Chapter 1: What is Marketing?

Which of the following terms is defined by the​ activity, set of​ institutions, and processes for​ creating, communicating,​ delivering, and exchanging offerings that have value for​ customers, clients,​ partners, and society at​ large? A. Advertising B. Consumer goods C. Promotion D. Distribution channel E. Marketing

E. Marketing

Which of the following is NOT one of the four distinct eras in the evolution of​ marketing? A. Relationship Era B. Sales Era C. Production Era D. Triple-Bottom-Line Era E. Social Media Era

E. Social Media Era

A document that describes the marketing​ environment, outlines the marketing objectives and​ strategy, and identifies who will be responsible for carrying out each part of the marketing strategy is known as​ a(n) ________ plan. A. marketing B. human resources C. accounting D. profit E. operational

A. marketing

A marketplace offering that fairly and accurately sums up the value that the customer will realize if he or she purchases the product or service is known as​ a(n) ________. A. value propsition B. value summation C. value line D. accurate value E. absolute value

A. value proposition

The concept that under the right​ circumstances, groups are smarter than the smartest individuals in them is referred to as​ ________. A. wisdom of the crowds B. folksonomy C. social networking D. crowdsourcing E. anticonsumption

A. wisdom of the crowds

_____ is the industry term for inventory and cash losses from shoplifting damage to​ merchandise, and employee theft. A. Anticonsumption B. Shrinkage C. Folksonomy D. Crowdsourcing E. Addiction

B. Shrinkage

When the Lego Movie was released to movie​ theaters, the intent was not necessarily to sell more​ Legos, but the firm did have a say in decisions about details of the movie. This is an example of​ _____ content. A. user-generated B. branded C. production D. business-to-business E. consumer-generated

B. branded

An edge that a firm has over its competitors that allow it to have higher​ sales, higher​ profits, and more customers is known as​ ________. A. distinctive competency B. competitive advantage C. higher advantage D. triple bottom line E. core competency

B. competitive advantage

Suppose that you receive a text message on your phone from one of your favorite online retailers about a 50 percent off sale for the next 24 hours. The company that sent you the text message is engaging in​ ________ marketing. A. green B. mobile C. annoyance D. traditional E. social media

B. mobile

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

C. Profit

Suppose a restaurant in a small community offers breakfast options 24 hours a​ day, but none of the competition even offers breakfast options. This would be an example of​ a(n) ________ benefit. A. lifetime value B. interpretive C. differential D. superior E. competition

C. differential

A distinctive group of customers within a larger market who have some similarity but whose needs differ from other customers is known as a​ ________. A. crowdsourced segment B. target market C. market segment D. mass market E. social network

C. market segment

Intangible products that are paid for and​ used, but not owned are known as​ ________. A. advertisement B. consumer goods C. services D. exchanges E. ideas

C. services

The activities involved in​ designing, producing,​ marketing, delivering, and supporting any product is its​ ________. A. life cycle B. differentials C. value chain D. distinctive competencies E. marketing metrics

C. value chain

Which of the following describes the ultimate user of a good or​ service? A. Marketer B. Stakeholder C. Competitor D. Consumer E. Advertiser

D. Consumer

The​ ________ marketing concept states that marketers must satisfy​ customers' needs in ways that also benefit society while they still deliver a profit to the firm. A. environmental B. customer C. quality D. societal E. financial

D. societal

Which of the following is the formula for calculating the lifetime value of a​ customer? A. The amount a person will spend DIVIDED BY the cost to maintain the relationship B. The amount a person will spend TIMES the cost to maintain the relationship C. The amount a person will spend PLUS the cost to maintain the relationship D. The amount a person will spend TIMES the cost to maintain the relationship PLUS the profit generated E. The amount a person will spend MINUS the cost to acquire the customer and maintain the relationship

E. The amount a person will spend MINUS the cost of acquire the customer and maintain the relationship

If you own a small retail shop and you put ads in the local​ paper, put flyers on doors in every​ neighborhood, and buy billboards in the area so that you can reach as many potential consumers as​ possible, you are engaging in​ ________ marketing. A. specific B. targeted C. segmented D. niche E. mass

E. mass

ROMI stands for​ ________ and indicates how much value an​ organization's marketing activities create. A. realized operational metrics inbound B. realized operational​ mass-market investments C. return on monetary investment D. real operational marketing instructions E. return on marketing investment

E. return on marketing investment

Why is it important to begin establishing your personal brand while you are still in​ college? A. A personal brand will help you determine what you want to do. B. A personal brand will eliminate the need for lifelong learning and skill development. C. A personal brand will help you avoid job interviews that you may not be successful at. D. A personal brand will eliminate the need for you to determine your value proposition. E. A personal brand will help you improve your communication skills.

A. A personal brand will help you determine what you want to do.

________ refers to the availability of the product to the customer at the desired time and location. A. Place B. Product C. Price D. Profit E. Promotion

A. Place

A product can be all of the​ following, except​ a(n) ________. A. price B. place C. good D. service E. idea

A. Price

________ includes many different activities marketers undertake to inform consumers about their products and to encourage potential customers to buy these products. A. Promotion B. Product C. Profit D. Place E. Price

A. Promotion

Coca-Cola is superior to its competitors in its distribution and marketing of products. This is an example of​ a(n) ________ competency. A. distinctive B. distribution C. advantage D. managerial E. differential

A. distinctive

If a company states in its advertisements that 10 percent of all profits go to planting trees in various parts of the​ world, that company is engaging in​ ________ marketing. A. green B. value proposition C. brandfest D. branded content E. accountability

A. green