Marketing Chapter 1

Initiatives intended to improve an organization's positive impact on society and the natural environment are called Select one: a. socially-responsible marketing b. environmental marketing c. energy-conscious marketing d. socially-conscious marketing e. green marketing

Got Wrong Not a. socially-responsible marketing Believe my answer is correct

The equation a buyer applies to assess a product's value is Select one: a. value = customer benefits − customer costs. b. value = customer benefits − time and effort. c. value = monetary price − customer benefits. d. value = customer benefits − monetary price. e. value = customer costs − customer benefits.

a. value = customer benefits − customer costs.

Scenario 1.1 Use the following to answer the questions. ​ Greensprings Cemetery in upstate New York, offers a full-service funeral and burial that is non-toxic to the environment. All materials used in the burial are natural and will decompose with no negative impact. Greensprings' service is relatively new in the United States, but services of this type are common in Great Britain. A typical burial in Greensprings' cemetery includes a casket made from bamboo, wicker, paper, or other natural material. There are no headstones of stone or concrete that will detract from the landscape, but trees and plants as "markers" are allowed. The cost for a burial at Greensprings is approximately $3,000, compared to about $6,000 at most traditional cemeteries. Although business was slow at first, Greensprings is now experiencing an increase in the number of burials, due to referrals and a newly-developed website. The owners of Greensprings were previously in the cemetery business, and are active conservationist and wanted to make their business more sustainable. After conducting research and finding that there were natural burial sites in Great Britain, they wanted to provide an alternative to other environmentally-conscious Americans like themselves. Refer to Scenario 1.1. The customers of Greensprings Cemeteries are most likely choosing the Greensprings business because of its _______, which is evidence of a ______ _____.​ Select one: a. ​Environmental consciousness; Market orientation b. ​Pricing; Sales orientation c. ​Pricing; Profit orientation d. ​Novelty; Production orientation e. ​Environmental consciousness; Business orientation

a. ​Environmental consciousness; Market orientation

A market orientation is an organization-wide effort that includes all of the following activities except​ Select one: a. researching customers' needs. b. focusing on the marketing department only. c. ​generating marketing intelligence for use in the organization. d. ​disseminating marketing intelligence across departments within the organization. e. ​being responsive to customers' ever-changing wants and needs.

b. focusing on the marketing department only.

Making modifications to packaging or brand names involves the ____ component of the marketing mix. Select one: a. promotion b. product c. price d. market e. distribution

b. product

The majority of the heads of marketing for most multinational corporations would likely describe marketing as a very complex discipline. They will give a long list of variables and factors that impact a company's marketing success. Most of these variables and factors are part of what is called the marketing environment. ​ The U.S. unemployment rate would fall under which set of forces in the marketing environment? a. International Trade Forces b. Economic Forces c. Political Forces d. Sociocultural Forces e. Competitive Forces

b. Economic Forces

The marketing environment is best described as being a. composed of variables independent of one another. b. dynamic and changing. c. slow, with infrequent fluctuations. d. composed of controllable variables. e. an indirect influence on the performance of marketing activities.

b. dynamic and changing.

Marketing professionals understand the challenges and implications of marketing in an inter-connected, global economy. While the discipline is primarily focused on building mutually-beneficial customer relationships for the firm, it has many other positive influences on the global economy that many in the general public are not aware of. For example, marketing creates a successful economy and leads to a _______________ for people all over the world. Additionally, ______________ can promote the welfare of customers and the firm's stakeholders.​ a. higher level of healthcare; non-profit marketing b. higher standard of living; socially responsible marketing c. equal standard of living; green marketing d. higher level of political awareness; socially responsible marketing e. higher level of education; target marketing

b. higher standard of living; socially responsible marketing

As the Industrial Revolution came to the United States, most firms operated in a(n) ____ orientation. a. evolutionary b. production c. market d. sales e. societal

b. production

StarKist Tuna announced a dolphin-safe policy and stopped buying tuna from fishing vessels that net dolphins. This decision indicates a response to concerns about a. target market selection. b. the marketing environment. c. efficiency in marketing activities. d. the reduction of marketing costs. e. marketing mix decisions.

b. the marketing environment.

The forces of the marketing environment include Select one: a. sociocultural, legal, regulatory, economic, pricing strategies, and competitive. b. political, legal and regulatory, pricing strategies,fairly static components. c. political, legal and regulatory, sociocultural, technological, economic, and competitive. d. legal and regulatory, competitive and noncompetitive forces that affect most lifestyles. e. legal, regulatory, political, sociocultural, pricing strategies, and technological.

c. political, legal and regulatory, sociocultural, technological, economic, and competitive.

When DataComp Corp., a producer of software, delayed the introduction of its new spreadsheet app to modify the package, its scheduled TV advertisements announcing the new product needed to be revised. In this case, a change in the ____ variable caused changes in the ____ variable of the marketing mix. Select one: a. distribution; product b. promotion; price c. product; promotion d. product; price e. distribution; promotion

c. product; promotion

Marketing managers strive to develop a marketing mix that a. matches what competitors are offering. b. minimizes marketing costs. c. matches the needs of the target market. d. best matches the abilities of the firm. e. generates the highest level sales.

c. matches the needs of the target market.

Distribution, price, promotion, and product are all elements of a. consumer good. b. marketing strategy. c. the marketing mix. d. a business strategy. e. a target market.

c. the marketing mix.

The public is becoming more aware of how marketers' activities affect the welfare of consumers and society. As a result, more firms are working to Select one: a. reduce their profits by donating more time and money to improve social welfare and environmental conditions. b. raise prices in order to increase their profits so that they can contribute to philanthropic causes. c. reduce the quality of their products in order to save money and provide less expensive products to their consumers. d. create a responsible approach to developing long-term relationships with customers and society. e. enact laws requiring companies to work toward the welfare of customers and society.

d. create a responsible approach to developing long-term relationships with customers and society.

Consumers buying products online have dramatically affected the ____ variable of the marketing mix. Select one: a. product b. promotion c. price d. distribution e. research

d. distribution

To fully appreciate what an effective marketing concept means to the firm, the marketer must first understand that _______________ is the major focus of the marketing concept. This in turn should enable the firm to _______________. Ultimately, this all leads to _________________. Select one: a. ​selling products; earn long-term profits; organizational stability b. ​regulatory compliance; earn long-term profits; reduced regulatory costs c. ​securing management; earn long-term profits; management continuity d. ​customer satisfaction; earn long-term profits; increased shareholder value e. ​employee satisfaction; earn long-term profits; positive labor relations

d. customer satisfaction; earn long-term profits; increased shareholder value

You believe one of the most effective ways to remind your staff about key marketing concepts and objectives is to give them desk plaques with simple phrases. You want to create a phrase that reminds them that their primary focus should be creating customer value. ​ Which of the following phrases best tells the story of what customer value is? Select one: a. ​"Customer Value = Customer Benefits = Customer Costs" b. ​"Customer Costs > Customer Benefits = Customer Value" c. ​"Customer Benefits = Customer Value - Customer Costs" d. ​"Customer Value = Customer Benefits + Customer Costs" e. ​"Customer Value = Customer Benefits - Customer Costs"

e. ​"Customer Value = Customer Benefits - Customer Costs"

U.S. Electric, the maker of a highly innovative xenon light bulb used in large, manufacturing facilities, finds that it has excess inventory. The firm increases its direct marketing budget by 20 percent and adds three new sales representatives. This company is operating as if it were in which of the following orientations? Select one: a. Societal b. Customer c. Market d. Production e. Sales

e. Sales

The marketing concept is a philosophy that states that an organization should try to satisfy customers' needs and also a. increase sales. b. increase market share. c. coordinate its activities to increase production. d. produce high-quality products. e. achieve the organization's goals.

e. achieve the organization's goals.

The marketing mix is built around the a. product b. employee. c. company. d. retail outlet. e. customer.

e. customer.

Customer costs include anything the buyer must give up in order to obtain the benefits the product provides. The most obvious customer cost is a. risk. b. availability. c. time. d. effort. e. monetary price.

e. monetary price.

During the Industrial Revolution demand for manufactured goods was a. mediocre. b. nonexistent. c. declining. d. weak. e. strong.

e. strong

The central focus of the marketer's activities is to develop mutually beneficial relationships with customers and potential customers. If the marketer is able to convince the customer to buy the firm's products, then the customer's lifetime value to the firm is enhanced. Marketers also seek to encourage the customer's _______________ the firm's products because that will _______________ the customer's lifetime value to the firm. a. passive word-of-mouth communications about; maintain b. critique of; increase c. critique of; maintain d. strong word-of-mouth communications about; stabilize e. strong word-of-mouth communication about; increase

e. strong word-of-mouth communications about; increase