Marketing 3650 CH. 1 Practice Test

Carlota has opened a small business. She is selling a bottled hot sauce made from locally grown peppers using a formula passed down in her family. The product is sold via eBay and Amazon and is delivered by FedEx. So far, no promotion other than word-of-mouth on social media has been needed. For only $9.95, you can buy a quart bottle. The preceding describes the ______________ for Samantha's company.

Marketing mix

__________ are individuals or organizations that need and want the goods and services offered by organizations.

Markets

Any bundle of attributes that is capable of satisfying consumer wants and needs is a(n) __________.

Product

Henry Ford and the Ford Motor Company in the early 1900s was the era of the __________ -orientation.

Production

Bates Manufacturing produces some of the finest furniture in North Dakota. Buyers world-wide attend furniture shows to view Bates' newest creations. Last year, management increased its production capacity by almost 20 percent, assuming that increased capacity would lead to substantial cost reductions that would allow Bates to further lower its prices. Management assumed that buyers choose its furniture due to its high quality and reasonable prices. Bates Manufacturing is acting as if it is in the _____________ stage of marketing thought.

Production orientation

Hillary Clinton, as a presidential candidate, actively engaged in trying to persuade potential voters of her ideas and her worthiness to be elected as the first woman president of the US. Mrs. Clinton periodically presented her message in the form of highly structured "town hall" meetings with voters. From a marketing perspective, these town hall meetings, illustrate the ____________ component of the marketing mix.

Promotion

To which element of the marketing mix do personal selling and advertising decisions relate most closely?

Promotion

According to the text, in the early 1930s, Ford and GM illustrate two firms that clearly were practicing dramatically different 'business philosophies.' The philosophy illustrated by Ford was the marketing-orientation while the philosophy illustrated by GM was selling-orientation.

false (Ford practiced the production orientation; GM practiced the marketing orientation)

Jim is wants to buy a gym membership. The gym membership is considered to be a convenience good or product

false (jim is buying a service)

Consumer appliances and electronics such as washing machines, microwave ovens, TVs, DVD players, and notebook computers normally are considered to be the specialty type of consumer good.

false (these are shopping goods)

Bates Manufacturing produces some of the finest furniture in North Dakota. Buyers world-wide attend furniture shows to view Bates' newest creations. Last year, management increased its production capacity by almost 20 percent, assuming that increased capacity would lead to substantial cost reductions that would allow Bates to further lower its prices. Management assumed that buyers choose its furniture due to its high quality and reasonable prices. Bates Manufacturing is acting as if it is in the marketing-orientation stage of marketing thought.

false (this is the production orientation philosophy)

"... a social and managerial process through which individuals and groups obtain what they want or need by creating and exchanging value with others" is the text's definition of _________ .

marketing

Jerri's Lawn Service buys mowing and mulching equipment used in the performance of its services to its customers. Jerri's is apparently buying which type of products?

organizational goods

Anything that provides a bundle of tangible or intangible characteristics or attributes geared toward satisfying customers' wants and needs best defines ____________ .

product

To which element of the marketing mix do branding and labeling decisions relate most closely?

product

Carlota has opened a small business. She is selling a bottled hot sauce made from locally grown peppers using a formula passed down in her family. The product is sold via eBay and Amazon and is delivered by FedEx. Promotion thus far has relied on word-of-mouth on social media. For only $9.95, you can buy a quart bottle. Each customer's first order is shipped with a coupon offering a discount on the next purchase. The coupon is part of the ____________ component of the marketing mix.

promotion

Zappos.com, a well-known online shoe retailer, treats vendors, employees, and customers as part of the overall Zappos family - treating everyone with respect and common courtesy. It can be said that Zappos engages in the __________ orientation.

relationship marketing

The "three T's" of time, talent, and treasure represent the key ____________ available to the marketing organization.

resources

Denton Security sells home security and monitoring systems. Its salespersons are expected to do whatever is necessary to reach their sales quotas. Aggressive selling is required for success, and unethical sales tactics, such as selling features that customers do not really need, are tolerated. Denton Security is being operated as if it is committed to the ________________ business philosophy.

selling orientation

Jim is wants to buy a gym membership. What type of product will he be purchasing?

service

BMW automobiles, designer jewelry, and designer clothing are examples of which type of consumer good?

specialty

Outdoor cooking grills that are manufactured in Winter will be stored until customers are ready to buy them in the Spring and Summer. The temporary storage of these grills creates ________ utility for customers.

time

In the text, the major resources available to marketers are referred to as:

time, talent, treasure

Form utility is the want-satisfaction generated by the physical characteristics of the product.

true

In the definition of marketing, social implies that marketing is an activity that involves people.

true

Manufacturers in the production-orientation stage of marketing thought typically focus on increasing output while assuming that customers will seek out and buy reasonably priced, well-made products.

true

Sue has examined her current smart phone situation, and decided that she would like to purchase the newest iPhone. This is considered a(n):

want

__________ is one of the fundamental premises of the marketing concept.

"Firms must be customer-orientated"

A manufacturer sells its products to wholesalers. These wholesalers then resell the products to retailers in the geographic areas in which they operate. You and I then buy these products from one or more of these retailers. The sequence of organizations beginning with producers on one end and ending with consumers on the other is typically referred to as the:

Channel of distribution

Supermarkets and drug stores sell a wide range of products consumer purchase for daily life-style maintenance. These products illustrate which type of consumer good?

Convenience Goods

At the core, marketing is based on __________ with others.

Exchange

Carlota has opened a small business. She is selling a bottled hot sauce made from locally grown peppers using a formula passed down in her family. The product is sold via eBay and Amazon and is delivered by FedEx. Promotion thus far has relied on word-of-mouth on social media. For only $9.95, you can buy a quart bottle. Each customer's first order is shipped with a coupon offering a discount on the next purchase. The coupon is part of the product component of the marketing mix.

False

Hillary Clinton, as a presidential candidate, actively engaged in trying to persuade potential voters of her ideas and her worthiness to be elected as the first woman president of the US. From a marketing perspective, Mrs. Clinton, as a candidate, illustrates the promotion component of the marketing mix.

False (She is a product in this sense)

Branding and labeling decisions are most closely associated with the promotion component of the marketing mix.

False (considered to be apart of the product component)

"A total system of business activities designed to plan, price, promote, and distribute want-satisfying goods, services, and ideas to target markets to achieve organizational objectives" is the definition of the Marketing Concept.

False (definition of marketing)

The UNT Barnes and Noble bookstore sells mainly to an organizational market.

False (it sells to a consumer market)

A manufacturer of disposable diapers has initiated a diaper recycling program in conjunction with a consumer education program to make consumers more aware of the potential environmental hazards associated with such products. The manufacturer is following the marketing orientation philosophy of conducting business.

False (societal marketing orientation)

Any bundle of attributes that is capable of satisfying consumer wants and needs is a market.

False (that is the definition of a product)

Carlota has opened a small business. She is selling a bottled hot sauce made from locally grown peppers using a formula passed down in her family. The product is sold via eBay and Amazon and is delivered by FedEx. So far, no promotion other than word-of-mouth on social media has been needed. For only $9.95, you can buy a quart bottle. The preceding describes the "product mix" for Samantha's company.

False (that is the marketing mix)

The marketing concept holds that above all else, firms must be focused on building the highest quality product possible.

False (the central component of the marketing concept is satisfying customers needs and wants)

Organizational goods are those that are purchased by consumers for their own personal or household use

False (these are consumer products)

A manufacturer sells its products to wholesalers. These wholesalers then resell the products to retailers in the geographic areas in which they operate. You and I then buy these products from one or more of these retailers. The sequence of organizations beginning with producers on one end and ending with consumers on the other is typically referred to as the marketing exchange process.

False (this is a channel of distribution)

Metropolitan Auto sells pre-owned cars. Its salespersons are expected to do whatever is necessary to reach their sales quotas. Aggressive selling is required, and marginally unethical sales tactics, such as selling features that customers do not really need, are encouraged. Metropolitan Auto apparently practices the production-orientation of marketing thought.

False (this is selling orientation)

Tyler Farms grows some of the finest strawberries in California. Customers come from miles away to pick its excellent berries. Last year, the owner increased production by almost 50 percent. The owner assumed that customers would choose Tyler Farms' strawberries because the berries were of good quality and reasonably priced. Tyler Farms is acting as if it is in the product-orientation stage of marketing thought.

False this demonstrates production orientation

Jerry only wears Ray Ban sunglasses because he thinks the glasses are cool. Apparently, Jerry is buying Ray Ban to acquire

Image Utility

Consumer appliances and electronics such as washing machines, microwave ovens, TVs, DVD players, and notebook computers normally are considered to be which type of consumer good?

Shopping

The firm's human resources comprise which of the Three T's of resources?

Talent

Which of the following statements best reflects the adoption of the societal marketing concept by a manufacturer of disposable diapers?

The manufacturer has initiated a diaper recycling program in conjunction with a consumer education program to make consumers more aware of the potential environmental hazards associated with such products.

Air conditioning systems that are manufactured in the Winter will be stored until customers are ready to buy them in the Spring. The temporary storage of these systems creates ________ utility for customers.

Time

Starbucks, realizing that some of its customers are in a hurry to get to work or school in the mornings, installed drive through lanes in some restaurants to promote __________.

Time Utility

"... a social and managerial process through which individuals and groups obtain what they want or need by creating and exchanging value with others" is the definition of Marketing.

True

At the core, marketing is based on people or organizations engaging in exchanges with others people or organizations.

True

BMW automobiles, designer jewelry, and designer clothing are examples of the specialty type of consumer good.

True

Carlota has opened a small business. She is selling a bottled hot sauce made from locally grown peppers using a formula passed down in her family. The product is sold via eBay and Amazon and is delivered by FedEx. Promotion thus far has relied on word-of-mouth on social media. For only $9.95, you can buy a quart bottle. Each customer's first order is shipped with a coupon offering a discount on the next purchase. The FedEx shipping is part of the place component of the marketing mix.

True

Consumer goods are those purchased by ultimate consumers for their own personal or household use.

True

Henry Ford and the Ford Motor Company in the early 1900s was the era of the production orientation of marketing thought.

True

Markets consist of the individuals or organizations that need and want the goods and services offered by organizations.

True

Monique bakes custom birthday cakes that she markets all over the Southwestern U.S. Her biggest concern is with efficiently producing a large number of her tasty cakes. In her opinion finding customers is a relatively minor function for her company. She believes that customers will continue to seek out her product as long as she maintains its quality and prices reasonably. Monique clearly has adopted the Production-orientation as a business philosophy.

True

Personal selling and advertising are most closely associated with the promotion component of the marketing mix.

True

The ratio between what consumers receive to what they give in the exchange process represents their perception of value.

True

Tyler Farms grows some of the finest strawberries in California. Customers come from miles away to pick its excellent berries. Last year, the owner increased production by almost 50 percent. The owner assumed that customers would choose Tyler Farms' strawberries because the berries were of good quality and reasonably priced. Tyler Farms is acting as if it is in the production-orientation stage of marketing thought.

True

__________ is defined from the perspective of customers, capturing their perceptions of what they receive in exchange for what they give.

Value

When Paul goes to Home Depot and purchases a ¼" drill bit, what is he buying at the most fundamental level?

a 1/4" hole