Chapter 1 Marketing
The act of obtaining a desired object from someone by offering something in return is known as which of the following? A.A sale B.A barter C.A trade D. An exchange E. A swap
An exchange
Scott Frost has been coming to Adeline's Diner for 20 years and refuses to go anywhere else. Ada, the owner of Adeline's, loves Scott's loyalty but admits he purchases only a cup of cappuccino each visit. Scott would BEST be described as which of the following? A.Barnacle B.True friend C.True believer D.Stranger E.Butterfly
Barnacle
Which of the following describes the current trend in businesses regarding relationships with customers? A.Build the right relationships with the right customers. B.Avoid developing relationships with customers at all. C.Find a few customers and develop strong relationships with them. D.Maintain strong relationships with as many customers as possible. E.Gather as many customers as possible on a surface level.
Build the right relationships with the right customers.
The ultimate goal of the marketing process is to do which of the following? A.Develop relationships with customers. B.Determine a target market. C.Create a quality product. D.Evaluate customer needs. E.Capture value from customers.
Capture value from customers
How has the Great Recession of 2008dash-2009 affected consumers' attitudes? A.Consumers are showing an enthusiasm for frugality. B.Consumers are more willing to indulge in luxuries. C.Consumers are moving from mindful to mindless consumption. D.Consumers are less willing to save their money. E.Consumers' attitudes have not been affected by the recession.
Consumers are showing an enthusiasm for frugality.
Craig's Craft Beer structures its company in such a way to encourage its most profitable older customers to remain loyal while also targeting a new generation of customers. What is Craig's Craft Beer attempting to build? A.Customer loyalty B. Customer lifetime value C.Share of customer D.Customer equity E.Partner relationships
Customer equity
You can practice sustainable marketing by adhering to general practices. Which of the following would allow a company to profit by serving immediate needs and long-term interests but not necessarily be a practice of sustainable marketing? A.Practice caring capitalism by being civic minded and responsible. B.Seek ways to profit by serving the long-run interests of customers and communities. C.Delay responding to environmental legislation as it is instituted. D.Deliver value in a socially and environmentally responsible way. E.Help protect the natural environment.
Delay responding to environmental legislation as it is instituted.
Bob's Bicycle Sales and Repair is a brand new company. From a marketing standpoint, what is the FIRST thing Bob's Bicycle Sales and Repair needs to do? A.Develop the best bicycle selection to sell. B.Determine who in the community wants or needs a bicycle or repair service. C.Advertise the company as a location in which to purchase bicycles or repair services. D.Develop a plan to sell as many bicycles as possible. E.Develop relationships with the customers who come to purchase bicycles or repair services.
Determine who in the community wants or needs a bicycle or repair service.
Which of the following scenarios BEST describes the societal marketing concept? A.Richard's Rotors does everything possible to improve production and lower the cost of its rotors in order to gain customers. B.Tom's Tires constantly tries to improve the tires it sells by placing all its efforts into new design research. C.Ethel's Earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term. D.Wendy's Wedding Wear frequently promotes itself to customers through commercials, fliers, and other forms of advertising. E.Alice's Apple Cart regularly asks its customers what kind of apples they want to buy.
Ethel's Earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term.
When is the selling concept typically used by marketers? A.When the company seeks the long-term welfare of society B.When the product is of high quality C.When the company focuses on customer needs D.For seasonal items E.For the purchase of unsought goods
For the purchase of unsought goods
Advantage Airlines has instituted a loyalty rewards program that rewards customers with free Wi-Fi, seat upgrades, and free miles for their continued patronage. What relationship tool is Advantage Airlines using? A.Consumer-generated marketing B.Customer-perceived value C.Mass-media marketing D.Club marketing program E.Frequency marketing program
Frequency marketing program
When a company divides the market into groups of customers, it is engaging in which of the following? A.Demand management B.Target marketing C.Market segmentation D.Differentiation E.Societal marketing
Market segmentation
A local theatre group wants to increase the membership and attendance at its performances. To do so, it hosts free shows, offers standup comedy nights, and sends volunteers to the local high school. In what is the theatre group engaging? A.Market research B.Societal marketing C.Product placement D.Advertising E.Market exchange
Marketing Exchange
How do market demands relate to needs and wants? A.Needs are satisfied by wants, and buying power converts wants into demand. B.Needs and wants outweigh demands in the customer's mind. C.Wants and demands are equivalent, and both satisfy needs at the same rate. D.Demands result in customers needing and wanting a particular product. E.Needs, wants, and demands all describe the same state in the customer.
Needs are satisfied by wants, and buying power converts wants into demand.
Vince's Video has suffered in the current economy because fewer people have the money for videos and because people utilize available technology, including online streaming sites like YouTube and Hulu. The videos Vince's Video does sell are often out priced by versions coming from China or Taiwan, or they are accused of damaging the environment. Which of the following marketing impacts has not likely affected Vince's Video? A.Rapid globalization B.The digital age C.Not-for-profit marketing D.Sustainable marketability E.The changing economic environment
Not-for-profit marketing
What is the ultimate aim of customer relationship management? A.Maintain high customer loyalty. B.Increase share of customer. C.Produce high customer equity. D.Produce high customer profitability. E.Establish brand equity.
Produce high customer equity.
Which of the following is NOT one of the four Ps of the marketing mix? A.Product B.Place C.Profit D.Price E.Promotion
Profit
Which marketing philosophy holds that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort? A.Product concept B.Selling concept C.Marketing concept D.Societal marketing concept E.Production concept
Selling concept
June and Beatrice have started a new company, Junbee Inc., and are having trouble deciding which marketing path to take to drive sales. June believes they should follow a make-and-sell philosophy that focuses on improving their product, whereas Beatrice 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 Junbee Inc. follow a product or marketing concept? B.Should Junbee Inc. follow a product or selling concept? C.Should Junbee Inc. follow a societal marketing or production concept? D.Should Junbee Inc. follow a production or selling concept? E.Should Junbee Inc. follow a marketing concept or a societal marketing concept?
Should Junbee Inc. follow a product or marketing concept?
How has the Internet MOST affected companies and customers? A.The Internet has lowered prices. B.The Internet has allowed consumers to take marketing content and share it. C.The Internet has made advertising easier. D.The Internet has made creating an image more important. E.The Internet has increased the potential customer base.
The Internet has allowed consumers to take marketing content and share it.
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.the marketing concept B.the marketing mix C.market offerings D.customer equity E.customer-engagement marketing
The marketing mix
How does the new concept of marketing differ from the old concept of marketing? A.The new concept requires less work from marketing executives. B.The new concept focuses on having a well-developed product. C.The new concept focuses on the needs of the customer. D.The new concept is more cost efficient. E.The new concept focuses on making money.
The new concept focuses on the needs of the customer.
What is the main problem that sellers suffering from marketing myopia face? A.They focus more on brand image than the quality. B.They focus on customer wants instead of demands. C.They focus more on products than the customer's underlying need. D.They focus more on profit than the customer's benefit. E.They focus more on the customer's experience than the product itself.
They focus more on products than the customer's underlying need.
What is MOST likely to cause a variation in customer-perceived value? A.The cost of advertising to the target market B.The customer's satisfaction with a product C.The customer's opinion of what constitutes value D.The popularity of a product to the customer E.The cost to produce a product
The customer's opinion of what constitutes value
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 has a positive image in the eyes of the community C.To ensure that the company is always on the cutting edge of product development D.To ensure that investments are properly spent in order to maximize profits E.To ensure that the company serves as many customers as it can and as well as it can
To ensure that the company serves as many customers as it can and as well as it can
