M.M. Book CH1 Questions

Customer (what) refers to the relative benefit that a customer believes he or she gets from a product or service compared to the cost of obtaining it.

value

The separation that occurs when producers possess products they themselves do not want to consume and consumers want products they do not own is (what) .

separation of ownership

Place the components of the model that leads to building superior customer relationships in the order in which they are performed, as shown in the diagram, starting with "offer superior customer value" at the top.

1. Offer Superior customer value 2. Attract customers 3. Satisfy customers 4. Retain customers 5. Increase sales to customers

Which of the following is true about competition and customer value? (Check all that apply.)

A firm offering better values than its competition is likely to acquire new customers. A firm that creates customer value that is superior to its competition is likely to retain customer

Which of the following might be considered benefits to a person going on a vacation to Hawaii? (Check all that apply.)

A nice sea-view room Free transportation to and from the airport A complementary drink in the hotel lobby

The (what)-(what) dilemma refers to the fact that what benefits specific companies and their customers may not benefit all of society.

Blank 1: micro Blank 2: macro

Which of the following refers to the relative benefit that a customer believes he or she gets from a product or service compared to the cost of obtaining it?

Customer value

______ is the situation that stems from the preference of producers to make large amounts of a product and the preference of consumers purchase small amounts of the product.

Discrepancies of quantity

True or false: The National Cancer Society is an example of an organization that does not need to use marketing.

False

Which of the following are benefits of having an understanding of marketing? (Check all that apply.)

Giving you ideas about how to sell your ideas in a new job Seeing how marketing relates to a variety of human activities Helping you to be more effective in your job

Which of the following statements are true with respect to marketing and nonprofit organizations? (Check all that apply.)

Government agencies can be customers of nonprofit organizations. The clients of a nonprofit organization may be consumers or business firms. The marketing objective for a nonprofit organization may be to increase membership.

______ is the creation and adoption of new ideas, goods, and services.

Innovation

Which of the following would likely be considered costs, as opposed to benefits, to people purchasing a new car? (Check all that apply.)

Interest charges to finance the car The price they pay Waiting three weeks for delivery

Which of the following is a market specialist whose role in the exchange process is to focus on trade?

Intermediary

Which of the following accurately describes macro-marketing?

It is a social process.

Which of the following is not true about marketing?

It should take control of production, accounting, and finance in order to be more effective.

______ refers to the social process that is concerned with matching supply and demand and meeting the needs of society by doing so.

Macro-marketing

Which of the following involves meeting the goals of an organization by anticipating customer needs and ensuring that the organization's products or services can help satisfy those needs?

Marketing

Which of the following refers to the idea that a company should focus entirely on satisfying customers and do so profitably?

Marketing concept

Which of the following are true with respect to exchange in marketing? (Check all that apply.)

Marketing involves a willingness of at least two parties to engage in exchange. Sellers offer to exchange something that meets a need.

Which of the following statements are true about the usefulness of studying marketing?

Marketing offers many interesting jobs. Marketing concepts can help "sell" yourself to a potential employer.

Which of the following is not a criticism of marketing?

Marketing reduces discrepancies of assortment.

Which of the following are true with respect to marketing and production? (Check all that apply.)

Marketing starts with the potential needs of customers. Marketing investigates what the future needs of customers might be.

Why is effective marketing difficult in an advanced economy?

Producers and consumers are commonly separated from each other in several ways.

Which of the following is an example of marketing metrics?

Revenue

Which of the following refers to the problem in which producers do not know who needs what at what price, while consumers do not know what is available from whom at what price?

Separation of information

______ refers to the problem of producers possessing goods and services they do not want to consume and consumers wanting goods and services they do not have.

Separation of ownership

In advanced economies, challenges to producer-consumer exchange include which of the following? (Check all that apply.)

Separation of ownership Separation in time

Which of the following refers to the fact that there may be a conflict between what is beneficial to specific companies and society as a whole?

The micro-macro dilemma

True or false: For some goods and services, the cost of marketing accounts for about half of what the consumer pays for them.

True

If online shoe retailer Zappos offers superior customer value, what is the sequence of benefits Zappos can hope to obtain? Start with the first benefit Zappos will attain after it offers superior customer value.

Zappos attracts more customers. Zappos satisfies its customers. Zappos keeps more of its customers. Zappos increases sales to its present customers. Zappos builds profitable customer relationships.

Discrepancies of ______ occurs because producers want to focus on making a narrow range of goods and services, whereas consumers prefer more variety. Multiple choice question.

assortment

The two goals of a marketing exchange are to:

build an ongoing relationship with the customer. determine future production needs.

In nonprofit organizations, the marketing concept ______.

can be a challenge because support may not come directly from satisfied "customers"

Because producers find it easier and less costly to make only a few goods or services, and consumers prefer to choose among many, this creates a ______. Multiple choice question.

discrepancy of assortment

Marketing (what) are the moral standards for making marketing decisions and actions.

ethics

Separation ______ refers to producers focusing on costs and competitive prices and consumers thinking about getting what they want at a price they can afford.

in values

In most markets, competition fosters ______.

innovation

Marketing spurs (what), which means coming up with new ideas, goods, and services.

innovation

Retailers and wholesalers are two kinds of ______, marketing specialists who play a role in trade rather than production.

intermediaries

The activities in a firm that try to identify customer needs and focus the flow of goods or services in the firm in order to meet those needs is called (what).

marketing

The ______ is based on the idea that everything a company does should be based on satisfying the company's customers while still making a profit.

marketing concept

The numeric data that marketing managers use to evaluate how well a marketing program performed based on intended goals are called ______.

marketing metrics

The ______ view of marketing is concerned with marketing as performed by individual companies.

micro

Effective marketing should start with:

potential customer needs.

Discrepancies of (what) refers to the fact that it is economical for producers to sell in large amounts, but individual consumers use products in relatively small amounts.

quantity

When consumers do not want to purchase good or services at the time producers want to produce them, this is called (what).

separation in time

Michael needs the benefits of an online storage system, but does not know how online storage works nor who offers that kind of service. This is an example of a ______.

separation of information

Michael needs the benefits of an online storage system, but does not know how online storage works nor who offers that kind of service. This is an example of a ________.

separation of information

The macro view of marketing sees marketing as a(n) ______ process.

social

Producers tend to locate where it is economical to produce, while consumers are located in many places. This defines (what) separation.

spatial

Separation in _____ occurs when consumers may not want to consume goods and services when producers would prefer to produce them.

time

Marketing requires that ______.

two or more parties be willing to engage in an exchange

The processes of buying, selling, shipping, storing, financing, and risk-taking are components within the ______ functions of marketing.

universal

A marketing exchange is ___.

usually part of an ongoing relationship

Which of the following statements about marketing are correct? (Check all that apply.)

Marketing builds relationships with customers. Marketing is more than just persuading customers.

Which of the following are reasons why marketing can be important for future employment? (Check all that apply.)

Marketing can help in getting a job. Marketing can help in selling your ideas in a new job.

Which of the following are the moral standards for marketing activities?

Marketing ethics

Criticisms of marketing include ______. (check all that apply.)

Marketing exploits the poor. The quality of the product is unsafe and poor. Marketers over-promise service.

Which of the following are true statements about the marketing concept and nonprofit organizations? (Check all that apply.)

Nonprofit organizations should have an agreed-upon measure of long-run success. Nonprofits face competition for the resources and support they need.

Which of the following is not in the circular model that leads to building superior customer relationships?

Only the marketing department should satisfy customers.

______ occurs because producers prefer to locate where it is less costly to produce, and consumers would rather buy where it is convenient and in many different places.

Spatial separation

The universal functions of marketing include which of the following? (Check all that apply.)

Storing Selling Market information

Samson Co. values its cell phones in terms of the cost to produce them and the competitors' prices. Marcus wants to buy a cell phone, but finds them too expensive. This is an example of separation in (what).

value