Marketing Midterm

A product or service represents good value if the benefit gained from it is greater than its _____. A. Cost B. Loss C. Price D. Worth

A. Cost

The drive to improve ______ typically results in improvements to products, processes, and relationship building A. Customer satisfaction B. Prices C. Advertisements D. Selling

A. Customer satisfaction

To build relationships that will increase lifetime customer value, it is important to begin the process by _____. A. Developing confidence, trust, and goodwill in customers B. Converting one-time customers into loyal repeat customers C. Building awareness and demand from potential customers D. Tracking how the customers' needs and wants evolve over time

A. Developing confidence, trust, and goodwill in customers

The process of marketing begins when something that is wanted or needed and the people who want or need it are _____. A. Identified B. Produced C. Satisfied D. Retained

A. Identified

A manufacturing company using an assembly line, designed to increase efficiency and drive down production costs, has adopted a best price strategy. The company is most likely utilizing a _______. A. Production concept B. Marketing concept C. Product concept D. Sales concept

A. Production concept

Which of the following is the central aim of marketing? A. To help organizations understand and respond to customer needs and expectations B. To help the organization produce products in the most efficient manner possible C. To ensure industry leaders know about the organization D. To ensure that employees know where the organization's products can be purchased

A. To help organizations understand and respond to customer needs and expectations

Which of the following is NOT one of the three steps for staying close to the customer? A. Utilizing information to develop technologically superior, less expensive products B. Collecting information about customer needs and competitor capabilities C. Sharing information across departments D. Using information to create competitive advantage by increasing value for customers

A. Utilizing information to develop technologically superior, less expensive products

The idea of "place" in the marketing mix concerns which question? A. Where or how does the customer buy the product? B. What solution does the customer want and need? C. What is the dialogue between the customer and the company? D. How can the product's value for the target customer be determined?

A. Where or how does the customer buy the product?

Every marketing plan begins with _____. A. Corporate strategy B. A corporate mission C. A situational analysis D. Implementation and evaluation

B. A corporate mission

You need a new phone. You liked your old Android phone but aren't sure you want to stay with the same brand. After visiting a phone carrier store, you walk away confused about your options, annoyed at the time spent getting all your questions answered, and without a new phone. You just experienced an example of ________. A. An emotional connection to the brand that makes you feel more confident B. A poor marketing strategy process C. A comprehensive and effective marketing strategy to satisfy and retain customers D. A lack of advertising efforts

B. A poor marketing strategy process

The process of creating a unique name and image for a product in the consumer's mind, known as _____, is a powerful tool for attracting and retaining loyal customers. A. Advertising B. Branding C. Promotion D. Publicity

B. Branding

Inducing a customer to alter their behavior by giving them a large gift is _______. A. Common practice B. Bribery C. A marketing exchange D. Illegal

B. Bribery

Which of the following is NOT one of the challenges faced by B2B marketers? A. Sales are complex and the marketing mix is personalized to the buyer B. Communications are primarily electronically documented C. Prices are negotiated with the buyer D. All of the above

B. Communications are primarily electronically documented

Surf Diva, a surf instruction company, find an unmet need in teaching teenage girls how to surf. The girls that attend its classes are _____. A. Wholesalers B. Customers C. Suppliers D. Partners

B. Customers

Which aspect of the marketing mix involves distribution? A. Branding B. Exchange C. Sales D. Transaction

B. Exchange

The term that best describes the process of identifying, satisfying, and maintaining customer relationship is _____. A. Accounting B. Marketing C. Advertising D. Customer service

B. Marketing

A company's strategy stems from the ideology that "the customer is king," and the company tries to understand its customer as much as possible. Which concept is the company using to drive its success? A. Production concept B. Marketing concept C. Product concept D. Sales concept

B. Marketing concept

The primary difference between B2B and B2C marketing is that B2B marketing _______. A. Is less flexible when adjusting for factors such as the selling price and product features B. Often requires personalized selling factors and relationship-building on an individualized level C. Has less ethical and legal issues for marketers to have to deal with D. Have a larger number of customers that they must target and service

B. Often requires personalized selling factors and relationship-building on an individualized level

In the marketing mix, the term _____ refers to the communications that occur between the company and the customer. A. Product B. Promotion C. Place D. Price

B. Promotion

During his lunch break, John stops by a locally owned fast-food sandwich shop, purchasing a meatball sub and a side order of pasta salad. From a marketing perspective, John is _____ in this transaction. A. Differentiated B. Segmented C. Targeted D. Undifferentiated

B. Segmented

The marketing plan must always involve monitoring and reacting to changes in _____. A. Product pricing B. The corporate plan C. Competitors' marketing D. Budget analyses

B. The corporate plan

Building and maintaining relationships with customers is especially important when _____. A. More and more product choices enter the market B. The market experiences an economic downturn C. The customers' wants and needs begin to evolve D. The quality of services and goods is likely to decline

B. The market experiences an economic downturn

Once a marketing program has been implemented, it is important that a marketing manager gathers information related to its effectiveness. A. Those that lend the funds are essential for marketing B. Those involved in the hiring and firing of marketing personnel C. Those that report to the public about the marketers' activities D. Those that pass laws to allow marketers to perform an activity

B. Those involved in the hiring and firing of marketing personnel

According to the AMA's Statement of Ethics, "_______ represent the collective conception of what communities find desirable, important, and morally proper." A. Norms B. Values C. Marketing strategies D. Stakeholders

B. Values

Marketers should establish and maintain rapport with nonmarketing institutions that exist within an organization, such as _____. A. The consumer B. The customer C. Both the consumer and customer D. Neither the consumer nor the customer

C. Both the consumer and customer

A cosmetics manufacturer known for its low-priced offerings decides to create a premium line of cosmetics products. How might the company market this line to more discerning customers who are willing to pay for high quality? A. By designing more ornate packaging B. By airing commercials featuring celebrities C. By naming the ingredients used in production D. By distributing the products through mail order

C. By naming the ingredients used in production

To act ethically and legally, B2B marketers need to know about ______, internal company policies, and also need to understand the guidelines and policies of the companies they sell to. A. Federal laws only B. State laws only C. Federal and state laws D. Local laws only

C. Federal and state laws

After customers have been identified and satisfied, what must a business do to retain these customers? A. Understand their wants and needs B. Provide the right products and services C. Find new opportunities to win their business D. Convince them they have been served well

C. Find new opportunities to win their business

When using product differentiation, the marketer should avoid doing which of the following? A. Underestimating the customer's technical knowledge of the product B. Making mention of product details that the customer may not be aware of C. Highlighting product features that are considerably different from the norm D. Emphasizing core appeals or features that the consumer expects from the product

C. Highlighting product features that are considerably different from the norm

When an organization adopts the ______ concept, it has made the attempt to know as much about the consumer as possible and has decided to base its marketing strategy on this information. A. Competitive B. Consumer C. Marketing D. Service

C. Marketing

Marketing strategy uses customer relationship management to help organizations _______. A. Identify potential customers B. Manage customers after the transaction is complete C. Retain their customers D. Gain new customers

C. Retain their customers

Which of the following customer relationship stages involves marketing activities that build awareness and demand for a firm's product or service offerings? A. Providing a satisfying experience B. Anticipating future needs C. Sustaining a committed relationship D. Meeting and getting acquainted

D. Meeting and getting acquainted

A marketing plan's _____ budget allocates money for coupons, product samples, and trade promotions. A. Advertising B. Distribution C. Product development D. Sale promotion

D. Sale promotion

In an attempt to create a campaign that will have as broad an appeal as possible, a make of athletic shoes releases a commercial showing a variety of people wearing their shoes. One is a waitress at work, another is a runner training for a competition, and a third is walking through town completing errands. This commercial takes a(n) _____ approach to the market. A. Agreement B. Purchase C. Terms D. Transaction

D. Transaction

Sarah notices a sign in the window of a clothing store advertising a major sale on coats. Realizing that she needs a new coat, Sarah enters the store, chooses a coat that she feels represents good value for the price, and buys it. This stage in the exchange process is known as the _____. A. Agreement B. Purchase C. Terms D. Transaction

D. Transaction

True or false? Darby works on a relatively quiet street in the suburbs. Her only option for lunch (without driving into town) is GreatBurger, a fast food hamburger restaurant across the street where a full meal can be purchased for under ten dollars. One day, an upscale Mediterranean restaurant called the Olive Branch opens next door to GreatBurger. Darby likes the Olive Branch better than GreatBurger, but she cannot afford to eat there except on special occasions. The Olive Branch would be considered a competitor to GreatBurger because they are both restaurants and are located right next to each other.

False

True or false? Since business-to-business sales tend to be higher-priced larger-ticket items, mass advertising is of great importance and adjustments in marketing tactics should be made sparingly.

False

True or false? The chief difference between marketing for for-profit organizations and marketing for nonprofit organizations is that nonprofit marketing is not conducted for the purpose of earning money.

False

True or false? To keep its focus on the customer, a business should collect information about customers' needs and competitors' capabilities and share this information widely throughout the business.

True

True or false? When determining its marketing mix for a new product, a company decides to price the item in the discount category, with low-cost packaging. The company would most likely choose a minimal promotions strategy with few, if any, broad communications.

True