Marketing Chapter 1 quiz

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

C. place The place aspect of the marketing mix represents all the activities necessary to get the product to the right customer when that customer wants it.

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

C. product The marketing mix activities are promotion (communicating value), product (creating value), price (capturing value), and place (delivering value).

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. supply chain logistics. B. a marketing plan. C. delivery of the value proposition. D. production management. E. a marketing exchange.

B. a marketing plan. A marketing plan specifies the marketing activities for a specific period of time and is broken down into various components—how the 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.

Ivana is struggling with the choice of publishing her new book, Slovak Cuisine, as an e-book or a paperback. Ivana is addressing which core marketing aspect? A. managing the exchange function of marketing B. developing a promotional plan C. satisfying a need but not a want D. making product decisions E. pricing the product

D. making product decisions Since Ivana is making decisions about the form her book will take, she is making product decisions. If she were deciding whether to sell it online, in bookstores, or both, it would be a "where and how" (place) decision.

The publisher of the well-known Winnie-the-Pooh series wants to celebrate the 100th anniversary of the series, initiating a $200,000 campaign. This initiative represents the ________ component in the four Ps. A. presentation B. price C. promotion D. place E. product

C. promotion When the publisher of the well-known Winnie-the-Poolh series decided to celebrate the 100th anniversary of the series, initiating a $200,000 campaign, this initiative represented the promotion component in the four Ps. Promotion is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions and elicit a response.

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

D. a long-term relationship. During the past couple of decades, marketers have begun to develop a relational orientation as they have realized that they need to think about their customers in terms of relationships rather than transactions.

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

D. long-term relationships Value-driven marketing is likely to lead to loyal customers through the relationships that are formed.

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. C2C B. B2B C. B2C D. C2B E. underground

A. C2C These bulletin boards are designed to encourage consumer-to-consumer (C2C) marketing since they make it easier for consumers (students, in this case) to connect with one another.

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

A. lifetime profitability To build relationships, firms focus on the lifetime profitability of the relationship, not how much money is made during each transaction.

Marketing traditionally has been divided into a set of four interrelated decisions and consequent actions known as the A. marketing mix. B. marketing philosophies. C. marketing fundamentals. D. marketing channels. E. target markets.

A. marketing mix. Marketing traditionally has been divided into a set of four interrelated decisions and consequent actions known as the marketing mix, or four Ps: product, price, place, and promotion.

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

C. market-oriented The market-oriented era was when most companies first started thinking in terms of meeting customer wants and needs before they designed, made, or attempted to sell their products and services. It was during this period that firms discovered marketing.

After the previous sales representative in his territory infuriated an important customer, Sonja 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 Sonja an order. Sonya was providing the important marketing function of A. identifying opportunities to expand. B. engaging customers and developing long-term relationships. C. synthesizing and interpreting sales, accounting, and customer-profile data. D. alerting the logistics department when to ship products. E. advising production on how much product to make.

B. engaging customers and developing long-term relationships. Sonya was involved in a relational orientation, hoping to rebuild the long-term relationship with this customer.

Justine offers design and consulting services 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. changes in technology allowing consumers to manage their own affairs. B. how different customers perceive the value of her services. C. choosing an average price that she will charge all her clients. D. how much her competitors charge for similar services. E. changes in the economy.

B. how different customers perceive the value of her services. Although the other factors might need to be considered in pricing, the primary consideration should be perceived value—and the reason different customers are willing to pay different rates is because they perceive the value differently.

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

B. promotion. The four Ps are product, place, promotion, and price.

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

B. relational A relational orientation refers to the building of relationships and the development of a better understanding of customers' needs and wants. A customer relationship management (CRM) program uses a set of strategies, programs, and systems that focus on identifying and building loyalty among the firm's most valued customers.

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

C. many of these activities take place behind the scenes. Many marketing students initially overlook the importance of marketing channel management because a lot of these activities are behind the scenes.

By using social media ________ on their mobile phones, customers can check in with HappyCow to find nearby vegetarian restaurants. A. coupon B. group chat C. influencer D. rating sites E. location-based apps

E. location-based apps Several restaurant chains are exploiting location-based social media applications. By using location-based apps on their mobile phones, customers can use, for example, HappyCow to find nearby vegetarian restaurants.

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

E. perceived value. Effective promotion communicates value by attempting to ensure that customers understand the value being offered.

When the publisher of the well-known Berenstain Bears books wanted to celebrate the 50th anniversary of the series, it initiated a $150,000 campaign. Which of the four Ps does this campaign represent? A. product B. price C. place D. performance E. promotion

E. promotion The promotion for the Berenstain Bears 50th anniversary was not only designed to sell books, but also embrace a sense of nostalgia for the beloved characters. This campaign represented promotion in the four Ps.

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

E. value-based marketing Juanita is attempting to understand her customers' perceptions of value.