MKTG 5310 Quiz 1

78. ________ activities include those the company undertakes to make the product accessible and available to target customers.

Channel

47. Kotler and Casoline suggested eight factors that marketers must keep in mind in order to deal with risk and uncertainty. Which of the following statements are they most likely to agree with when the environment is uncertain?

Companies should push aggressively for the market share of their competitors.

66. Which of the following is most consistent with the integrated marketing approach?

All communication to consumers must deliver a consistent message irrespective of the medium.

19. Which of the following is true of business markets?

Business buyers buy goods to make or resell a product to others at a profit.

8. The Soccer World Cup is promoted aggressively to both companies and fans. This is an example of marketing a(n) ________.

Event

10. In Walt Disney's Magic Kingdom, customers can visit a fairy kingdom, a pirate ship, or even a haunted house. Disney is marketing a(n) ________.

Experience

84. Properties are tangible rights of ownership to either real property (real estate) or financial property (stocks and bonds).

False

86. Unwholesome demand occurs when consumers' purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis.

False

94. The customer value triad consists of a combination of quality, durability, and price.

False

60. ________ is based on the development, design, and implementation of marketing programs, processes, and activities that recognize their breadth and interdependencies

Holistic marketing

1. What is a true statement about marketing is true?

It can help create jobs in the economy by increasing demand for goods and services.

45. Each of the following is true about the Internet's impact on the way business is conducted today, EXCEPT one. Identify the exception.

It has facilitated mass marketing but not the sale of customized products.

3. True statement about marketing management.

It occurs when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties

2. ________ is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

Marketing management

21. Consider the real estate industry. The ________ for this industry includes construction companies, financing institutions, paint manufacturers, interior decorators, furniture manufacturers, and plumbing industries.

Metamarket

14. People in emerging countries today are becoming increasingly health conscious and are seeking healthy food choices. As a result, demand for health foods is rising steadily, creating an opportunity for marketers to exploit this ________ market.

Need

23. ________ are basic human requirements, while ________ are the ways in which those requirements are satisfied.

Needs; wants

16. When demand is ________, it implies that more customers would like to buy the product than can be satisfied.

Overfull

5. ________ goods constitute the bulk of most countries' production and marketing efforts.

Physical

9. The "Malaysia, Truly Asia" ad campaign that showcased Malaysia's beautiful landscape and its multicultural society in order to attract tourists is an example of ________ marketing.

Place

42. In response to threats from such companies as AOL, Amazon.com, Yahoo!, eBay, E*TRADE, and dozens of others, established manufacturers and retailers became "brick-and-click" oriented by adding online services to their existing offerings. This process is known as ________.

Reintermediation

63. ________ marketing aims to build mutually satisfying long-term collaboration with key constituents, such as customers, employees, suppliers, distributors, and other marketing partners, in order to earn and retain their business.

Relationship

31. ________ reflects a customer's judgment of a product's performance in relation to his or her expectations.

Satisfaction

6. As economies advance, a growing proportion of their activities focuses on the production of ________.

Services

7. Car rental firms, hair dressers, and management consultants provide ________.

Services

27. A(n) ________ need is a need that the consumer explicitly verbalizes.

Stated

80. A short definition of marketing is "meeting needs profitably."

True

82. The U.S. economy today consists of a 70-30 services-to-goods mix.

True

92. Demands are wants for specific products backed by an ability to pay.

True

59. The marketing concept holds that ________.

a firm should find the right products for its customers, and not the right customers for its products

48. What are customer touch points?

all direct or indirect interactions between the customer and the company

72. Joanna owns a chain of fast-food joints. As the chain became more and more successful, she decided to contribute a share of her profits each year to support cancer research. This is an example of ________.

cause-related marketing

36. The actual and potential rival offerings and substitutes that a buyer might consider are referred to as the ________

competition

25. When companies measure the number of people who are willing and able to buy their products, they are measuring ________.

demand

38. In an attempt to create greater competition and growth opportunities, countries often ________.

deregulate industries

41. The success of online purchasing resulted in ________ in the delivery of products and services by intervening in the traditional flow of goods through distribution channels.

disintermediation

43. When eBay and Amazon.com cut out the majority of middlemen that normally would participate in the exchange process, it is an example of ________.

disintermediation

79. A marketer's only concern is how best to create demand for a new product produced by his company. Improving product design is not his responsibility.

false

81. Services constitute the bulk of most countries' production and marketing efforts.

false

85. "Friends Don't Let Friends Drive Drunk," is an example of marketing information to an interested audience.

false

88. Advertising is the most important element in business marketing.

false

89. Companies selling their goods to nonprofit organizations often charge a premium over their normal prices because these organizations are largely indifferent to price.

false

90. Shops and stores have a physical existence and as such are examples of marketspace.

false

91. Wants are basic human requirements, such as food and shelter

false

96. The task environment of a firm consists of demographic, economic, natural, and technological environments, as well as the political-legal system and the social-cultural arena.

false

97. Regulation of industries has created greater competition and growth opportunities because the playing field has been leveled.

false

99. The overabundance of information available on the Internet has made it more difficult for consumers to compare product features and prices.

false

44. Disintermediation via the Internet has resulted in ________.

greater consumer buying power

39. Rising promotion costs and shrinking profit margins are the result of ________.

heightened competition

40. Industry boundaries are blurring rapidly as companies identify new opportunities at the intersection of two or more industries. This is called ________.

industry convergence

69. Companies are recognizing that much of their market value comes from ________, particularly their brands, customer base, employees, distributor and supplier relations, and intellectual capital.

intangible assets

64. Tracy's is a chain of hair dressing salons for women. They use the television, magazines, radio, and newspapers to advertise their services. The owners ensure that all communication channels deliver a common message to prospective customers. Tracy's believes in ________.

integrated marketing

67. Which aspect of holistic marketing motivates employees and ensures that everyone in the organization embraces appropriate marketing principles, especially senior management?

internal marketing

12. Sales of woollen clothing usually increase during the winter season and decline thereafter. This is an example of ________ demand.

irregular

15. When consumers share a strong need that cannot be satisfied by an existing product, it is called ________.

latent demand

56. Marketers at Johnny Inc. believe in putting their customers ahead of everything else. Their products are carefully designed to meet customer requirements and the entire focus is on achieving customer satisfaction. Johnny Inc., follows the ________ concept in doing business.

marketing

4. A social definition of marketing says ________.

marketing is the process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others

65. The ultimate outcome of relationship marketing is a unique company asset called the ________, consisting of the company and its supporting stakeholders.

marketing network

46. The ________ process consists of analyzing marketing opportunities, selecting target markets, designing marketing strategies, developing marketing programs, and managing the marketing effort.

marketing planning

20. A ________ is a cluster of complementary products and services that are closely related in the minds of consumers but are spread across a diverse set of industries.

metamarket

22. Automobile manufacturers, new car and used car dealers, financing companies, and insurance companies are all part of the automobile ________.

metamarket

13. Julia is worried about the rising pollution levels in her city. She doesn't mind paying extra for goods and services that use sustainable processes to help control pollution. This is an example of ________ for pollution.

negative demand

17. In the case of ________, consumers dislike the product and may even pay a price to avoid it.

negative demand

18. Organizations catering to the ________ need to price their offerings carefully because these markets usually have limited purchasing power.

nonprofit market

11. Janet is very upset that she can't get tickets to the Rolling Stones concert because they are sold out. Which of the following demand states applies to Janet's situation?

overfull demand

74. Incorporating the holistic view of marketing, the four Ps of the marketing mix can be updated to ________.

people, processes, programs, and performance

68. Financial accountability and social responsibility marketing are elements of ________.

performance marketing

33. When Volvo runs ads suggesting that its cars are the safest that money can buy, it is trying to ________.

position its product

51. The ________ concept holds that consumers will favor offerings with the best quality, performance, or innovative features.

product

77. At the heart of any marketing program is the firm's ________, its tangible offering to the market.

product

54. Webmax Inc. produced and marketed cameras. After considerable research and development, they developed a new digital camera that had an array of new features. Webmax was so sure about the new offering that they even reduced their marketing budget. What sort of orientation does Webmax have toward the marketplace?

product orientation

73. McCarthy classified marketing activities into the four Ps of the marketing mix. These four Ps stand for ________.

product, price, promotion, and place

53. As a major steel manufacturer, SteelMakers Inc. focuses on having the most efficient manufacturing processes in place. The company believes that its competitive edge lies in its ability to offer the best prices. They also maintain an excellent distribution network that ensures wide availability of their products. SteelMakers has a ________.

production orientation

50. Managers of ________ businesses concentrate on achieving high manufacturing efficiency, low costs, and mass distribution.

production-oriented

76. Which of the four new Ps encompasses the old four Ps as well as a range of other marketing activities that might not fit well into the old view of marketing?

programs

62. What are the four broad components of holistic marketing?

relationship, integrated, internal, and performance marketing

26. A(n) ________ need is one that the consumer is reluctant or unwilling to explicitly verbalize.

secret

28. The identification and profiling of distinct groups of buyers who might prefer or require varying product and service mixes is known as ________.

segmentation

55. Rick Johnson trains his company's sales force to go after the consumer. He repeatedly asks his team to bear in mind the essential fact that it is the sales team's responsibility to rouse the consumer's interest and make him feel that he needs the product. A true salesman is one who can convert an indifferent consumer walking into the store into a new customer. Johnson believes in the ________ concept.

selling

57. The ________ concept holds that consumers and businesses, if left alone, will ordinarily not buy enough of the organization's products.

selling

34. If a marketer uses warehouses, transportation companies, banks, and insurance companies to facilitate transactions with potential buyers, the marketer is using a ________.

service channel

70. Holistic marketing incorporates ________, an understanding of broader concerns in the ethical, environmental, legal, and social context of marketing activities.

social responsibility marketing

71. The ________ holds that the organization's task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer's and the society's well-being.

social responsibility marketing concept

35. The ________ is the channel stretching from raw materials to components to final products that are carried to final buyers.

supply chain

30. During market segmentation analysis, the marketer identifies which segments present the greatest opportunity. These segments are called ________

target markets

37. The ________ includes the actors involved in producing, distributing, and promoting an offering. The main actors are the company, suppliers, distributors, dealers, and the target customers.

task environment

75. Which of the following reflects the "people" component of the marketing mix?

the internal marketing of the firm

58. Identify the concept that emerged in the mid-1950s as a customer-centered, sense-and-respond philosophy.

the marketing concept

49. Which of the following holds that consumers prefer products that are widely available and inexpensive?

the production concept

32. The value of an offering is described as ________.

the sum of the tangible and intangible benefits and costs to customers

100. Companies can facilitate and speed external communication among customers by creating online and off-line "buzz" through brand advocates and user communities.

true

83. Place marketers include economic development specialists, real estate agents, commercial banks, local business associations, and advertising and public relations agencies.

true

87. When consumers share a strong need that cannot be satisfied by an existing product, they are exhibiting latent demand.

true

93. Contrary to popular belief, marketers do not create needs.

true

95. A distribution channel includes distributors, wholesalers, retailers, and agents that display, sell, or deliver the physical product or service(s) to the buyer or user.

true

98. Industry boundaries are blurring at an incredible rate as companies are recognizing that new opportunities lie at the intersection of two or more industries.

true

52. Which of the following categories of goods and services is most likely to require an aggressive use of the selling concept?

unsought goods

61. Which of the following is considered as a "sin" in the marketing discipline?

using technology in an inefficient manner

29. Companies address needs by putting forth a ________, a set of benefits that they offer to customers to satisfy their needs.

value proposition

24. When Frank buys his own house, he would like to have a home theater system and a jacuzzi. He plans to save enough money in the next three years so that he can fulfill his wish. Frank's desire for the home theater and the jacuzzi is an example of a(n) ________.

want