chapter 1 practice test

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

C2C Consumers can buy and sell from one another on sites like eBay and Etsy, increasing the amount of consumer-to-consumer (C2C) marketing that takes place.

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

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.

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

Place Place represents all the activities necessary to get the product to the right customer when that customer wants it.

__________ is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service so as to influence their opinions and elicit a response. Pricing Promotion Placement A relational orientation Value cocreation

Promotion Promotion is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service so as to influence their opinions and elicit a response.

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.

expanding from offering just goods to also offering services. The paintings are goods; appraisals are services.

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

increase the perceived value of its products. Promotion is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service so as to influence their opinions and elicit a response. Promotion generally can enhance a product's or service's value.

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.

information In this case, Valerie's customer receives a massage, and she receives both payment and information (in the form of the customer's e-mail address) as part of the exchange process.

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.

its value Ultimately, a product should attempt to satisfy a customer's needs. Pricing based on buyers' perceptions of value ensures that buyers believe the product is worth its price.

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

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

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.

all parties to the transaction should be satisfied. Marketing is about satisfying customer needs and wants. If all parties to the exchange are satisfied, that indicates that marketers are considering customers' needs as well as the company's welfare.

The basic difference between a good and a service is that a good

can be physically touched. The basic difference between a good and a service is that a good is a tangible thing that can be touched; a service is intangible.

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

controllable The four Ps are the controllable set of decisions or activities that the firm uses to respond to the wants of its target markets.

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.

create value. While some of the other answers are things that marketers and their firms have to consider, the fundamental purpose of marketing activities is to create value for consumers.

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

managing the supply chain Supply chain management is the set of approaches and techniques that firms employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and other firms involved in the transaction (e.g., transportation companies) into a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, and at the right time, while minimizing system wide costs and satisfying the service levels required by the customers.

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

many of these activities take place behind the scenes.

Effective promotion enhances a product or service's -supply chain management system. -wholesaling capabilities. -perceived value. -design features. -trialability.

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

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.

performance The four Ps are product, place, promotion, and price

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.

production scheduling Production scheduling is the responsibility of manufacturing; all other activities are part of marketing.

When a T-shirt manufacturer states, "We sell it only 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? A) production-oriented B) sales-oriented C) market-oriented D) value-based marketing E) economics-oriented

production-oriented This question refers to the production-oriented era, when companies would just manufacture items without taking individuals' needs or wants into consideration.

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

supply chain management Supply chain management includes the shipment/delivery of products, so these companies can be an important part of the supply chain.

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

supply chain management. Marketing channel management, also known as supply chain management, is the set of approaches and techniques that firms employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and other firms involved in the transaction (e.g., transportation companies) into a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, and at the right time, while minimizing systemwide costs and satisfying the service levels required by the customers.

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

the ability to buy them

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.

the value of their time and energy. Price is everything the buyer gives up—money, time, and/or energy—in exchange for the product.

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

which kinds of stores to open Not only does the GIS technology help Starbucks determine the ideal locations for new stores, but it also can enable the company to decide which kinds of stores to open. For example, many of the 1,500 planned new stores will feature drive-through windows; others will be smaller stores, strategically placed to provide the greatest customer convenience.