Question 1

Why might a company try to determine the lifetime value of a customer? What must a company do to determine this information?

Accepted Answer

A company must look at how much profit it expects to make from a particular customer,including each and every purchase he will make from the company now and in the future.To calculate lifetime value,the company estimates the amount the person will spend and then subtracts what it will cost to maintain this relationship.This information will help a company decide which customers should be the focus of promotional efforts and which customers should be "fired."

Question 2

What are two competitive advantages a customer may benefit from when buying a bottle of soda from a local corner convenience store versus a chain supermarket?

Accepted Answer

The customer may be able to park his car close to the door of the convenience store and make the purchase in only a few minutes.The parking lot of the chain store may require the customer to walk a distance before entering the store.The volume of customers in the supermarket may cause the purchase to take longer than the purchase at the convenience store.

Question 3

The customer relationship management concept maintains that marketers must satisfy customers' needs in ways that also benefit society.

Accepted Answer

A) True 
 B)False  False

Question 4

Needs relate to either physical or psychological functions.How does Levi Strauss & Co.satisfy both of these needs with Levi's jeans?

Accepted Answer

Levi Strauss & Co.jeans meet p

Question 5

The phenomenon of ________ includes consumers creating their own ads and buying and selling products on eBay.

Accepted Answer

A) production orientation 
B) the triple bottom line orientation 
C) consumer-generated value 
D) socially responsible marketing 
E) the marketing concept 
A) production orientation 
B) the triple bottom line orientation 
C) consumer-generated value 
D) socially responsible marketing 
E) the marketing concept

Question 6

Explain how addictive consumption is a dimension of the "dark side" of marketing.

Accepted Answer

Consumer addiction is a physiological or

Question 7

A ________ is a marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased.

Accepted Answer

A) product position 
B) market segment 
C) mass market 
D) value proposition 
E) target market 
A) product position 
B) market segment 
C) mass market 
D) value proposition 
E) target market

Question 8

The Four Ps are ________.

Accepted Answer

A) price,product,place,and promotion 
B) price,profit,production,and possession 
C) product,production,possession,and promotion 
D) product,promotion,price,and profit 
E) place,production,process,and profit 
A) price,product,place,and promotion 
B) price,profit,production,and possession 
C) product,production,possession,and promotion 
D) product,promotion,price,and profit 
E) place,production,process,and profit

Question 9

Explain why it is often difficult to measure the value of marketing activities.

Accepted Answer

Marketing objectives are somet

Question 10

A marketer who wants to achieve a competitive advantage over her rivals cannot use the marketing mix to achieve this goal.

Accepted Answer

A) True 
 B)False

Question 11

Conveniently located vending machines around your college or university campus make it easy for you to buy a soda and a snack between classes.This is an example of the ________ element of the marketing mix.

Accepted Answer

A) production 
B) place 
C) price 
D) profit 
E) promotion 
A) production 
B) place 
C) price 
D) profit 
E) promotion

Question 12

The pricing element of the marketing mix always involves monetary exchanges.

Accepted Answer

A) True 
 B)False

Question 13

A ________ is a good,service,idea,place,or person--whatever is offered for sale in the exchange.

Accepted Answer

A) product 
B) place 
C) utility 
D) benefit 
E) demand 
A) product 
B) place 
C) utility 
D) benefit 
E) demand

Question 14

Which of the following is true of Web 2.0?

Accepted Answer

A) It categorizes entries according to a strict taxonomy. 
B) It gets updated constantly. 
C) It is based on the open source model. 
D) It is based on the wisdom of crowds model. 
E) It improves as the number of users decreases. 
A) It categorizes entries according to a strict taxonomy. 
B) It gets updated constantly. 
C) It is based on the open source model. 
D) It is based on the wisdom of crowds model. 
E) It improves as the number of users decreases.

Question 15

Explain why and how a company would adopt a consumer orientation.

Accepted Answer

A company might adopt a consumer orienta

Question 16

________ refers to the benefits a customer receives from purchasing a good or service.

Accepted Answer

A) Satisfaction 
B) Demand 
C) Want 
D) Promotion 
E) Value 
A) Satisfaction 
B) Demand 
C) Want 
D) Promotion 
E) Value

Question 17

With the advent of the Internet,a CRM approach became much easier to implement.

Accepted Answer

A) True 
 B)False

Question 18

________ utility is the benefit marketing provides by transforming raw materials into finished products,as when a dress manufacturer combines silk,thread,and a zipper to create a bridesmaid's gown.

Accepted Answer

A) Form 
B) Place 
C) Time 
D) Possession 
E) Price 
A) Form 
B) Place 
C) Time 
D) Possession 
E) Price

Question 19

It is most accurate to say that popular culture consists of the ________ that the mass market consumes.

Accepted Answer

A) myths 
B) social services 
C) consumer goods 
D) forms of entertainment 
E) value propositions 
A) myths 
B) social services 
C) consumer goods 
D) forms of entertainment 
E) value propositions

Question 20

Provide a brief explanation of what marketing is.

Accepted Answer

Marketing is the activity,set

Why might a company try to determine the lifetime value of a customer? What must a company do to determine this information?

What are two competitive advantages a customer may benefit from when buying a bottle of soda from a local corner convenience store versus a chain supermarket?

The customer relationship management concept maintains that marketers must satisfy customers' needs in ways that also benefit society.

Needs relate to either physical or psychological functions.How does Levi Strauss & Co.satisfy both of these needs with Levi's jeans?

The phenomenon of ________ includes consumers creating their own ads and buying and selling products on eBay.

Explain how addictive consumption is a dimension of the "dark side" of marketing.

A ________ is a marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased.

The Four Ps are ________.

Explain why it is often difficult to measure the value of marketing activities.

A marketer who wants to achieve a competitive advantage over her rivals cannot use the marketing mix to achieve this goal.

Conveniently located vending machines around your college or university campus make it easy for you to buy a soda and a snack between classes.This is an example of the ________ element of the marketing mix.

The pricing element of the marketing mix always involves monetary exchanges.

A ________ is a good,service,idea,place,or person--whatever is offered for sale in the exchange.

Which of the following is true of Web 2.0?

Explain why and how a company would adopt a consumer orientation.

________ refers to the benefits a customer receives from purchasing a good or service.

With the advent of the Internet,a CRM approach became much easier to implement.

________ utility is the benefit marketing provides by transforming raw materials into finished products,as when a dress manufacturer combines silk,thread,and a zipper to create a bridesmaid's gown.

It is most accurate to say that popular culture consists of the ________ that the mass market consumes.

Provide a brief explanation of what marketing is.

Strategic Market Planning: Take the Big Picture

Thrive in the Marketing Environment: the World Is Flat

Marketing Research: Gather, analyze, and Use Information

Consumer Behavior: How and Why We Buy

Business-To-Business Markets: How and Why Organizations Buy

Sharpen the Focus: Target Marketing Strategies and Customer Relationship Management

Create the Product

Manage the Product

Services and Other Intangibles: Marketing the Product That Isnt There

Price the Product

Old and New Media: From One-To-Many to Many-To-Many

One to Many: Advertising, public Relations, and Consumer Sales Promotions

Many to Many: Trade Promotion, direct Marketing, and Personal Selling

Deliver Value Through Supply Chain Management, channels of Distribution, and Logistics

Retailing: Bricks and Clicks

Filters

Exam 1: Welcome to the World of Marketing: Create and Deliver Value

Why might a company try to determine the lifetime value of a customer? What must a company do to determine this information?

What are two competitive advantages a customer may benefit from when buying a bottle of soda from a local corner convenience store versus a chain supermarket?

The customer relationship management concept maintains that marketers must satisfy customers' needs in ways that also benefit society.

Needs relate to either physical or psychological functions.How does Levi Strauss & Co.satisfy both of these needs with Levi's jeans?

The phenomenon of ________ includes consumers creating their own ads and buying and selling products on eBay.

Explain how addictive consumption is a dimension of the "dark side" of marketing.

A ________ is a marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased.

The Four Ps are ________.

Explain why it is often difficult to measure the value of marketing activities.

A marketer who wants to achieve a competitive advantage over her rivals cannot use the marketing mix to achieve this goal.

Conveniently located vending machines around your college or university campus make it easy for you to buy a soda and a snack between classes.This is an example of the ________ element of the marketing mix.

The pricing element of the marketing mix always involves monetary exchanges.

A ________ is a good,service,idea,place,or person--whatever is offered for sale in the exchange.

Which of the following is true of Web 2.0?

Explain why and how a company would adopt a consumer orientation.

________ refers to the benefits a customer receives from purchasing a good or service.

With the advent of the Internet,a CRM approach became much easier to implement.

________ utility is the benefit marketing provides by transforming raw materials into finished products,as when a dress manufacturer combines silk,thread,and a zipper to create a bridesmaid's gown.

It is most accurate to say that popular culture consists of the ________ that the mass market consumes.

Provide a brief explanation of what marketing is.

Strategic Market Planning: Take the Big Picture

Thrive in the Marketing Environment: the World Is Flat

Marketing Research: Gather, analyze, and Use Information

Consumer Behavior: How and Why We Buy

Business-To-Business Markets: How and Why Organizations Buy

Sharpen the Focus: Target Marketing Strategies and Customer Relationship Management

Create the Product

Manage the Product

Services and Other Intangibles: Marketing the Product That Isnt There

Price the Product

Old and New Media: From One-To-Many to Many-To-Many

One to Many: Advertising, public Relations, and Consumer Sales Promotions

Many to Many: Trade Promotion, direct Marketing, and Personal Selling

Deliver Value Through Supply Chain Management, channels of Distribution, and Logistics

Retailing: Bricks and Clicks

Filters