Marketing Haddock 1

To build relationships, firms focus on the ___________ of the relationship, not how much money is made during each transaction. A. cost B. lifetime profitability C. length D. value E. worth

B: lifetime profitability

Janine was tired of her winter coat, so she sold it to her friend, Marissa. This is an example of ________ marketing. A. B2B B. B2C C. C2B D. C2C E. BBC

D: C2C

Julia is considering a career in marketing. She is concerned about the image of marketers as fast-talking, high-pressure people who care only about making a sale. When reading about the core aspects of marketing, Julia is relieved to see that in marketing A. all parties to the transaction should be satisfied. B. promotion is the most important consideration, followed by pricing decisions. C. decisions are made regarding how a product is designed. D. customers are not considered until the product is ready for sale. E. distribution is controlled by customers.

A. All parties to the transaction should be satisfied

When retailers accumulate merchandise from producers in large amounts and sell to consumers in smaller amounts it is considered _______ marketing. A. B2C B. B2B C. R2C D. C2C E. C2B

A: B2C

Internet sites, physical stores, and kiosks are most closely associated with which element of the marketing mix? A. place B. price C. product D. promotion E. proximity

A: place

Jeff opened a sporting apparel store and signed a lease on the property. He also signed an agreement with the manufacturer on the amount of merchandise he will sell and the promotions he will conduct. Based on this description, which aspect of the marketing mix does he still need to work on? A. price B. place C. promotion D. product E. prototype

A: price

A relational orientation is based on the philosophy that buyers and sellers develop A. a complete understanding of one another's needs. B. a long-term relationship. C. a price-value comparison matrix. D. supply chain synergy. E. a marketing value transaction focus.

B: A long-term relationship.

By allowing consumers to sell their unwanted goods to other consumers, auction sites like eBay and Etsy cater to __________ marketing. A. B2B B. C2C C. D2C D. C2D E. B2G

B: C2C

___________ represents all the activities necessary to get the product to the right customer when that customer wants it. A. Place B. Promotion C. Social media D. Value cocreation E. Supply chain marketing

B: Place

In delivering value, marketing firms attempt to find the most desirable balance between A. the need for value and the perception of value. B. explicit versus implicit value. C. the need to provide benefits to customers and keep down costs. D. the desire to satisfy customers and the desire to satisfy employees. E. the need for product improvement and the need for advertising.

C: the need to provide benefits to customers and keep down costs.

Which element of the marketing mix deals with supply chain management? A. product B. price C. promotion D. production E. Place

E: Place

The fundamental goal of marketers when creating goods, services, or combinations of both is to A. defeat the competition. B. serve all consumers. C. operate according to government regulations. D. stimulate short-term sales. E. create value.

E: create value.

Which element of the marketing mix is most relevant to the activity "delivering value"? A. promotion B. purchasing C. product D. price E. place

E: place

When a T-shirt manufacturer states, "We only sell it in black because that way we can buy plenty of black fabric and run our plant efficiently," its statement reflects the views that were popular in which era of the evolution of marketing?

Production-Oriented

If a firm adopts a CRM business philosophy, it most likely has a(n) _______ orientation with its customers. A. transactional B. external C. relational D. internal E. divisional

C. relational

Which of the following statements reflects the philosophy of the market-oriented era? A. A good product will sell itself. B. The customer is king. C. Firms should take advantage of a seller's market. D. Advertising and personal selling should be emphasized in order to make the sale. E. Firms should focus on value.

B: The customer is king.

Many U.S. companies first discovered marketing during the __________ era. A. production-oriented B. sales-oriented C. market-oriented D. value-based marketing E. retailing-oriented

C: market-oriented

Many marketing students initially overlook the importance of marketing channel management because A. marketing has no responsibility for supply chain management. B. marketing channel management doesn't add much value for customers. C. companies do not want customers to know anything about the supply chain. D. many of these activities take place behind the scenes. E. marketing channel management is already transparent.

D: many of these activities take place behind the scenes

Which element of the marketing mix is most relevant to the activity "capturing value"? A. promotion B. purchasing C. product D. price E. place

D: price

During the __________ era, manufacturers and retailers recognized they needed to give their customers greater value than their competitors did. A. production-oriented B. sales-oriented C. market-oriented D. value-based marketing E. retailing-oriented

D: value-based marketing

If a radio station holds an online contest in which you must log in to its website and submit personal details such as name, phone number, and e-mail in order to participate, the radio station is A. offering an exchange. B. behaving unethically. C. hoping to receive feedback. D. implementing a CRM program. E. overstepping its role.

A: offering an exchange.

Henry Ford's statement, "Customers can have any color they want so long as it's black," typified the __________ era of marketing. A. production-oriented B. sales-oriented C. market-oriented D. value-based marketing E. retailing-oriented

A: production-oriented

Marney bought a dress from a retail store. Which type of transaction was Marney participating in? A. B2B B. C2C C. B2C D. R2C E. C2B

C: B2C

The process of value __________, in which customers collaborate in product design, often provides additional value to the firm's customers. A. cocreation B. positioning C. delivery D. chain management E. -based marketing

A: cocreation

Which marketing activity is most directly served by the promotion element of the marketing mix? A. communicating value B. creating value C. capturing value D. delivering value E. producing value

A: communicating value

The marketing goal of getting the "right quantities to the right locations, at the right time" relates to A. communicating the value proposition. B. managing the supply chain. C. performing service marketing. D. capturing value. E. managing price and performance.

B: managing the supply chain

Xavier is analyzing potential market segments. He should carefully seek potential customers who have both an interest in his products and A. a thorough knowledge of his brand messages. B. the ability to buy them. C. knowledge of competing products. D. the ability to negotiate discounts. E. are removed from traditional marketing alternatives.

B: the ability to buy them

UPS, FedEx, DHL, and other shipping companies support other firms' __________ marketing goals. A. supply chain management B. value communication C. value capture D. retail management E. promotion

A: supply chain management

The basic difference between a good and a service is that a good A. provides intangible benefits. B. can be physically touched. C. is always less expensive than a corresponding service. D. generates greater interest among consumers. E. is more quickly forgotten by consumers.

B: can be physically touched

Many catalog companies create special-run issues based on what customers have purchased in the past. For example, customers who frequently order bedding items like sheets and pillows receive a catalog with a larger section of bedding items than do customers who mostly order kitchen tools. This is an example of A. C2C marketing. B. customer relationship management. C. a transactional marketing orientation. D. supply chain management. E. typical production-oriented era marketing practices.

B: customer relationship management.

Greenbelt Construction has been a successful small home-building firm for years. The owner pays subcontractors slightly more than the usual rate for different tasks, reducing the company's gross margin. Greenbelt rarely changes subcontractors, has relatively few complaints from home buyers, and is able to get quick responses from subcontractors when buyers do have problems. Greenbelt is engaged in A. a traditional transactional orientation. B. C2C value-driven marketing. C. effective supply chain management. D. value cocreation. E. a virtual monopoly.

C: effective supply chain management.

What is the focus of a firm that develops a relational orientation with its customers? A. relating product knowledge to customers' interests B. gaining profit from each customer transaction C. generating profits quickly before customers shop elsewhere D. working with competitors to simplify product offerings for customers E. gaining lifetime profitability from customer relationships

E: gaining lifetime profitability from customer relationships

In the past, manufacturer's representatives did not have real-time inventory data about the products they were selling. Today, manufacturer's representatives are often provided online access to inventory data for the companies they represent. These online inventory systems allow companies to become more value driven by A. sharing information across the organization. B. balancing customers' benefits and costs. C. evaluating strategic competitive partnerships. D. building relationships with government regulators of marketing institutions. E. keeping prices below those charged by competitors.

A. sharing information across the organization.

At one point in the evolution of marketing, the United States entered a buyer's market and the customer became king. Which era is being described? A. market-oriented B. sales-oriented C. production-oriented D. value-based marketing E. economics-oriented

A: market-oriented

The primary purpose of the __________ plan is to specify the marketing activities for a specific period of time. A. marketing B. business C. strategic D. organizational E. resource

A: marketing

Traditionally, marketing activities have been divided into product, price, place, and promotion. Select the term that best describes the four Ps. A. marketing mix B. marketing channel C. marketing plan D. marketing era E. marketing implementation

A: marketing mix

Marketing enriches society by A. focusing solely on maximizing profits. B. sponsoring charitable events. C. recognizing that the firm can do very little by itself, and so it should stay focused on its own core competencies. D. facilitating the smooth flow of goods through the supply chain. E. coordinating marketing functions with other functional areas in the company.

B: sponsoring charitable events.

Some discount stores put products in large bins and let consumers hunt and find bargains. The price these consumers pay includes A. only the actual price they pay at the register. B. the value of their time and energy. C. the excitement they experience in finding an item they desire. D. the savings to the store of not having to display the products neatly on shelves. E. the time the product was full price and didn't sell.

B: the value of their time and energy

Which of the following best represents how marketing expands firms' global presence? A. when companies hire employees from different backgrounds and cultures B. when companies manufacture and sell their products all over the world C. when companies see a product manufactured overseas and decide to produce it domestically D. when companies require their employees to learn a foreign language E. when companies adhere to government restrictions in overseas markets

B: when companies manufacture and sell their products all over the world

Not only does GIS technology help Starbucks determine the ideal locations for new stores, but it also can enable the company to decide A. the age of its target market. B. which kinds of stores to open. C. the type of coffee to sell D. the type of food to sell. E. how many new locations it should open.

B: which kinds of stores to open.

After the previous sales representative in his territory infuriated an important customer, Benjamin visited the customer once a month, never asking for business but hoping to rebuild trust through listening and expressing concern. Finally, after more than two years, the customer gave Benjamin an order. Benjamin was providing the important marketing function of A. advising production on how much product to make. B. alerting the logistics department when to ship products. C. engaging customers and developing long-term relationships. D. identifying opportunities to expand. E. synthesizing and interpreting sales, accounting, and customer-profile data.

C: engaging customers and developing long-term relationships

Henriette offers financial counseling and management on a fee-only basis. She has found that different customers are willing to pay different rates for her services. This shows that her pricing decisions should depend primarily on A. choosing an average price that she will charge all her clients. B. changes in technology allowing consumers to manage their own affairs. C. how different customers perceive the value of her services. D. changes in the economy. E. how much her competitors charge for similar services.

C: how different customers perceive the value of her services

It was during the market-oriented era that firms first discovered "marketing." In what timeframe did this occur? A. around the turn of the 20th century B. shortly before the Great Depression C. just after World War II D. during the Roaring Twenties E. during the civil rights movement

C: just after World War II

The "Milk Life" advertising campaign, designed to increase awareness of the health benefits of milk, was intended to help market a(n) A. service. B. firm. C. industry. D. organization. E. specific product.

C: industry.

Even though they operate from out-of-the-way airports and offer few extra services, discount, no-frill airlines like Ryanair and EasyJet have been successful. Consumers obviously consider A. the extra services offered by these airlines to be the most thorough in the industry. B. the long-term relationships established by these airlines to be a critical benefit. C. the prices to be slightly lower, but not low enough to have much influence. D. the benefit of lower prices to be greater than the cost of reduced services and less convenience. E. the major airlines to be worthless

D: the benefit of lower prices to be greater than the cost of reduced services and less

Melanie works for a small computer software company. Her boss is constantly improving the company's products but neglects customers, billing, and promoting the company. Her boss is probably stuck in the __________ era of marketing. A. production-oriented B. sales-oriented C. market-oriented D. value-based marketing E. retailing-oriented

A: Production-oriented

How a product or service will be conceived or designed, how much it should cost, where and how it will be promoted, and how it will get to the consumer are all elements of A. a marketing plan. B. a marketing exchange. C. supply chain logistics. D. production management. E. delivery of the value proposition.

A: a marketing plan.

Many inventors struggle with the question, "I made it; now how do I get rid of it?" They have made the error of considering marketing as A. an afterthought. B. an integral part of a business plan. C. an accounting function. D. a profit center. E. important only for new products.

A: an afterthought.

People who organize, operate, and assume the risk of a business venture are called A. entrepreneurs. B. leaders. C. managers. D. professionals. E. consultants.

A: entrepreneurs.

Yolanda is the new restaurant manager in a major hotel. When considering changes in the restaurant that will increase value to customers, Yolanda will likely attempt to either provide the same quality at a lower cost or A. improve products and services at the same cost. B. increase prices to increase revenue. C. offset higher hotel rates with lower restaurant prices. D. reduce customer expectations through reduced service. E. lower the quality and the price.

A: improve products and services at the same cost.

Whenever Valerie has a new massage therapy customer, she invites the person to be on her e-mail distribution list. In the process, in addition to exchanging her massage therapy service for payment, Valerie is gathering A. information. B. promotional capital. C. pricing data. D. value cocreation E. feedback.

A: information

Marketers must determine the price of a product carefully, based on potential buyers' beliefs about A. its value. B. the environment. C. the cost to manufacture the product. D. the economic outlook. E. the product's new advertising campaign.

A: its value

Jeff is going to sell sporting apparel, which he has already purchased from manufacturers, and has signed a deal agreeing to the volume he will sell monthly. He has researched his competition, talked to some customers, and decided on prices he will charge. Jeff has also developed a plan for promoting his business. Based on this description, which element of the marketing mix does Jeff still need to work on? A. place B. product C. price D. promotion E. planning

A: place

The idea that a good product will sell itself is associated with the __________ era of marketing. A. production-oriented B. sales-oriented C. market-oriented D. value-based marketing E. retailing-oriented

A: production-oriented

Jami sells construction equipment. Whenever she calls on her building contractor customers, she asks if they are having any problems. In doing so, Jami is addressing which of the following core aspects of marketing? A. satisfying customer needs and wants B. completing the exchange function of marketing C. making product, place, promotion, and price decisions D. making decisions about the setting in which marketing takes place E. creating value

A: satisfying customer needs and wants

As owner of a retail franchise food store, Mary Gray purchases supplies based on specials advertised nationally throughout the franchise system. One Monday, she was surprised to find customers asking for specials she hadn't been informed of in advance. The franchise company failed to live up to the value-driven activity of A. sharing information across the organization. B. balancing customers' benefits and costs. C. evaluating strategic competitive partnerships. D. building relationships with customers. E. keeping prices below those charged by competitors.

A: sharing information across the organization.

Franco uses a database software system to remind him when his customers should be ready to reorder his industrial cleaning products. With this reminder system, Franco contacts his customers when they are most likely to be "in the buying mode." Franco's system is part of A. C2C marketing. B. customer relationship management. C. a transactional marketing orientation. D. supply chain management. E. typical production era marketing practices.

B: customer relationship management.

The prevailing marketing strategy of the __________ era was to find customers for inventories that went unsold. A. production-oriented B. sales-oriented C. market-oriented D. value-based marketing E. retailing-oriented

B: sales-oriented

Data about how, when, why, where, and what people buy refers to A. statistics. B. demographics. C. marketing analytics. D. value-based marketing. E. relational orientation.

C: marketing analytics.

Which of the following is true of marketing? A. Marketing affects various stakeholders. B. Marketing plays no role in creating value. C. Marketing is about satisfying the company's needs and wants. D. Marketing requires place, product, promotion, and perception decisions. E. Marketing is performed by organizations, not individuals.

A: Marketing affects various stakeholders.

Which of the following is true with regard to mobile advertising? A. Within just a couple of years, mobile advertising will be a smaller market than digital advertising. B. Within just a couple of years, mobile advertising will be fa bigger market than digital advertising. C. Within just a couple of years, the mobile advertising market will be equal to that of the digital advertising market. D. Companies no longer advertise using mobile marketing. E. The approach and marketing plan of mobile advertising is the same as the approach and marketing plan of digital advertising.

B: Within just a couple of years, mobile advertising

Jenny, the delivery and sales representative for a beer distributor, is calling on a retailer and sees the shelves are almost empty. An unexpected sporting event held nearby resulted in a huge increase in sales. She calls her company's distribution manager and requests a special delivery for her customer. Jenny is providing the important marketing function of A. advising production on how much product to make. B. alerting the logistics department when to ship products. C. advising the customer about new products and markets. D. identifying opportunities to expand. E. synthesizing and interpreting sales, accounting, and customer-profile data.

B: alerting the logistics department when to ship products.

A local art gallery keeps information on its customers regarding their preferences for certain artists as well as the style of art that interests them. The gallery uses this information to inform the customers when new products arrive from their favorite artists and targets them with special promotions. In this way, the gallery is using _______ to build loyalty among its customers. A. value cocreation B. customer relationship management C. transactional marketing D. B2B marketing E. the supply chain

B: customer relationship management

When we say that marketing can be entrepreneurial, it means that entrepreneurs A. attempt to mimic existing products on the market. B. launch ventures to satisfy unfilled needs. C. raise social consciousness. D. gain monopoly power. E. push new technology even if people aren't ready for it.

B: launch ventures to satisfy unfilled needs.

As use of the Internet took off, car manufacturers were tempted to sell directly to consumers, but decided instead to continue to sell through their existing dealer networks. The car manufacturers considered switching from __________ to __________ marketing. A. B2C; B2B B. B2C; C2C C. B2B; B2C D. B2B; C2C E. C2C; B2C

C. B2B; B2C

One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in A. higher prices than the market leader charges. B. increased competition. C. long-term relationships. D. strong connections among competing firms in the marketplace. E. lower prices.

C: long-term relationships.

Brian is struggling with the choice of publishing his new book, How to Cook Polish Barbeque, as an e-book or a paperback. Brian is addressing which core marketing aspect? A. developing a promotional plan B. managing the exchange function of marketing C. making product decisions D. deciding where and how to sell the product E. pricing the product

C: making product decisions

Value-oriented marketers constantly measure A. promotional effectiveness against ethical advertising standards. B. the problem of price maximization against cost-efficiency. C. perceived customer benefits against the costs of their offerings. D. the desire to achieve against the need for a stable source of supply. E. the goal of efficiency against the price charged by competitors.

C: perceived customer benefits against the costs of their offerings.

Effective promotion enhances a product or service's A. supply chain management system. B. wholesaling capabilities. C. perceived value. D. design features. E. trialability.

C: perceived value.

Marketing has traditionally been divided into a set of four interrelated decisions known as the marketing mix, or four Ps, including all of the following except A. product. B. place. C. performance. D.promotion. E. price.

C: performance.

Which element of the marketing mix is most relevant to the activity "creating value"? A. promotion B. purchasing C. product D. price E. place

C: product

Many universities provide physical or electronic bulletin boards to facilitate ride-sharing and exchange of used books among students. These bulletin boards increase __________ marketing. A. B2C B. C2B C. B2B D. C2C E. underground

D: C2C

Leah is the marketing manager for an electronics company. While on vacation in Ecuador, she visited electronics stores in the major malls in Quito, the capital city. Most of her company's products were available, except for smartphones. When she returned to work, she mentioned this observation to her international sales manager. Leah was providing the important marketing function of A. advising production on how much product to make. B. alerting the logistics department when to ship products. C. engaging customers, developing long-term relationships. D. identifying opportunities to expand. E. synthesizing and interpreting sales, accounting, and customer-profile data.

D: Identify opportunities to expand

To become a more value-driven organization, Pokrah University is holding regular coffee-hour discussions with its students and surveying its graduates regarding students' educational needs and desires. By doing so, Pokrah University is becoming more value driven through A. sharing information across the organization. B. balancing its customers' benefits and costs. C. evaluating strategic competitive partnerships. D. building relationships with customers. E. keeping the faculty members happy.

D: building relationships with customers.

The four Ps make up the marketing mix, which is the __________ set of decisions or activities that the firm uses to respond to the wants of its target markets. A. unpredictable B. external C. internal D. controllable E. global

D: controllable

Four Winds Art Gallery recently began offering appraisals of customers' art collections, in addition to continuing to sell paintings. Four Winds is A. expanding from offering just services to also offering goods. B. implementing a market segmentation strategy. C. capturing value through multiple pricing strategies. D. expanding from offering just goods to also offering services. E. increasing customer value through inflated appraisal evaluations.

D: expanding from offering just goods to also offering services.

The goal of customer relationship management is to A. manage every customer relationship differently. B. manage every customer relationship to maximize short-term profitability. C. eliminate customers who are profitable, but not highly profitable. D. identify and build loyalty among a firm's most valued customers. E. generate relationships with competitors' customers.

D: identify and build loyalty among a firm's most valued customers.

By promoting perfume based on youth, style, and sex appeal, Calvin Klein is attempting to A. influence social norms regarding sexuality. B. encourage consumers to participate in product redesign. C. stimulate supply chain management cooperation. D. increase the perceived value of its products E. demonstrate social responsibility.

D: increase the perceived value of its products

Which of the following is a core aspect of marketing? A. satisfying as many needs as possible B. creating a product that everyone will want to buy C. setting prices lower than all competitors D. making product, place, promotion, and price decisions E. increasing the company's profit

D: making product, place, promotion, and price decisions

The "onboard, online retail business" refers to A. the options airlines offer passengers to upgrade their seat to first class. B. the options airlines offer passengers to change their destination. C. the options airlines offer passengers to connect to Facebook and Twitter. D. the options airlines offer passengers to shop through their mobile devices while they fly toward their destination. E. the options airlines offer passengers to purchase food and beverages while on their flight.

D: the options airlines offer passengers to shop through their mobile devices while they fly

Serena studies her customer profiles, market research data, complaints, and other information, attempting to better understand what her customers want. Serena most likely operates in the __________ era of marketing. A. production-oriented B. sales-oriented C. market-oriented D. value-based marketing E. retailing-oriented

D: value-based marketing

Trey sells consumer electronics. He knows his customers weigh the costs versus the benefits associated with the different options available. He decides which products to offer and what prices to charge based on the way his customers think. Trey operates as if he were in the __________ era. A. production-oriented B. sales-oriented C. market-oriented D. value-based marketing E. retailing-oriented

D: value-based marketing

When referring to "exchange," marketers are focusing on A. the location where products and services are traded. B. the price charged, adjusted for currency exchange rates. C. location-based tactics for creating value. D. promotional offers designed to stimulate barter. E. the trading of things of value.

E: the trading of things of value

Christie has just started with a travel agency, and she has been offering clients and prospective clients a range of packaged tours. She is concerned because the commissions she is earning on her sales are lower than she had hoped. Her colleague Peter, who has been with the agency for several years, is having a great deal of success by working closely with the clients, seeking their ideas, and building customized tour packages for each one based on their suggestions. Peter's approach is based on A. transaction-oriented marketing. B. premium pricing. C. his seniority at the firm. D. special incentives from tour operators. E. value cocreation.

E: value cocreation.

The activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is called A. marketing. B. marketing research. C. market share analysis. D. market segmentation. E. market positioning.

A: marketing.

Marketing channel management is related to which of the four Ps? A. product B. price C. place D. promotion E. production

C: place

Marketing channel management is also known as A. endless chain marketing. B. a transactional orientation. C. wholesaling. D. production management. E. supply chain management.

E: supply chain management.

Near the end of the model year, the Move-Them-Out automobile dealership had an unusually high inventory level. The manager increased her advertising spending and gave extra incentives to its salespeople. Move-Them-Out operates as if it were in the __________ era. A. production-oriented B. sales-oriented C. market-oriented D. value-based marketing E. retailing-oriented

B: sales-oriented

A friend of yours is starting a new business. She is confident that her product is superior to her competitors' and doesn't want to budget any money for marketing. You would recommend that she rethink her position on marketing for all of the following reasons except A. Marketing helps new ventures organize, operate, and assess risk. B. Marketers help address unmet customer needs, regardless of the size of the firm. C. Marketing focuses on the product, but only as one element. Three other areas are promotion, price, and place. D. Marketers are skilled at communicating the value of the product to potential customers. E. Marketing isn't essential now, but it will be in a year or two when the product takes off.

E: Marketing isn't essential now, but it will be in a year or two when the product takes off

Creative locations, such as kiosks at the baggage claim in airports or small booths in grocery stores, represent Starbucks' effort to improve its offering on which dimension of the marketing mix? A. product B. promotion C. price D. perception E. place

E: place

Marketing involves all of the following except A. conducting exchanges. B. satisfying customer needs and wants. C. creating value. D. efforts by individuals and organizations. E. production scheduling.

E: production scheudling

Marketing channel management is also known as A. endless chain marketing. B. a transactional orientation. C. wholesaling. D. production management. E. supply chain management.

E: supply chain management.

According to your text, in the broadest terms, the "marketplace" refers to A. wholesale and retail environments. B. brick-and-mortar stores and the Internet. C. the four Ps. D. channels that are accessible to a given customer. E. the world of trade.

E: the world of trade.