Ch 11 pre-lecture quiz

Marketers should only concentrate on creating the actual value of a product(T/F)

False

_____ demands that marketers actively contribute to the needs of the broader community. a. ​Ethical consumerism b. ​Corporate sustainability c. ​Shareholder primacy d. ​Social responsibility

Social responsibility

Granite Inc. is a reputable company that has contributed a lot toward the social welfare of the public. Granite has improved working conditions in its overseas factories and has cut its waste emissions by half. To highlight these achievements, the company can publish a(n): a. ​green marketing audit report. b. ​corporate responsibility report. c. ​annual financial report. d. ​market research report.

corporate responsibility report.

Through the use of technology, marketers can lower costs and deliver greater value to their constomers.(T/F)

True

​Clyde wants to open a new store in his neighborhood but needs to first collect relevant data. A cost-effective way to start his research is by: a. ​collecting secondary data to narrow the list of possible locations, then use the results to focus primary research efforts on a limited number of possible locations. b. ​collecting primary data. Then, once the primary data is collected, use secondary sources to refine and verify the results. c. ​relying solely on secondary data, even if it is insufficient. This allows the firm to free up both time and financial resources for the design and development of the actual store. d. ​relying exclusively on primary data collection because it can be customized to ensure relevance.

a. ​collecting secondary data to narrow the list of possible locations, then use the results to focus primary research efforts on a limited number of possible locations.

Which of the following is one of the characteristics of a well-chosen target market? a. ​Good accessibility b. ​Limited size c. ​Intense competition d. ​Nonprofit motive

a. good accessibility

​_____ refers to the development and promotion of products with ecological benefits. a. ​Green marketing b. ​Mass customization c. ​Social marketing d. ​Environmental scanning

a. green marketing

While driving to work, Noel hears an advertisement on the radio about the annual blood donation camp organized by the American Red Cross. The American Red Cross emphasizes the importance of blood donation for the donor and recipient. This is an example of _____ marketing. a. ​idea b. ​person c. ​event d. ​place

a. idea

Which of the following is a drawback of primary data? a.. ​It tends to be more expensive than secondary data. b. ​It is available to a marketer's competitors. c. ​It cannot be customized to meet your needs. d. ​It is frequently outdated.

a. it tends to be more expensive than secondary data

Which of the following marketing strategies can be best employed for attracting tourists? a. ​Place marketing b. ​People marketing c. ​Green marketing d. ​Idea marketing

a. place marketing

Neon Bolt is an energy drink manufacturer. The marketing strategies of Neon Bolt are focused on males in the age group of 16-25 years who enjoy sports and other outdoor activities. The company advertises its product at skateboard parks, basketball venues, and ski resorts. The customer group that Neon Bolt focuses on is called its _____. a. ​target market b. ​marketing mix c. ​niche market d. ​market share

a. target market

Which of the following scenarios exemplifies green marketing? a. ​Janet sells homemade pickles and jams. b. ​Claire sells solar-powered watches. c. ​Sam volunteers at a local self-help group. d. ​Christine gives money to a nonprofit organization.

b. ​Claire sells solar-powered watches.

_____ is the process of continually collecting information from the external marketing surroundings a. ​Market segmentation b. ​Environmental scanning c. ​Target marketing d. ​Globalized marketing

b. environmental scanning

Horizon Inc., an automobile designer and developer, conducted a survey and built cars that suit the needs of its customers. Its newly designed cars let customers choose the color of the interiors. The company also designed touchscreens to control the entertainment, navigation, and climate in the vehicle, instead of knobs or buttons. Which of the following concepts is being illustrated in this scenario? a. ​Place marketing b. ​Mass customization c. ​Form utility d. ​Green marketing

b. mass customization

​Lawrence recently bought a brand new '69 Mustang, but he is not completely satisfied with it. He wished he had bought something that made a bigger impression on his colleagues at his posh Wall Street office. Lawrence's friend Howard, on the other hand, bought a Porsche 911 and is extremely happy with it. Howard becomes even more proud of his purchase when his friends compliment his car. From the marketing point of view, which of the following concepts has contributed to Howard feeling satisfied with this car? a. ​Actual value of the car b. ​Perceived value of the car c. ​Salvage value of the car d. ​Residual value of the car

b. perceived value of the car

​In the context of customer relationship management (CRM), a firm selling a high-ticket product to a small customer base is most likely to: a. ​exclude its customers from the key aspects of the product development process. b. ​pursue a full partnership with each of its key clients. c. ​develop a limited relationship with its customers. d. ​implement a soft-sell approach.

b. pursue a full partnership wit each of its key clients

​_____ demands that marketers actively contribute to the needs of the broader community. a. ​Corporate sustainability b. ​Social responsibility c. ​Ethical consumerism d. ​Shareholder primacy

b. social responsibility

_____ is based on a customer's perception that a product has a better relationship between the cost and the benefits than its competitors. a. ​Price b. ​Value c. ​Loyalty d. ​Satisfaction

b. value

Which of the following is a drawback of primary data? a. ​It is frequently outdated. b. ​It tends to be more expensive than secondary data. c. ​It cannot be customized to meet your needs. d. ​It is available to a marketer's competitors.

b.​It tends to be more expensive than secondary data.

Mauve Inc. purchased a global data collection and management system that will provide it with detailed information about each of its customers. This would allow Mauve Inc. to create: ​a generic product that would suit all its customers. b. ​products tailored for individual consumers on a mass basis. c. ​technology that increases costs for products of greater value. d. ​a one-to-many relationship with its customers.

b.​products tailored for individual consumers on a mass basis.

Demographic segmentation divides the market: a. ​based on measurable characteristics about people. b. ​based on where consumers live. c. ​based on people's attitudes and lifestyles. d. ​based on the behavior of people toward certain products.

based on measurable characteristics about people.

_____ is based on a customer's perception that a product has a better relationship between the cost and the benefits than its competitors. a. ​Loyalty b. ​Satisfaction c. ​Value d. ​Price

c. ​Value

Which of the following is a difference between demographic segmentation and geographic segmentation? a. ​Demographic segmentation refers to dividing the market based on where consumers live, whereas geographic segmentation refers to dividing the market based on how people behave toward various products. b. ​Demographic segmentation refers to dividing the market based on how people behave toward various products, whereas geographic segmentation refers to dividing the market based on consumer attitudes, interests, values, and lifestyles. c. ​Demographic segmentation refers to dividing the market based on measurable characteristics about people, whereas geographic segmentation refers to dividing the market based on where consumers live. d. ​Demographic segmentation refers to dividing the market based on consumer attitudes, interests, values, and lifestyles, whereas geographic segmentation refers to dividing the market based on measurable characteristics about people.

c. Demographic segmentation refers to dividing the market based on measurable characteristics about people, whereas geographic segmentation refers to dividing the market based on where consumers live.

Analysis of market share is a key to understanding a firm's: a. ​social and cultural environment. b. ​demographic strengths. c. ​competitive environment. d. ​technological environment.

c. competitive enviorment

Which of the following is the scope of relationship of marketers who actively gather data and pursue a connection with customers who initiate contact. a. ​Valued relationship b. ​Full partnership c. ​Limited relationship d. ​Partial partnership

c. limited relationship

​Peter is starting a new business. He has to develop a marketing strategy by identifying similar characteristics, attributes, and behaviors of the target market, and then group the customers according to these characteristics, attributes, and behaviors. The term used to describe Peter's strategy is: a. ​customer relationship management. b. ​market sharing. c. ​market segmentation. d. ​cognitive dissonance.

c. market segmentation

The _____ is a philosophy that makes customer satisfaction the central focus of an entire organization. a. ​market segmentation b. ​customer relationship management c. ​marketing concept d. ​perceived value

c. marketing concept

Walt owns a local chain of auto repair shops in Northern Rottawa. He goes the extra mile in pleasing his customers by providing comfortable and attractive waiting rooms, friendly service, and an exceptional warranty on all repair work. Which of the following philosophies has Walt employed to make all his customers highly satisfied? a. ​Marketing mix b. ​Customer relationship management c. ​Marketing concept d. ​Socially responsible marketing

c. marketing concept

Which of the following best describes marketing mix? a. ​It is the process of continually collecting information from the external marketing environment. b. ​It is the process of dividing potential customers into groups of similar people, or segments. c.. ​It is the blend of marketing strategies for product, price, distribution, and promotion. d. ​It is the marketing objectives and the specific strategies for achieving those objectives.

c. ​It is the blend of marketing strategies for product, price, distribution, and promotion.

Chris is developing an innovative picture book for kids. He believes that it will be something every grandparent in the world will want to buy for his or her grandchild. Creating an innovative book does not necessarily mean that the book will be successful. In order to make his book a success, which of the following will Chris need to consider first and foremost? a. ​Chris should look for a market that sells similar products and compete against them. b. ​Chris should look for a target group that is ready to pay large sums of money to cover the costs of marketing and production. c. ​Chris needs to consider if there are enough people in the target group to support the business. d. ​Chris should look for target groups in any part of the world without considering the distance.

c.​Chris needs to consider if there are enough people in the target group to support the business.

_____ refers to the development and promotion of products with ecological benefits. Selected Answer: d. ​Green marketing Answers: a. ​Mass customization b. ​Social marketing c. ​Environmental scanning d. ​Green marketing

d. ​Green marketing

d. _____ refers to the development and promotion of products with ecological benefits. a. ​Mass customization b. ​Social marketing c. ​Environmental scanning d. ​Green marketing ​

d. ​Green marketing

Which of the following can be achieved by marketers by acquiring customer loyalty? a. ​Increased actual value of products b. ​Automatic market segmentation c. ​Ability to function without feedback d. ​Acquisition of new customers

d. acquisition of new customers

____ is the ongoing process of acquiring, maintaining, and growing profitable customer associations by delivering unmatched value a. ​Customer observation b. ​Customer satisfaction c. ​Customer segmentation d. ​Customer relationship management

d. customer relationship management

_____ is the ongoing process of acquiring, maintaining, and growing profitable customer associations by delivering unmatched value a. ​Customer satisfaction b. ​Customer segmentation c. ​Customer observation d. ​Customer relationship management

d. customer relationship management

In an effort to expand its business, music retailer MovNow offers DVD rentals online. In order to spot trends in consumer interest, MovNow has decided to evaluate the data of the hyperlinks that customers click on when they visit its website. This is an example of how a company can obtain _____ data. a. ​secondary b. ​integrated c. ​foreign d. ​primary

d. primary

​Jim works in the marketing department of a smartphone manufacturing firm. He is currently working on new package design ideas for the company's latest range of smartphones. In the context of the company's marketing mix, Jim's ideas contribute to the _____. a. ​distribution strategy b. ​promotion strategy c. ​pricing strategy d. ​product strategy

d. product strategy

Consumer marketers direct their efforts to customers who are buying products to use either directly or indirectly to produce other products. t/f

false

Escribo Marketing LLC holds annual blood donation camps and conducts other similar charitable events in educational institutions. This is an example of people marketing. t/f

false

People marketing involves drawing people to a particular place t/f

false

​A major disadvantage of primary data is that it is usually outdated even before a marketer receives it t/f

false

The _____ is a philosophy that makes customer satisfaction the central focus of an entire organization. a. ​market segmentation b. ​customer relationship management c. ​marketing concept d. ​perceived value

marketing concept

Developing specific programs to help customers validate their purchase choices is one way marketers attempt to avoid cognitive dissonance. t/f

true

The marketing concept holds that delivering unmatched value to customers is the only effective way to achieve long-term profitability. t/f

true

Through the use of technology, marketers can lower costs and deliver greater value to their consumers. t/f

true

When it comes to creating customer satisfaction, perceived value is just as important as actual value t/f

true

​Businesses use customer relationship management (CRM) techniques to deliver value to customers while promoting customer loyalty. t/f

true