offering just services to also offering goods. b. capturing value through multiple pricing strategies. c. expanding from offering just goods to also offering services. d. implementing a market segmentation strategy. e. increasing customer value through inflated appraisal evaluations.

c

Jenny, the delivery and sales representative for a beer distributor, is calling on a retailer and sees the shelves are almost empty. An unexpected sporting event held nearby resulted in a huge increase in sales. She calls her company's distribution manager and requests a special delivery for her customer. Jenny is providing the important marketing function of Select one: a. synthesizing and interpreting sales, accounting, and customer-profile data. b. advising production on how much product to make. c. alerting the logistics department when to ship products. d. advising the customer about new products and markets. e. identifying opportunities to expand.

c

Many catalog companies create special-run issues based on what customers have purchased in the past. For example, customers who frequently order bedding items like sheets and pillows receive a catalog with a larger section of bedding items than do customers who mostly order kitchen tools. This is an example of Select one: a. typical production-oriented era marketing practices. b. a transactional marketing orientation. c. customer relationship management. d. C2C marketing. e. supply chain management.

c

Marketing channel management is also known as Select one: a. endless chain marketing. b. a transactional orientation. c. supply chain management. d. wholesaling. e. product design.

c

Melanie works for a small computer software company. Her boss is constantly improving its products but neglecting customers, billing, and promoting the company. Her boss is probably stuck in the __________ era of marketing. Select one: a. market-oriented b. value-based marketing c. production-oriented d. retailing-oriented

c

The fundamental goal of marketers when creating goods, services, or combinations of both, is to a. stimulate shortterm sales. b. operate according to government regulations. c. create value. d. defeat the competition. e. serve all consumers.

c

Traditionally, marketing activities have been divided into product, price, place, and promotion. Select the term that best describes the four Ps. a. marketing channel b. marketing plan c. marketing mix d. marketing implementation e. marketing era

c

When referring to exchange, marketers are focusing on Select one: a. promotional offers designed to stimulate barter. b. the location where products and services are traded. c. the trading of things of value. d. the price charged, adjusted for currency exchange rates. e. location-based tactics for creating value.

c

Whenever Valerie has a new massage therapy customer, she invites the person to be on her e-mail distribution list. In the process, in addition to exchanging her massage therapy service for payment, Valerie is gathering Select one: a. feedback. b. pricing data. c. information. d. promotional capital. e. value cocreation.

c

Which marketing activity is most directly served by the promotion element of the marketing mix? a. capturing value b. producing value c. communicating value d. delivering value e. creating value

c

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

c

Yolanda is the new restaurant manager in a major hotel. When considering changes in the restaurant that will increase value to customers, Yolanda will likely attempt to either provide the same quality at a lower cost or Select one: a. reduce customer expectations through reduced service. b. increase prices to increase revenue. c. improve products and services at the same cost. d. offset higher hotel rates with lower restaurant prices. e. lower the quality and the price.

c