Mkt quiz 1

When Katie Murphy was considering a career in marketing. she was 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, Katie was relieved to learn that in marketing... A. All parties should be satisfied B. Promotion is the most important consideration, followed by pricing decisions. C. Decisions are made regarding how a new product is designed. D. Customers are not considered until the product is ready for sale E. Distribution is controlled by customers.

A. All parties should be satisfied

Retailers accumulate merchandise from producers in large amounts and sell to consumers in smaller amounts. When they sell to consumers, it is considered ________ marketing. A. B2C B. B2B C. R2C D. C2C E. C2B

A. B2C

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.

A. its value

________ represents all the activities necessary to get the product to the right customer when that customer wants it. A. Place B. Promotion C. Social media D. Value cocreation E. Supply chain marketing

A. place

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. when the product was listed at full price and didn't sell.

B. the value of their time and energy

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.

E. create value

Creative locations, such as kiosks at the baggage claim in airports or small booths in grocery stores, represent Starbucks' effort to improve its offering on which dimension of the marketing mix? A. product B. promotion C. price D. perception E. place

E. place

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

E. place

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

E. supply chain management

When referring to "exchange," marketers are focusing on A. the location where products and services are traded. B. the price charged, adjusted for currency exchange rates. C. location-based tactics for creating value. D. promotional offers designed to stimulate barter. E. the trading of things of value.

E. the trading of things of value

Maria is the new restaurant manager in a major hotel. When considering changes in the restaurant that will increase value to customers, Maria will likely attempt to either provide the same quality at a lower cost or A. improve products and services at the same cost. B. increase prices to increase revenue. C. offset higher hotel rates with lower restaurant prices. D. reduce customer expectations through reduced service. E. lower the quality and the price.

A. Improve products and services at the same cost

Jamie sells construction equipment. Whenever she calls on her building contractor customers, she asks if they are having any problems. In doing so, Jamie is addressing which of the following core aspects of marketing? A. satisfying customer needs and wants B. completing the exchange function of marketing C. making product, place, promotion, and price decisions D. making decisions about the setting in which marketing takes place E. creating value

A. satisfying customer needs and wants

UPS, FedEx, and other shipping companies support other firms' ________ marketing goals. A. supply chain management B. value communication C. value capture D. retail management E. promotion

A. supply chain management

By allowing consumers to sell their unwanted goods to other consumers, auction sites like eBay and Etsy cater to ________ marketing. A. B2B B. C2C C. D2C D. C2D E. B2G

B. C2C

The basic difference between a good and a service is that a good A. provides intangible benefits. B. can be physically touched. C. is always less expensive than a corresponding service. D. generates greater interest among consumers. E. is more quickly forgotten by consumers.

B. can be physically touched

As use of the Internet took off, car manufacturers were tempted to sell directly to consumers, but decided instead to continue to sell through their existing dealer networks. The car manufacturers considered switching from ________ to ________ marketing. A. B2C; B2B B. B2C; C2C C. B2B; B2C D. B2B; C2C E. C2C; B2C

C. B2B; B2C

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

C. making product decisions

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

C. perceived value

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.

C. performance

Four Winds Art Gallery sells paintings. They have also recently begun offering appraisals of customers' art collections. 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.

D. expanding from offering just good to also offering services

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

D. increase the perceived value of its products

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

D. many of these activities take place behind the scenes

When the publisher of the well-known Babar books wanted to celebrate the 80th anniversary of the series, it initiated a $100,000 campaign. Which of the four Ps does this campaign represent? A. performance B. price C. place D. promotion E. product

D. promotion

Chris has just started with a travel agency, and she has been offering clients and prospective clients a range of packaged tours. She is concerned because the commissions she is earning on her sales are lower than she had hoped. Her colleague Pete, who has been with the agency for several years, is having a great deal of success by working closely with the clients, seeking their ideas, and building customized tour packages for each one based on their suggestions. Pete's approach is based on A. transaction-oriented marketing. B. premium pricing. C. his seniority at the firm. D. special incentives from tour operators. E. value co-creation.

E. value co-creation

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

B. lifetime profitability