Quiz 1

Which of the following is NOT a market-oriented business definition?

"We make high-quality consumer food products."

Which of the following statements reflects the marketing concept?

Consider customer focus and value as the paths to sales and profits.

Which of the following is a characteristic of customer-driven marketing?

Customers know what they want.

Which of the following statements is true about creating customer loyalty and retention?

Losing a customer means losing the entire stream of purchases that the customer would make over a lifetime of patronage.

Which of the following is NOT an accurate description of modern marketing?

Marketing emphasizes selling and advertising exclusively.

The marketing world is most likely embracing ________ because consumers wield greater power now with many platforms for airing and sharing their brand views with other consumers.

customer-managed relationships

Greg Williams now has the buying power to purchase the desktop computer that he has wanted for the last six months. Greg's want now has become a ________.

demand

Market segmentation can be best described as the process of ________.

dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs

In which of the following situations has a company most actively embraced customer-managed relationships?

iRobot invites enthusiastic Roomba owners to develop and share their own uses for the company's robotic vacuum cleaner.

Many managers think that "doing things right," or ________, is as important as, or even more important than, "doing the right things."

implementation

RedFin manufactures diving equipment that is highly regarded by customers worldwide. Each department in RedFin contributes to its success and can be thought of as a ________.

link in the company's internal value chain

FencePro, a local company, has developed an entirely new mounting system for chain link fences. After acquiring a distributor, FencePro now has the ability to market its products nationwide. FencePro is most likely following a ________ strategy.

market development

Crocus, a gift store, specializes in serving customer segments that major competitors overlook and ignore. Which of the following best describes Crocus?

market nicher

Seagull Terrace offers its customers good accommodations, local delicacies, and amazing seaside views. The overall experience provided at the motel is a part of its ________.

market offering

Arrow is "a different kind of company, manufacturing a different kind of a car"; the RoadPro is "like nothing else." Statements such as these reflect a firm's ________.

positioning

Renovations of the guest rooms at the Seagull Terrace and plans to add an indoor pool area are examples of the ________ concept.

product

Which of the following is a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification?

product/market expansion grid

Companies that define their missions in terms of products or technologies are considered myopic primarily because ________.

products and technologies eventually become outdated

Which of the following is NOT an element of the marketing mix?

purchase

Carol Veldt's plan also involves a seasonal promotional gimmick that she wants to promote aggressively. This is an example of the ________ concept.

selling

Some fast-food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to a national obesity epidemic and environmental problems. These fast-food restaurants overlook the ________ philosophy.

societal marketing concept

The key businesses of Kimberley and Price consist of a division that produces and sells breakfast cereals and another that manufactures gardening tools. Each of these businesses is called a ________.

strategic business unit

________ refers to socially and environmentally responsible marketing that meets the needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.

sustainable marketing

Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through ________.

value creation and exchange

The network made up of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system is known as the ________.

value delivery network