Marketing 380 Exam 1

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Although Zappos was not legally bound to fulfill customer orders following its pricing snafu, failure to do so would have significantly lowered __________, which is based on a company's performance relative to the customers' expectations. a. customer-perceived value b. customer satisfaction c. customer engagement d. customer lifetime value e. customer demand

b. customer satisfaction

The act of obtaining a desired object from someone by offering something in return is known as which of the​ following? A. An exchange Your answer is correct. B. A sale C. A barter D. A trade E. An auction

A. An exchange

A SWOT is a part of which marketing management​ function? A. Analysis Your answer is correct. B. Implementation C. Planning D. Organization E. Control

A. Analysis

Which of the following is enhancing how marketers learn about and interact with​ customers? A. Big data and marketing analytics Your answer is correct. B. New digital devices C. Big data and social media D. Machine learning E. Social media analytics

A. Big data and marketing analytics

A local drama club wants to increase the membership and attendance at its performances. To do​ so, it hosts free​ shows, starts​ poetry-reading nights, and sends volunteers to the local high school. What is the drama club engaging​ in? A. Market exchange Your answer is correct. B. Building customer relationships C. Advertising D. Product placement E. Market research

A. Market exchange

​________ is the process of dividing a market into distinct groups of buyers who have different​ needs, characteristics, or​ behaviors, and who might require separate marketing strategies or mixes. A. Market segmentation Your answer is correct. B. Differentiation C. Positioning D. Marketing strategy E. Market targeting

A. Market segmentation

All of the following are aspects of sustainable marketing EXCEPT which​ one? A. Observe environmental legislation as it is instituted. Your answer is correct. B. Help protect the natural environment. C. Seek ways to profit by serving the​ long-run interests of customers and communities. D. Practice caring capitalism by being​ civic-minded and responsible. E. Deliver value in a socially and environmentally responsible way.

A. Observe environmental legislation as it is instituted.

The focus of which of the following processes not only sets the stage for planning in the​ firm, but also represents the maintenance and development of the​ organization's goals and capabilities and its changing marketing​ opportunities? A. Strategic planning Your answer is correct. B. Marketing planning C. Research and development planning D. Annual planning E. ​Long-range planning

A. Strategic planning

What is MOST likely to cause a variation in​ customer-perceived value? A. The​ customer's opinion of what constitutes value Your answer is correct. B. The cost of advertising to the target market C. The cost to produce a product D. The​ customer's satisfaction with a product E. The popularity of a product to the customer

A. The​ customer's opinion of what constitutes value

Which of the following scenarios BEST describes the societal marketing​ concept? A. ​Edward's Earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term. Your answer is correct. B. ​Amy's Apple Cart regularly asks its customers what kind of apples they want to buy. C. ​Robert's Rotors does everything to improve production and lower the cost of its rotors in order to gain customers. D. ​Tim's Tires constantly tries to improve on the tires it sells by placing all of its efforts into new design research. E. ​Wanda's Wedding Wear frequently promotes itself to customers through​ commercials, fliers, and other forms of advertising.

A. ​Edward's Earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term.

Which of the following correctly identifies the five core customer and marketplace​ concepts? A. ​Needs, wants, and​ demands; market​ offerings; value and​ satisfaction; exchanges and​ relationships; and markets Your answer is correct. B. ​Needs, wants, and​ demands; market​ offerings; value and​ satisfaction; competitors; and profits C. ​Needs wants,​ demands, market​ offerings, and markets D. ​Needs, wants, and​ demands; products;​ value; customers; and competitors E. ​Needs, wants, and​ demands; market​ offerings; value;​ satisfaction; and markets

A. ​Needs, wants, and​ demands; market​ offerings; value and​ satisfaction; exchanges and​ relationships; and markets

What is the correct sequence of the steps in the strategic planning​ process? A. Define the company​ mission, design the business​ portfolio, set company objectives and​ goals, and plan the market and other functional strategies B. Define the company​ mission, set company objectives and​ goals, design the business​ portfolio, and plan the market and other functional strategies Your answer is correct. C. Set company objectives and​ goals, define the company​ mission, design the business​ portfolio, and plan the market and other functional strategies D. Design the business​ portfolio, define the company​ mission, set company objectives and​ goals, and plan the market and other functional strategies E. Define the company​ mission, set company objectives and​ goals, plan the market and other functional​ strategies, and design the business portfolio

B. Define the company​ mission, set company objectives and​ goals, design the business​ portfolio, and plan the market and other functional strategies

Most standard portfolio analysis methods evaluate strategic business units​ (SBUs) on their performance in two important dimensions. What are these two​ dimensions? A. The attractiveness of the​ SBU's market or industry and the number of products the company produces B. The attractiveness of the​ SBU's market or industry and the strength of the​ SBU's position in that market or industry Your answer is correct. C. The number of SBUs the company identifies and the number of products it produces D. The type of market or industry in which the company competes and the strength of the​ SBU's position in that market or industry E. The number of products a company produces and the number of foreign countries in which the company competes

B. The attractiveness of the​ SBU's market or industry and the strength of the​ SBU's position in that market or industry

How does the new concept of marketing differ from the old concept of marketing​ ("telling and​ selling")? A. The new concept is more cost-efficient. B. The new concept focuses on customer needs. Your answer is correct. C. The new concept focuses on having a​ well-developed product. D. The new concept requires less work from marketing executives. E. The new concept focuses on making money.

B. The new concept focuses on customer needs.

What is the importance of selling and advertising in​ marketing? A. They work only with product placement and promotion. B. They work in tandem with building customer relationships. Your answer is correct. C. They emphasize the need for marketing myopia. D. They can substitute for a faulty product. E. They are not essential if the product is good.

B. They work in tandem with building customer relationships.

To design a winning marketing​ strategy, what are the two important questions a marketing manager must​ answer? A. How can we serve our customers​ best? How can we maximize​ profits? B. What customers will we​ serve? How can we serve these customers​ best? Your answer is correct. C. Who are our​ competitors? How can we beat our​ competitors? D. What markets should we​ enter? How do we maximize sales in those​ markets? E. What customers will we​ serve? How can we maximize​ profits?

B. What customers will we​ serve? How can we serve these customers​ best?

The ultimate goal of the marketing process is to do which of the​ following? A. Develop relationships with customers B. Evaluate customer needs C. Receive value from customers Your answer is correct. D. Create a quality product E. Determine a target market

C. Receive value from customers

Ethel and Jan have just started a new​ company, Jantel,​ Inc., and are having trouble deciding which marketing path to take to drive sales. Ethel believes they should follow a​ make-and-sell philosophy that focuses on improving their​ product, whereas Jan believes they should be more​ customer-oriented and find the right products for their customers. Which of the following BEST describes this​ situation? A. Should​ Jantel, Inc., follow a product or selling​ concept? B. Should​ Jantel, Inc., follow a production or selling​ concept? C. Should​ Jantel, Inc., follow a product or marketing​ concept? Your answer is correct. D. Should​ Jantel, Inc., follow a societal marketing or production​ concept? E. Should​ Jantel, Inc., follow a marketing concept or a societal marketing​ concept?

C. Should​ Jantel, Inc., follow a product or marketing​ concept?

How has the internet MOST affected companies and​ customers? A. The internet has increased the potential customer base. B. The internet has made advertising easier. C. The internet has allowed consumers to take marketing content and share it. Your answer is correct. D. The internet has lowered prices. E. The internet has made creating an image more important.

C. The internet has allowed consumers to take marketing content and share it.

Which marketing management orientation holds that a firm should have a customer focus to achieve sales and​ profits? A. The production concept B. The societal marketing concept C. The marketing concept Your answer is correct. D. The selling concept E. The product concept

C. The marketing concept

Which of the following is NOT one of the four P's of the marketing mix? a. Promotion b. Production c. Product d. Place e. Price

b. Production

Which of the following describes the current trend in businesses regarding relationships with​ customers? A. Maintain strong relationships with as many customers as possible. B. Gather as many customers as possible on a surface level. C. ​Hand-pick the most profitable customers and allow them more input. Your answer is correct. D. Avoid developing relationships with customers at all. E. Find a few customers and develop strong relationships with them.

C. ​Hand-pick the most profitable customers and allow them more input.

Which of the following represent market​ offerings? A. ​Products, services,​ needs, and exchanges B.m​Needs, wants,​ products, and advertisements C. ​Products, services,​ information, and experiences Your answer is correct. D. ​Value, satisfaction,​ sales, and profits E. ​Products, services,​ needs, and wants

C. ​Products, services,​ information, and experiences

​Bertram's Beer structures its company in such a way as to encourage its most profitable older customers to remain loyal while also targeting a new generation of customers. What is​ Bertram's Beer attempting to​ build? A. Share of customer B. Customer lifetime value C. Partner relationships D. Customer equity Your answer is correct. E. Customer loyalty

D. Customer equity

Asher Airlines instituted a marketing program whose intent is to create a relationship with customers with seat upgrades and free miles for their continued patronage. What customer relationship tool is Asher Airlines​ using? A. ​Customer-perceived value B. ​Consumer-generated marketing C. Direct marketing D. Frequency marketing program Your answer is correct. E. ​Mass-media marketing

D. Frequency marketing program

When a company chooses a group of customers to​ serve, it is engaging in which of the​ following? A. Differentiation B. Societal marketing C. Market segmentation D. Target marketing Your answer is correct. E. Demand management

D. Target marketing

What is the ultimate aim of customer relationship​ management? A. To increase share of customer B. To produce high customer profitability C. To maintain high customer loyalty D. To produce high customer equity Your answer is correct. E. To establish brand equity

D. To produce high customer equity

The key to learn about and engage with individual customers is to blend the new digital technologies and approaches with traditional marketing to create​ _______________________. A. ​customer-focused digital applications B. superior social​ media, mobile​ apps, and television advertising C. comprehensive marketing plans D. a smoothly integrated marketing strategy and mix Your answer is correct. E. promotions with wide customer appeal

D. a smoothly integrated marketing strategy and mix

A company rarely gets 100 percent of a​ customer's purchases for a product category. The share it does get of the​ customer's purchasing in its product categories is called​ ________. A. customer defections B. share of market C. customer lifetime value D. share of customer Your answer is correct. E. customer equity

D. share of customer

Selling and advertising are part of a larger set of marketing tools that work together to satisfy customer needs and build customer relationships known as​ ________. A. ​customer-engagement marketing B. market offerings C. customer equity D. the marketing mix Your answer is correct. E. the marketing concept

D. the marketing mix

The first step of the marketing process is to​ ___________________. A. capture value from customers to create profits and customer equity B. build profitable relationships C. design a​ customer-driven marketing strategy D. understand the​ marketplace, which includes customer needs and wants Your answer is correct. E. construct an integrated marketing program that delivers superior value

D. understand the​ marketplace, which includes customer needs and wants

What are the five marketing management functions used to manage the marketing​ process? A. Writing an executive​ summary, conducting a situation​ analysis, planning, setting​ budgets, and outlining controls B. Product​ development, pricing, customer​ service, promotion, and cost control C. ​Planning, segmenting,​ targeting, positioning, and implementing D. ​Analysis, planning,​ implementation, organization, and control Your answer is correct. E. ​Segmenting, targeting,​ positioning, differentiation, and control

D. ​Analysis, planning,​ implementation, organization, and control

What are the variables in a​ company's marketing​ mix? A. ​Product, partners,​ profits, and place B. ​Profits, product,​ partners, and people C. ​Product, price,​ profits, and people D. ​Product, price,​ place, and promotion Your answer is correct. E. ​Product, price,​ promotion, and people

D. ​Product, price,​ place, and promotion

Scott Frost has been coming to​ Aldwin's Diner for 20 years and refuses to go anywhere else.​ Joseph, the owner of​ Aldwin's, loves​ Scott's loyalty but admits he purchases only a cup of coffee at each visit. Scott would BEST be described as which of the​ following? A. True friend B. Stranger C. Butterfly D. True believer E. Barnacle

E. Barnacle

Which of the following enhances how marketers learn about and interact with​ customers? A. Big data and social media B. Social media analytics C. Machine learning D. New digital devices E. Big data and marketing analytics

E. Big data and marketing analytics

Which of the following is included in a broad definition of​ marketing? A. Creating customer​ value, building customer​ relationships, and having a strong selling orientation B. ​Advertising, selling, and developing quality products C. ​Selling, advertising, and promoting D. Satisfying​ customers, beating​ competitors, and maximizing profits E. Creating customer​ value, building customer​ relationships, and engaging customers

E. Creating customer​ value, building customer​ relationships, and engaging customers

​Julie's Jump Rope Emporium is a new company. From a marketing​ standpoint, what is the FIRST thing​ Julie's Jump Rope Emporium needs to​ do? A. Develop a plan to sell as many jump ropes as possible B. Develop relationships with the customers who come to purchase jump ropes C. Advertise the company as a location in which to purchase jump ropes D. Develop the best jump rope possible E. Determine who in the community wants or needs a jump rope

E. Determine who in the community wants or needs a jump rope

The​ product/market expansion grid is a tool that allows marketers to identify growth opportunities. Of the​ following, which represent the four components of the​ product/market expansion​ grid? A. Global​ expansion, domestic​ expansion, customer​ expansion, and product expansion B. Product​ growth, market​ growth, customer​ growth, and profitable growth C. Product​ penetration, product​ development, diversification, and global expansion D. Product​ development, diversification, domestic​ expansion, and global expansion E. Market​ penetration, market​ development, product​ development, and diversification

E. Market​ penetration, market​ development, product​ development, and diversification

How do market demands relate to needs and​ wants? A. Wants and demands are​ equivalent, and both satisfy needs at the same rate. B. Demands result in customers needing and wanting a particular product. C. ​Needs wants, and demands all describe the same state in the customer. D. Needs and wants outweigh demands in the​ customer's mind. E. Needs are satisfied by​ wants, and buying power converts wants into demand.

E. Needs are satisfied by​ wants, and buying power converts wants into demand.

Which marketing philosophy holds that consumers will favor products that offer the most in​ quality, performance, and innovative​ features? A. Societal marketing concept B. Selling concept C. Production concept D. Marketing concept E. Product concept

E. Product concept

What are the two keys to building lasting customer​ relationships? A. Value and customer service B. Satisfaction and sales promotions C. Innovative products and low prices D. Customer service and quality products E. Superior customer value and satisfaction

E. Superior customer value and satisfaction

What is the main problem that sellers suffering from marketing myopia​ face? A. They focus on customer wants instead of demands. B. They focus more on the​ customer's experience than on the product itself. C. They focus on brand image to the detriment of quality. D. They focus more on profit than on the​ customer's benefit. E. They focus more on products than on the​ customer's underlying need.

E. They focus more on products than on the​ customer's underlying need.

Why is good marketing management​ critical? A. To ensure that products are promoted well enough to encourage a large flow of customers B. To ensure that the company is always on the cutting edge of product development C. To ensure that investments are properly spent in order to maximize profits D. To ensure that the company has a positive image in the eyes of the community E. To ensure that the company serves as many customers as it can and as well as it can

E. To ensure that the company serves as many customers as it can and as well as it can

Marketing provides a guiding philosophy for a​ company's strategic planning. This​ philosophy, known as​ __________, focuses on creating customer value and building profitable relationships with important consumer groups. A. customer relationship management B. partner relationship management C. the value network D. value chain management E. the marketing concept

E. the marketing concept

​Vaughn's Video has suffered because more people are subscribing to online streaming sites such as​ Netflix, YouTube,​ iTunes, Amazon, and Hulu. Which of the following marketing trends has NOT affected​ Vaughn's Video? A. The changing economic environment B. The digital age C. Rapid globalization D. Sustainable marketability E. ​Not-for-profit marketing

E. ​Not-for-profit marketing

_______________ compose a​ company's external value delivery network A. ​Suppliers, distributors, and other company departments B. ​Suppliers, customers, and other company departments C. Other company​ departments, customers, and competitors D. ​Customers, competitors, and suppliers E. ​Suppliers, distributors, and customers

E. ​Suppliers, distributors, and customers

Many of Zappos' more traditional rivals focus greater attention on the attributes of the products and services they sell rather than on the benefits and experiences produced by their market offerings. This trap is sometimes referred to as __________. a. product myopia b. marketing paranoia c. marketing malpractice d. marketing myopia e. marketing management

d. marketing myopia

Zappos creates __________ for its customers by offering a wide selection, higher levels of service, and customer-friendly return policies. a. exchanges b. satisfaction c. equity d. value e. demands

d. value

While Zappos' pricing snafu cost the company nearly $1.6 million dollars, the company chose to fulfill all the orders because it realized the long-term loss of patronage from these customers could be even more expensive. A key metric that measures the long-term profitability of individual customers or groups of customers is known as __________. a. customer relationship value b. customer retention c. ROI d. customer satisfaction e. customer lifetime value

e. customer lifetime value

Zappos offers customers wide selection, excellent service, and customer-friendly return policies. In return, customers are willing to pay more for the company's offerings. This act of obtaining a desired object from someone by offering something in return is known as __________. a. satisfaction b. engagement c. valued. marketing e. exchange

e. exchange


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