Marketing Exam 1

Internet sites, physical stores, and kiosks are most closely associated with which element of the marketing mix? A. place B. price C. product D. promotion E. proximity

A

When retailers accumulate merchandise from producers in large amounts and sell to consumers in smaller amounts it is considered _______ marketing. A. B2C B. B2B C. R2C D. C2C E. C2B

A

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 A. information. B. promotional capital. C. pricing data. D. value cocreation. E. feedback.

A

The "Milk Life" advertising campaign, designed to increase consumption of milk, was intended to help market a(n) A. service. B. firm. C. industry. D. organization. E. specific product.

C

The four Ps make up the marketing mix, which is the __________ set of activities that the firm uses to respond to the wants and needs of its target markets. A. unpredictable B. external C. internal D. controllable E. global

D

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

D

In marketing terms, the trade of things of value between the buyer and the seller so that each is better off as a result is referred to as A. a marketing exchange. B. value cocreation. C. the marketing mix. D. a value transaction. E. relational marketing.

A

What is the name of the process in which customers collaborate in product design, often providing additional value to the firm's customers? A. value cocreation B. product positioning C. B2C marketing D. supply chain management E. value-based marketing

A

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. A. B2C; B2B B. B2C; C2C C. B2B; B2C D. B2B; C2C E. C2C; B2C

C

Marney bought a dress from a retail store. Which type of transaction was Marney participating in? A. B2B B. C2C C. B2C D. R2C E. C2B

C

(t/f) Approximately half of marketers say they now use social media tools for marketing purposes.

false

(t/f) Marketing is an activity that only large firms with specialized departments can execute

false

(t/f) Over the past decade or so, marketers have begun to realize that it is best to structure a firm's customer orientation in terms of transactions rather than relationships.

false

(t/f)Marketing's fundamental purpose is to create value by developing a variety of offerings that will earn income for the company.

false

(t/f) The four Ps of the marketing mix include product, promotion, planning, and place.

false (product, price, promotion and place)

(t/f) According to the American Marketing Association, marketing is the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

true

(t/f) As it relates to marketing, the trade of things of value between the buyer and the seller so that each is better off as a result is known as an exchange.

true

(t/f) Buffalo Wild Wings suggests that its diners check in to its locations using their phones. This demonstrates the use of social media to market a product.

true

(t/f) Good marketing is not a random activity.

true

(t/f) HappyCow is an example of a location-based social media application.

true

(t/f) Margo likes her morning coffee, and she always stops at Starbucks because it is on her way to work. Margo is being influenced by the place element of the marketing mix.

true

(t/f) Understanding a customer's needs and wants is fundamental to marketing success.

true

Serena studies her customer profiles, market research data, complaints, and other information, attempting to better understand what her customers want. Serena most likely operates in the __________ era of marketing. A. production oriented B. sales-oriented C. market-oriented D. value based marketing E. retailing oriented

D

Which element of the marketing mix is most relevant to the activity "capturing value"? A. promotion B. purchasing C. product D. price E. place

D

The fundamental goal of marketers when creating goods, services, or combinations of both is to A. defeat the competition. B. serve all consumers. C. operate according to government regulations. D. stimulate short-term sales. E. create value.

E

Value is A. the lowest cost option. B. represented by brand names. C. the highest-priced alternative. D. everyday low prices. E. what you get for what you give.

E

Which element of the marketing mix deals with supply chain management A. product B. price C. promotion D. production E. place

E

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 extra services offered by these airlines to be the most thorough in the industry. B. the long-term relationships established by these airlines to be a critical benefit. C. the prices to be slightly lower, but not low enough to have much influence. D. the benefit of lower prices to be greater than the cost of reduced services and less convenience. E. the major airlines to be worthless.

D

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. By doing so, Pokrah University is becoming more value driven through A. sharing information across the organization. B. balancing its customers' benefits and costs. C. evaluating strategic competitive partnerships. D. building relationships with customers. E. keeping the faculty members happy.

D

Jeff 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. Jeff has also developed a plan for promoting his business. Based on this description, which element of the marketing mix does Jeff still need to work on? A. place B. product C. price D. promotion E. planning

A

Marketers must determine the price of a product carefully, based on potential buyers' beliefs about A. its value. B. the environment. C. the cost to manufacture the product. D. the economic outlook. E. the product's new advertising campaign.

A

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

B

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 A. C2C marketing. B. customer relationship management. C. a transactional marketing orientation. D. supply chain management. E. typical production-oriented era marketing practices.

B

Supply chain management is also referred to as A. delivery management. B. marketing channel management. C. production management. D. retail management. E. value proposition management.

B

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

B

The prevailing marketing strategy of the __________ era was to find customers for inventories that went unsold. A. production-oriented B. sales-oriented C. market-oriented D. value based marketing E. retailing oriented

B

Marketers involved in value-oriented marketing are constantly balancing A. promotional effectiveness with ethical advertising standards. B. the problem of price maximization with cost-efficiency. C. perceived customer benefits with the costs of their offerings. D. the desire to achieve with the need for a stable source of supply. E. the goal of efficiency with the price charged by competitors.

C

Marketing channel management is related to which of the four Ps? A. product B. price C place D. promotion E. production

C

Marketing has traditionally been divided into a set of four interrelated decisions known as the marketing mix, or four Ps, which includes all of the following except A. product. B. place. C. performance. D. promotion. E. price.

C

. 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 e-mail in order to participate, the radio station is A. offering an exchange. B. behaving unethically. C. hoping to receive feedback. D. implementing a CRM program. E. overstepping its role.

A

How a 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 are all elements of A. a marketing plan. B. a marketing exchange. C. supply chain logistics. D. production management. E. delivery of the value proposition.

A

Julia is considering a career in marketing. She is concerned about the image of marketers as fast-talking, high-pressure people who care only about making a sale. When reading about the core aspects of marketing, Julia is relieved to see that in marketing A. all parties to an exchange should be satisfied. B. promotion is the most important consideration, followed by pricing decisions. C. decisions are made regarding how a product is designed. D. customers are not considered until the product is ready for sale. E. distribution is controlled by customers.

A

Marketing efforts designed to get the product or service to the right customer, when that customer wants it, are called A. supply chain management. B. a transactional orientation. C. wholesaling. D. value cocreation. E. endless chain marketing.

A

When a T-shirt manufacturer states, "We sell it only in black because that way we can buy plenty of black fabric and run our plant efficiently," its statement reflects the views that were popular in which era of the evolution of marketing? A) production-oriented B) Sales-oriented C) market-oriented D) value based marketing E) economics-oriented

A

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. improve products and services at the same cost. B. increase prices to increase revenue. C. offset higher hotel rates with lower restaurant prices. D. reduce customer expectations through reduced service. E. lower the quality and the price.

A

Some discount stores put products in large bins and let consumers hunt and find bargains. The price these consumers pay includes A. only the actual price they pay at the register. B. the value of their time and energy. C. the excitement they experience in finding an item they desire. D. the savings to the store of not having to display the products neatly on shelves. E. the time the product was full price and didn't sell.

B

Value-driven firms constantly measure the relationship between A. benefits and information. B. benefits and costs. C. products and costs. D. products and promotion. E. merchandise and selling.

B

It was during the market-oriented era that firms first discovered "marketing." In what timeframe did this occur? A. around the turn of the 20th century B. shortly before the Great Depression C. just after World War II D. during the Roaring Twenties E. during the civil rights movement

C

Many U.S. companies first discovered marketing during the __________ era. A. production-oriented B. sales-oriented C. market-oriented D. value based marketing E. retailing oriented

C

(t/f)When a manufacturer sells truck and car parts to Toyota, this is an example of B2C marketing.

false (this is an example of B2B)

(t/f)Garage sales and online classified ads are examples of C2C marketing.

true

(t/f)Marketers might wish to sell their products to everyone, but it is not practical to do so.

true

(t/f)The power adapters Dell sells with its computers are built by small companies that specialize in power-related accessories. When Dell purchases its power adapters from these small companies, it is engaged in B2B marketing

true

(t/f)When a good or service is promoted, the purpose of the promotion is to inform, persuade, or remind customers about the good or service.

true

Jami sells construction equipment. Whenever she calls on her building contractor customers, she asks if they are having any problems. In doing so, Jami is addressing which of the following core aspects of marketing? A. satisfying customer needs and wants B. completing the exchange function of marketing C. making product, place, promotion, and price decisions D. making decisions about the setting in which marketing takes place E. creating value

A.

By promoting perfume based on youth, style, and sex appeal, Calvin Klein is attempting to A. influence social norms regarding sexuality. B. encourage consumers to participate in product redesign. C. stimulate supply chain management cooperation. D. increase the perceived value of its products. E. demonstrate social responsibility.

D

Brian is struggling with the choice of publishing his new book, How to Cook Polish Barbeque, as an e-book or a paperback. Brian is addressing which core marketing aspect? A. developing a promotional plan B. managing the exchange function of marketing C. making product decisions D. deciding where and how to sell the product E. pricing the product

C

If a firm adopts a CRM business philosophy, it most likely has a(n) _______ orientation with its customers. A. transactional B. external C. relational D. internal E. divisional

C

n delivering value, marketing firms attempt to find the most desirable balance between A. the need for value and the perception of value. B. explicit versus implicit value. C. the need to provide benefits to customers and keep down costs. D. the desire to satisfy customers and the desire to satisfy employees. E. the need for product improvement and the need for advertising.

C

Many universities provide physical or electronic bulletin boards to facilitate ride-sharing and exchange of used books among students. These bulletin boards increase __________ marketing. A. B2C B. C2B C. B2B D. C2C E. underground

D

At one point in the evolution of marketing, the United States entered a buyer's market and the customer became king. Which era is being described? A. market-oriented B. sales-oriented C. production-oriented D. value-based marketing E. economics-oriented

A

After major hurricanes like Katrina, many ethical home repair and building supply businesses continue to charge pre-hurricane prices to their customers, even though due to the huge increase in demand they could charge much more. These firms probably recognize that A. they can make more money from government contracts than from sales to customers. B. a transactional orientation is the key to long-term profitability. C. none of their competitors would be raising prices. D. lifetime profitability of relationships matters more than profits from a particular transaction. E. if they raised prices they would be in violation of Commerce Department regulations.

D

Marketing channel management is also known as A. endless chain marketing. B. a transactional orientation. C. wholesaling. D. production management. E. supply chain management.

E

Marketing involves all of the following except A. conducting exchanges. B. satisfying customer needs and wants. C. creating value. D. efforts by individuals and organizations. E. production scheduling.

E

What is the focus of a firm that develops a relational orientation with its customers? A. relating product knowledge to customers' interests B. gaining profit from each customer transaction C. generating profits quickly before customers shop elsewhere D. working with competitors to simplify product offerings for customers E. gaining lifetime profitability from customer relationships

E

When referring to "exchange," marketers are focusing on A. the location where products and services are traded. B. the price charged, adjusted for currency exchange rates. C. location-based tactics for creating value. D. promotional offers designed to stimulate barter. E. the trading of things of value.

E

Henry Ford's statement, "Customers can have any color they want so long as it's black," typified the __________ era of marketing. A. production-oriented B. sales-oriented C. market-oriented D. value based marketing E. retailing oriented

A

Melanie works for a small computer software company. Her boss is constantly improving the company's products but neglects customers, billing, and promoting the company. Her boss is probably stuck in the __________ era of marketing. A. production-oriented B. sales-oriented C. market-oriented D. value based marketing E. retailing oriented

A

Shipping companies such as UPS, FedEx, and DHL support other firms' __________ marketing goals. A. supply chain management B. value communication C. value capture D. retail management E. promotion

A

The idea that a good product will sell itself is associated with the __________ era of marketing. A. production-oriented B. sales-oriented C. market-oriented D. value-based marketing E. retailing-oriented

A

Xavier is analyzing potential market segments. He should carefully seek potential customers who have both an interest in his products and A. a thorough knowledge of his brand messages. B. the ability to buy them. C. knowledge of competing products. D. the ability to negotiate discounts. E. are removed from traditional marketing alternatives.

B

The activity, set of institutions, and process for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is called A. marketing. B. marketing research. C. market share analysis. D. market segmentation. E. market positioning.

A

During the __________ era, manufacturers and retailers began to focus on what consumers wanted and needed before they designed, made, or attempted to sell their products. A. production-oriented B. sales-oriented C. market-oriented D. value based marketing E. retailing oriented

C

Effective promotion enhances a product or service's A. supply chain management system. B. wholesaling capabilities. C. perceived value. D. design features. E. trialability.

C

Henriette offers financial counseling and management 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 A. choosing an average price that she will charge all her clients. B. changes in technology allowing consumers to manage their own affairs. C. how different customers perceive the value of her services. D. changes in the economy. E. how much her competitors charge for similar services.

C

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. sales-oriented C. market-oriented D. value based marketing E. retailing oriented

D

100. Which element of the marketing mix is most relevant to the activity "delivering value"? A. promotion B. purchasing C. product D. price E. place

E

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

E

By allowing consumers to sell their unwanted goods to other consumers, auction sites like eBay cater to __________ marketing. A. B2B B. C2C C. D2C D. C2D E. B2G

B

During the __________ era, firms had excess capacity and used personal selling and advertising to generate customers. A. production-oriented B. sales-oriented C. market-oriented D. value based marketing E. retailing oriented

B

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 A. C2C marketing. B. customer relationship management. C. a transactional marketing orientation. D. supply chain management. E. typical production-oriented era marketing practices.

B

(t/f) in value cocreation, the customer participates in the creation of a good or service, which provides additional value to the customer

true

(t/f) value is what you get for what you give

true

(t/f)Firms become value driven, in part, by focusing on the competition.

true

Jeff opened a sporting apparel store and signed a lease on the property. He also signed an agreement with the manufacturer on the amount of merchandise he will sell and the promotions he will conduct. Based on this description, which aspect of the marketing mix does he still need to work on? A. price B. place C. promotion D. product E. prototype

A

The primary purpose of the __________ plan is to specify the marketing activities for a specific period of time. A. marketing B. business C. strategic D. organizational E. resource

A

Traditionally, marketing activities have been divided into product, price, place, and promotion. Select the term that best describes the four Ps. A. marketing mix B. marketing channel C. marketing plan D. marketing era E. marketing implementation

A

A local art gallery keeps information on its customers regarding their preferences for certain artists as well as the style of art that interests them. The gallery uses this information to inform the customers when new products arrive from their favorite artists and targets them with special promotions. In this way, the gallery is using _______ to build loyalty among its customers. A. value cocreation B. customer relationship management C. transactional marketing D. B2B marketing E. the supply chain

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. A. production-oriented B. sales-oriented C. market-oriented D. value based marketing E. retailing oriented

B

The marketing goal of getting the "right quantities to the right locations, at the right time" relates to A. communicating the value proposition. B. managing the supply chain. C. performing service marketing. D. capturing value. E. managing price and performance.

B

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

B

Yesenia, the new university course scheduling manager, is struggling with adjustments to the fall schedule. She is trying to determine how to offer the classes students need at the times when students need them. Yesenia is struggling with the marketing function of A. communicating the value proposition. B. managing the supply chain. C. creating value. D. capturing value. E. cocreating value.

B

__________ is communication by a marketer that informs, persuades, or reminds potential customers about a product. A. Pricing B. Promotion C. Placement D. A relational orientation E. Value cocreation

B

One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in A. higher prices than the market leader charges. B. increased competition. C. long-term relationships. D. strong connections among competing firms in the marketplace. E. lower prices.

C

The goal of customer relationship management is to A. manage every customer relationship differently. B. manage every customer relationship to maximize short-term profitability. C. eliminate customers who are profitable, but not highly profitable. D. identify and build loyalty among a firm's most valued customers. E. generate relationships with competitors' customers.

D

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

D

During the __________ era, manufacturers and retailers recognized they needed to give their customers greater value than their competitors did. A. Production oriented B. sales-oriented C. market-oriented D. value based marketing E. retailing oriented

D

Four Winds Art Gallery recently began offering appraisals of customers' art collections, in addition to continuing to sell paintings. Four Winds is A. expanding from offering just services to also offering goods. B. implementing a market segmentation strategy. C. capturing value through multiple pricing strategies. D. expanding from offering just goods to also offering services. E. increasing customer value through inflated appraisal evaluations.

D

The evolution of marketing progressed along the following continuum: A. sales, marketing, value-based marketing, production. B. marketing, value-based marketing, production, sales. C. value-based marketing, production, sales, marketing. D. production, sales, marketing, value-based marketing. E. sales, value-based marketing, marketing, production.

D

Christie has just started with a travel agency, and she has been offering clients and prospective clients a range of packaged tours. She is concerned because the commission she is earning on her sales is lower than she had hoped. Her colleague Peter, who has been with the agency for several years, is having a great deal of success by working closely with the clients, seeking their ideas, and building customized tour packages for each one based on their suggestions. Peter's approach is based on A. transaction-oriented marketing. B. premium pricing. C. his seniority at the firm. D. special incentives from tour operators. E. value cocreation.

E