Chapter 1 Practice

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 exchange B. Market research C. Product placement D. Societal marketing E. Advertising

A

__________ is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. A. Marketing myopia B. Marketing management C. Marketing D. Exchange

C

__________ is the value of the entire stream of purchases a customer makes during a lifetime of patronage. A. Customer-perceived value B. Share of customers C. Customer lifetime value D. Customer equity

C

__________ is the extent to which a product's perceived performance matches a buyer's expectations. A. Customer relationship management B. Share of customers C. Customer-perceived value D. Customer satisfaction

D

__________ is the portion of the customer's purchasing that a company gets in its product categories. A. Customer-perceived value B. Customer relationship management C. Customer satisfaction D. Share of customers

D

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

A

The production concept is __________. A. the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency B. the idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements C. the idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort D. a philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do

A

Which of the following statements regarding the changing marketing landscape is​ correct? A. The Great Recession caused consumers to rethink their buying priorities. B. Today's post-recession era consumers buy​ more, use fewer​ coupons, use their credit cards​ more, and save less. C. Companies can safely ignore the environmental movement. D. Global competition affects only large companies. E. Digital technology has had little impact on the way we live.

A

__________ are human wants that are backed by buying power. A. Demands B. Needs C. Wants D. Marketing offerings

A

__________ is the mistake of paying more attention to the specific product a company offers than to the benefits and experiences produced by these products. A. Marketing myopia B. Exchange C. Marketing management D. Marketing

A

__________ is the total combined values of all of the company's customers. A. Customer equity B. Customer-perceived value C. Share of customers D. Customer lifetime value

A

__________ are the form human needs take as they are shaped by culture and individual personality. A. Needs B. Marketing offerings C. Wants D. Demands

C

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. Club marketing program B. Frequency marketing program C. ​Consumer-generated marketing D. Mass-media marketing E. Customer-perceived value

B

__________ is the act of obtaining a desired object from someone by offering something in return. A. Marketing myopia B. Marketing C. Exchange D. Marketing management

C

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 selling​ concept? B. Should Junbee Inc. follow a product or marketing​ concept? C. Should Junbee Inc. follow a production or selling​ concept? D. Should Junbee Inc. follow a societal marketing or production​ concept? E. Should Junbee Inc. follow a marketing concept or a societal marketing​ concept?

B

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. market offerings B. the marketing mix C. customer equity D. the marketing concept E. ​customer-engagement marketing

B

The __________ is the idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests. A. selling concept B. societal marketing concept C. product concept D. marketing concept

B

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 opinion of what constitutes value C. The cost to produce a product D. The​ customer's satisfaction with a product E. The popularity of a product to the customer

B

What is the ultimate aim of customer relationship​ management? A. Establish brand equity. B. Produce high customer equity. C. Maintain high customer loyalty. D. Produce high customer profitability. E. Increase share of customer.

B

__________ are some combination of products, services, information, or experiences offered to a market to satisfy a need or want. A. Demands B. Marketing offerings C. Wants D. Needs

B

__________ is the art and science of choosing target markets and building profitable relationships with them. A. Exchange B. Marketing management C. Marketing myopia D. Marketing

B

__________ is the customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers. A. Share of customers B. Customer-perceived value C. Customer relationship management D. Customer Satisfaction

B

​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. Develop relationships with the customers who come to purchase bicycles or repair services. D. Develop a plan to sell as many bicycles as possible. E. Advertise the company as a location in which to purchase bicycles or repair services.

B

__________ is the art and science of choosing target markets and building profitable relationships with them. A. Exchange B. Marketing C. Marketing management D. Marketing myopia

C

A company rarely gets​ 100% 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. share of market B. customer lifetime value C. share of customer D. customer equity E. customer defections

C

Customer relationship management is __________. A. the extent to which a product's perceived performance matches a buyer's expectations B. the customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers C. the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction D. the portion of the customer's purchasing that a company gets in its product categories

C

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 making money. 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 having a​ well-developed product.

C

How has the Great Recession of 2008dash-2009 affected​ consumers' attitudes? A. ​Consumers' attitudes have not been affected by the recession. B. Consumers are moving from mindful to mindless consumption. C. Consumers are showing an enthusiasm for frugality. D. Consumers are less willing to save their money. E. Consumers are more willing to indulge in luxuries.

C

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. True believer B. Butterfly C. Barnacle D. Stranger E. True friend

C

The __________ is the idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements. A. marketing concept B. selling concept C. product concept D. production concept

C

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

C

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. Societal marketing concept B. Product concept C. Selling concept D. Marketing concept E. Production concept

C

Which of the following is NOT one of the four Ps of the marketing​ mix? A. Promotion B. Product C. Profit D. Price E. Place

C

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. Satisfying​ customers, beating​ competitors, and maximizing profits C. Creating customer​ value, building customer​ relationships, and engaging customers D. Advertising, selling, and developing quality products E. Selling, advertising, and promoting

C

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 investments are properly spent in order to maximize profits C. To ensure that the company serves as many customers as it can and as well as it can D. To ensure that the company is always on the cutting edge of product development E. To ensure that the company has a positive image in the eyes of the community

C

​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. The changing economic environment B. Rapid globalization C. Not-for-profit marketing D. The digital age E. Sustainable marketability

C

Digital marketing tools used in digital and social media marketing include​ ________. A. e-mail, telemarketing, and blogs B. social​ media, online​ video, and newspaper coupons C. mobile​ apps, online​ video, and personal selling D. social​ media, mobile​ apps, and blogs E. social​ media, mobile​ apps, and television advertising

D

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

D

Needs are __________. A. shaped by culture and individual personality B. some combination of products, services, information, or experiences offered to a market to satisfy a need or want C. human wants that are backed by buying power D. states of felt deprivation

D

The __________ is a philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. A. product concept B. selling concept C. production concept D. marketing concept

D

The __________ is the idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort. A. product concept B. marketing concept C. production concept D. selling concept

D

The marketing process captures value from customers by __________. A. understanding the marketplace and customers' needs and wants B. constructing an integrated marketing program that delivers superior value C. building profitable relationships and creating customer delight D. creating profits and customer equity

D

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

D

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

D

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 profit than the​ customer's benefit. D. They focus more on products than the​ customer's underlying need. E. They focus more on the​ customer's experience than the product itself.

D

When a company divides the market into groups of​ customers, it is engaging in which of the​ following? A. Societal marketing B. Demand management C. Target marketing D. Market segmentation E. Differentiation

D

When is the selling concept typically used by​ marketers? A. When the product is of high quality B. When the company seeks the​ long-term welfare of society C. When the company focuses on customer needs D. For the purchase of unsought goods E. For seasonal items

D

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

D

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

D

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 made creating an image more important. D. The Internet has lowered prices. E. The Internet has allowed consumers to take marketing content and share it.

E

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

E

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. Find a few customers and develop strong relationships with them. C. Gather as many customers as possible on a surface level. D. Avoid developing relationships with customers at all. E. Build the right relationships with the right customers.

E

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

E

Which of the following scenarios BEST describes the societal marketing​ concept? A. ​Wendy's Wedding Wear frequently promotes itself to customers through​ commercials, fliers, and other forms of advertising. B. Alice's Apple Cart regularly asks its customers what kind of apples they want to buy. C. Richard's Rotors does everything possible to improve production and lower the cost of its rotors in order to gain customers. D. Tom's Tires constantly tries to improve the tires it sells by placing all its efforts into new design research. E. 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.

E

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. Seek ways to profit by serving the​ long-run interests of customers and communities. B. Deliver value in a socially and environmentally responsible way. C. Help protect the natural environment. D. Practice caring capitalism by being civic minded and responsible. E. Delay responding to environmental legislation as it is instituted.

E

​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 lifetime value B. Partner relationships C. Share of customer D. Customer loyalty E. Customer equity

E