Question 1

A firm's capability that is superior to that of its competition is referred to as a(n)________.

Accepted Answer

A) distinctive competency 
B) added value 
C) value proposition 
D) value chain 
E) social benefit 
A) distinctive competency 
B) added value 
C) value proposition 
D) value chain 
E) social benefit

Question 2

A firm that focuses on a ________ orientation is likely to view the market as a homogeneous group that will be satisfied with the basic function of a product.

Accepted Answer

A) production 
B) consumer 
C) sustainability 
D) CRM 
E) TQM 
A) production 
B) consumer 
C) sustainability 
D) CRM 
E) TQM

Question 3

When companies calculate the lifetime value of a customer they look at ________.

Accepted Answer

A) how much profit they expect to make from a particular customer,including each and every purchase she will make from them now and in the future 
B) the positive word of mouth about the product that the customer can spread among her family,friends,and acquaintances 
C) the lifetime expectancy of the product the customer purchased 
D) the age of the customer to see whether she is likely to live long enough to utilize the product being sold 
E) the career path of the customer to see if she may move to a different geographic area and no longer purchase from the company 
A) how much profit they expect to make from a particular customer,including each and every purchase she will make from them now and in the future 
B) the positive word of mouth about the product that the customer can spread among her family,friends,and acquaintances 
C) the lifetime expectancy of the product the customer purchased 
D) the age of the customer to see whether she is likely to live long enough to utilize the product being sold 
E) the career path of the customer to see if she may move to a different geographic area and no longer purchase from the company

Question 4

The first phase of marketing planning is the development of a market position.

Accepted Answer

A) True 
 B)False

Question 5

________ involves systematically tracking consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual's unique wants and needs.

Accepted Answer

A) Value propositioning 
B) Customer relationship management (CRM) 
C) Differential benefit development 
D) Sales orientation 
E) Value chain management 
A) Value propositioning 
B) Customer relationship management (CRM) 
C) Differential benefit development 
D) Sales orientation 
E) Value chain management

Question 6

According to the theory of the wisdom of crowds,companies that make some of their products available for free are actually able to generate more revenue than companies that charge for all of their products.

Accepted Answer

A) True 
 B)False

Question 7

IBM manager Celia Moore coordinates IBM's long-standing "Reinventing Education" program that involves intensive research into how educational institutions can use the fruits of new technologies to transform what they do.In the process,the program is actually helping to shape a market of significant interest to IBM."We see the program very much as an investment,rather than handing out money," says Moore.The existence of this program indicates that IBM has a(n)________ orientation.

Accepted Answer

A) environmental 
B) financial bottom line 
C) selling 
D) production 
E) triple bottom line 
A) environmental 
B) financial bottom line 
C) selling 
D) production 
E) triple bottom line

Question 8

Automobiles,haircuts,tutoring,and lighting fixtures are all examples of consumer goods.

Accepted Answer

A) True 
 B)False

Question 9

To be part of the ________ for a product,consumers must share a common need that can be satisfied by the product and have the resources,willingness,and authority to purchase the product.

Accepted Answer

A) demand center 
B) audience 
C) value proposition 
D) marketplace 
E) market 
A) demand center 
B) audience 
C) value proposition 
D) marketplace 
E) market

Question 10

The ________ element of the marketing mix communicates the value proposition using forms such as personal selling,advertising,coupons,and publicity.

Accepted Answer

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

Question 11

A value proposition includes the whole bundle of benefits the firm promises to deliver,not just the benefits of the product itself.

Accepted Answer

A) True 
 B)False

Question 12

________ is a decision process in which marketing managers determine the strategies that will help the firm meet its long-term objectives and then execute those strategies using the tools they have at their disposal.

Accepted Answer

A) Total Quality Management 
B) Sustainability 
C) Return on investment 
D) Marketing 
E) The open source model 
A) Total Quality Management 
B) Sustainability 
C) Return on investment 
D) Marketing 
E) The open source model

Question 13

Which of the following is an example of a not-for-profit organization that would use marketing principles?

Accepted Answer

A) a fast-food restaurant 
B) a manufacturer of bicycles 
C) a software developer 
D) an amusement park 
E) the Red Cross 
A) a fast-food restaurant 
B) a manufacturer of bicycles 
C) a software developer 
D) an amusement park 
E) the Red Cross

Question 14

Give three examples of modern marketplaces.

Accepted Answer

Answers will vary,but should r

Question 15

A(n)________ only produces a product when it is ordered.

Accepted Answer

A) social marketer 
B) business-to-business marketer 
C) e-commerce marketer 
D) marketing planner 
E) instapreneur 
A) social marketer 
B) business-to-business marketer 
C) e-commerce marketer 
D) marketing planner 
E) instapreneur

Question 16

When a gap exists between a consumer's actual state and some ideal or desired state,the consumer has a ________.

Accepted Answer

A) benefit 
B) demand 
C) need 
D) value 
E) utility 
A) benefit 
B) demand 
C) need 
D) value 
E) utility

Question 17

The term "marketing" is synonymous with the term "advertising."

Accepted Answer

A) True 
 B)False

Question 18

Alex paid for a(n)________ when he took his car to the carwash to be washed and waxed.

Accepted Answer

A) service 
B) industrial product 
C) consumer good 
D) commercial 
E) business product 
A) service 
B) industrial product 
C) consumer good 
D) commercial 
E) business product

Question 19

More goods and services are sold in the ________ market than in the ________ market.

Accepted Answer

A) domestic;international 
B) business-to-business;consumer 
C) consumer;producer 
D) industrial;business-to-business 
E) e-commerce;Internet 
A) domestic;international 
B) business-to-business;consumer 
C) consumer;producer 
D) industrial;business-to-business 
E) e-commerce;Internet

Question 20

Explain how marketers are held accountable for the results of their work,including a discussion of scorecards and ROI.

Accepted Answer

Marketers must prove to management that

A firm's capability that is superior to that of its competition is referred to as a(n)________.

A firm that focuses on a ________ orientation is likely to view the market as a homogeneous group that will be satisfied with the basic function of a product.

When companies calculate the lifetime value of a customer they look at ________.

The first phase of marketing planning is the development of a market position.

________ involves systematically tracking consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual's unique wants and needs.

According to the theory of the wisdom of crowds,companies that make some of their products available for free are actually able to generate more revenue than companies that charge for all of their products.

Automobiles,haircuts,tutoring,and lighting fixtures are all examples of consumer goods.

To be part of the ________ for a product,consumers must share a common need that can be satisfied by the product and have the resources,willingness,and authority to purchase the product.

The ________ element of the marketing mix communicates the value proposition using forms such as personal selling,advertising,coupons,and publicity.

A value proposition includes the whole bundle of benefits the firm promises to deliver,not just the benefits of the product itself.

________ is a decision process in which marketing managers determine the strategies that will help the firm meet its long-term objectives and then execute those strategies using the tools they have at their disposal.

Which of the following is an example of a not-for-profit organization that would use marketing principles?

Give three examples of modern marketplaces.

A(n)________ only produces a product when it is ordered.

When a gap exists between a consumer's actual state and some ideal or desired state,the consumer has a ________.

The term "marketing" is synonymous with the term "advertising."

Alex paid for a(n)________ when he took his car to the carwash to be washed and waxed.

More goods and services are sold in the market than in the market.

Explain how marketers are held accountable for the results of their work,including a discussion of scorecards and ROI.

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

A firm's capability that is superior to that of its competition is referred to as a(n)________.

A firm that focuses on a ________ orientation is likely to view the market as a homogeneous group that will be satisfied with the basic function of a product.

When companies calculate the lifetime value of a customer they look at ________.

The first phase of marketing planning is the development of a market position.

________ involves systematically tracking consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual's unique wants and needs.

According to the theory of the wisdom of crowds,companies that make some of their products available for free are actually able to generate more revenue than companies that charge for all of their products.

Automobiles,haircuts,tutoring,and lighting fixtures are all examples of consumer goods.

To be part of the ________ for a product,consumers must share a common need that can be satisfied by the product and have the resources,willingness,and authority to purchase the product.

The ________ element of the marketing mix communicates the value proposition using forms such as personal selling,advertising,coupons,and publicity.

A value proposition includes the whole bundle of benefits the firm promises to deliver,not just the benefits of the product itself.

________ is a decision process in which marketing managers determine the strategies that will help the firm meet its long-term objectives and then execute those strategies using the tools they have at their disposal.

Which of the following is an example of a not-for-profit organization that would use marketing principles?

Give three examples of modern marketplaces.

A(n)________ only produces a product when it is ordered.

When a gap exists between a consumer's actual state and some ideal or desired state,the consumer has a ________.

The term "marketing" is synonymous with the term "advertising."

Alex paid for a(n)________ when he took his car to the carwash to be washed and waxed.

More goods and services are sold in the ________ market than in the ________ market.

Explain how marketers are held accountable for the results of their work,including a discussion of scorecards and ROI.

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

More goods and services are sold in the market than in the market.