Chapter 1 Marketing

The act of obtaining a desired object from someone by offering something in return is known as which of the​ following? A.A sale B.A barter C.A trade D. An exchange E. A swap

An exchange

Scott Frost has been coming to​ Adeline's Diner for 20 years and refuses to go anywhere else.​ Ada, the owner of​ Adeline's, loves​ Scott's loyalty but admits he purchases only a cup of cappuccino each visit. Scott would BEST be described as which of the​ following? A.Barnacle B.True friend C.True believer D.Stranger E.Butterfly

Barnacle

Which of the following describes the current trend in businesses regarding relationships with​ customers? A.Build the right relationships with the right customers. B.Avoid developing relationships with customers at all. C.Find a few customers and develop strong relationships with them. D.Maintain strong relationships with as many customers as possible. E.Gather as many customers as possible on a surface level.

Build the right relationships with the right customers.

The ultimate goal of the marketing process is to do which of the​ following? A.Develop relationships with customers. B.Determine a target market. C.Create a quality product. D.Evaluate customer needs. E.Capture value from customers.

Capture value from customers

How has the Great Recession of 2008dash-2009 affected​ consumers' attitudes? A.Consumers are showing an enthusiasm for frugality. B.Consumers are more willing to indulge in luxuries. C.Consumers are moving from mindful to mindless consumption. D.Consumers are less willing to save their money. E.Consumers' attitudes have not been affected by the recession.

Consumers are showing an enthusiasm for frugality.

​Craig's Craft Beer structures its company in such a way to encourage its most profitable older customers to remain loyal while also targeting a new generation of customers. What is​ Craig's Craft Beer attempting to​ build? A.Customer loyalty B. Customer lifetime value C.Share of customer D.Customer equity E.Partner relationships

Customer equity

You can practice sustainable marketing by adhering to general practices. Which of the following would allow a company to profit by serving immediate needs and​ long-term interests but not necessarily be a practice of sustainable​ marketing? A.Practice caring capitalism by being civic minded and responsible. B.Seek ways to profit by serving the​ long-run interests of customers and communities. C.Delay responding to environmental legislation as it is instituted. D.Deliver value in a socially and environmentally responsible way. E.Help protect the natural environment.

Delay responding to environmental legislation as it is instituted.

​Bob's Bicycle Sales and Repair is a brand new company. From a marketing​ standpoint, what is the FIRST thing​ Bob's Bicycle Sales and Repair needs to​ do? A.Develop the best bicycle selection to sell. B.Determine who in the community wants or needs a bicycle or repair service. C.Advertise the company as a location in which to purchase bicycles or repair services. D.Develop a plan to sell as many bicycles as possible. E.Develop relationships with the customers who come to purchase bicycles or repair services.

Determine who in the community wants or needs a bicycle or repair service.

Which of the following scenarios BEST describes the societal marketing​ concept? A.Richard's Rotors does everything possible to improve production and lower the cost of its rotors in order to gain customers. B.Tom's Tires constantly tries to improve the tires it sells by placing all its efforts into new design research. C.Ethel's Earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term. D.Wendy's Wedding Wear frequently promotes itself to customers through​ commercials, fliers, and other forms of advertising. E.Alice's Apple Cart regularly asks its customers what kind of apples they want to buy.

Ethel's Earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term.

When is the selling concept typically used by​ marketers? A.When the company seeks the​ long-term welfare of society B.When the product is of high quality C.When the company focuses on customer needs D.For seasonal items E.For the purchase of unsought goods

For the purchase of unsought goods

Advantage Airlines has instituted a loyalty rewards program that rewards customers with free​ Wi-Fi, seat​ upgrades, and free miles for their continued patronage. What relationship tool is Advantage Airlines​ using? A.Consumer-generated marketing B.Customer-perceived value C.Mass-media marketing D.Club marketing program E.Frequency marketing program

Frequency marketing program

When a company divides the market into groups of​ customers, it is engaging in which of the​ following? A.Demand management B.Target marketing C.Market segmentation D.Differentiation E.Societal marketing

Market segmentation

A local theatre group wants to increase the membership and attendance at its performances. To do​ so, it hosts free​ shows, offers standup comedy​ nights, and sends volunteers to the local high school. In what is the theatre group​ engaging? A.Market research B.Societal marketing C.Product placement D.Advertising E.Market exchange

Marketing Exchange

How do market demands relate to needs and​ wants? A.Needs are satisfied by​ wants, and buying power converts wants into demand. B.Needs and wants outweigh demands in the​ customer's mind. C.Wants and demands are​ equivalent, and both satisfy needs at the same rate. D.Demands result in customers needing and wanting a particular product. E.Needs, wants, and demands all describe the same state in the customer.

Needs are satisfied by​ wants, and buying power converts wants into demand.

Vince's Video has suffered in the current economy because fewer people have the money for videos and because people utilize available​ technology, including online streaming sites like YouTube and Hulu. The videos​ Vince's Video does sell are often out priced by versions coming from China or​ Taiwan, or they are accused of damaging the environment. Which of the following marketing impacts has not likely affected​ Vince's Video? A.Rapid globalization B.The digital age C.Not-for-profit marketing D.Sustainable marketability E.The changing economic environment

Not-for-profit marketing

What is the ultimate aim of customer relationship​ management? A.Maintain high customer loyalty. B.Increase share of customer. C.Produce high customer equity. D.Produce high customer profitability. E.Establish brand equity.

Produce high customer equity.

Which of the following is NOT one of the four Ps of the marketing​ mix? A.Product B.Place C.Profit D.Price E.Promotion

Profit

Which marketing philosophy holds that consumers will not buy enough of the​ firm's products unless it undertakes a​ large-scale selling and promotion​ effort? A.Product concept B.Selling concept C.Marketing concept D.Societal marketing concept E.Production concept

Selling concept

June and Beatrice have started a new​ company, Junbee​ Inc., and are having trouble deciding which marketing path to take to drive sales. June believes they should follow a​ make-and-sell philosophy that focuses on improving their​ product, whereas Beatrice believes they should be more​ customer-oriented and find the right products for their customers. Which of the following BEST describes this​ situation? A.Should Junbee Inc. follow a product or marketing​ concept? B.Should Junbee Inc. follow a product or selling​ concept? C.Should Junbee Inc. follow a societal marketing or production​ concept? D.Should Junbee Inc. follow a production or selling​ concept? E.Should Junbee Inc. follow a marketing concept or a societal marketing​ concept?

Should Junbee Inc. follow a product or marketing​ concept?

How has the Internet MOST affected companies and​ customers? A.The Internet has lowered prices. B.The Internet has allowed consumers to take marketing content and share it. C.The Internet has made advertising easier. D.The Internet has made creating an image more important. E.The Internet has increased the potential customer base.

The Internet has allowed consumers to take marketing content and share it.

Selling and advertising are part of a larger set of marketing tools that work together to satisfy customer needs and build customer relationships known as​ _____________. A.the marketing concept B.the marketing mix C.market offerings D.customer equity E.customer-engagement marketing

The marketing mix

How does the new concept of marketing differ from the old concept of​ marketing? A.The new concept requires less work from marketing executives. B.The new concept focuses on having a​ well-developed product. C.The new concept focuses on the needs of the customer. D.The new concept is more cost efficient. E.The new concept focuses on making money.

The new concept focuses on the needs of the customer.

What is the main problem that sellers suffering from marketing myopia​ face? A.They focus more on brand image than the quality. B.They focus on customer wants instead of demands. C.They focus more on products than the​ customer's underlying need. D.They focus more on profit than the​ customer's benefit. E.They focus more on the​ customer's experience than the product itself.

They focus more on products than the​ customer's underlying need.

What is MOST likely to cause a variation in​ customer-perceived value? A.The cost of advertising to the target market B.The​ customer's satisfaction with a product C.The​ customer's opinion of what constitutes value D.The popularity of a product to the customer E.The cost to produce a product

The​ customer's opinion of what constitutes value

Why is good marketing management​ critical? A.To ensure that products are promoted well enough to encourage a large flow of customers B.To ensure that the company has a positive image in the eyes of the community C.To ensure that the company is always on the cutting edge of product development D.To ensure that investments are properly spent in order to maximize profits E.To ensure that the company serves as many customers as it can and as well as it can

To ensure that the company serves as many customers as it can and as well as it can