Question 1

Which of the following is NOT an accurate description of modern marketing?

Accepted Answer

A)  Marketing is the creation of value for customers. 
B)  Marketing involves managing profitable customer relationships. 
C)  Marketing emphasizes selling and advertising exclusively. 
D)  Marketing involves satisfying customers' needs. 
E)  Marketing is building value-laden exchange relationships with customers. 
A)  Marketing is the creation of value for customers. 
B)  Marketing involves managing profitable customer relationships. 
C)  Marketing emphasizes selling and advertising exclusively. 
D)  Marketing involves satisfying customers' needs. 
E)  Marketing is building value-laden exchange relationships with customers.

Question 2

To increase its "share of customer," a firm concentrates on retaining as many customers as possible over its lifetime.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following refers to the total combined customer lifetime value of all of the company's current and potential customers?

Accepted Answer

A)  share of customer 
B)  marketing mix 
C)  customer equity 
D)  target market 
E)  customer-perceived value 
A)  share of customer 
B)  marketing mix 
C)  customer equity 
D)  target market 
E)  customer-perceived value

Question 4

FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with other costs of using the service, they are acting upon ________.

Accepted Answer

A)  brand loyalty 
B)  customer equity 
C)  customer-perceived value 
D)  customer lifetime value 
E)  a societal marketing campaign 
A)  brand loyalty 
B)  customer equity 
C)  customer-perceived value 
D)  customer lifetime value 
E)  a societal marketing campaign

Question 5

According to management guru Peter Drucker, "The aim of marketing is to ________."

Accepted Answer

A)  maximize profits of the company 
B)  emphasize customer wants and not customer needs 
C)  make selling unnecessary 
D)  fulfill unrealistic customer expectations 
E)  sell products 
A)  maximize profits of the company 
B)  emphasize customer wants and not customer needs 
C)  make selling unnecessary 
D)  fulfill unrealistic customer expectations 
E)  sell products

Question 6

Your state's department of education has budgeted a significant amount of money for a radio, print, television, and online advertising campaign emphasizing the long-term benefits, both educationally and professionally, of reading every day. This is an example of a(n) ________ campaign.

Accepted Answer

A)  ambush marketing 
B)  social marketing 
C)  inbound marketing 
D)  consumer-generated marketing 
E)  affiliate marketing 
A)  ambush marketing 
B)  social marketing 
C)  inbound marketing 
D)  consumer-generated marketing 
E)  affiliate marketing

Question 7

When demand for athletic shoes produced by Nike and endorsed by Michael Jordan is high, Nike limits how many pairs of shoes are manufactured. This action maintains strong demand by limiting supply. This decision contradicts the philosophy of which marketing concept?

Accepted Answer

A)  marketing concept 
B)  product concept 
C)  production concept 
D)  societal marketing concept 
E)  selling concept 
A)  marketing concept 
B)  product concept 
C)  production concept 
D)  societal marketing concept 
E)  selling concept

Question 8

Explain how and why marketers go beyond selling a product or service to create brand experiences.

Accepted Answer

Sellers are most effective when they foc

Question 9

The societal marketing concept calls on marketers to balance consumer wants and desires, company profits, and society's interests.

Accepted Answer

A) True 
 B)False

Question 10

An organic farmer has identified three distinct groups that might be interested in his products: vegetarians, health-conscious individuals, and people identified as trendsetters who try out new products in the market before others. These three groups are examples of ________.

Accepted Answer

A)  marketing mixes 
B)  market segments 
C)  value propositions 
D)  market offerings 
E)  marketing intermediaries 
A)  marketing mixes 
B)  market segments 
C)  value propositions 
D)  market offerings 
E)  marketing intermediaries

Question 11

Jolene's firm markets preplanning services for a mortician. She finds that most of her target market avoids discussing future funeral needs. She convinces people to invest in the firm's services through her large-scale promotional efforts. Jolene's firm most likely practices the ________.

Accepted Answer

A)  production concept 
B)  marketing concept 
C)  selling concept 
D)  product concept 
E)  societal marketing concept 
A)  production concept 
B)  marketing concept 
C)  selling concept 
D)  product concept 
E)  societal marketing concept

Question 12

The selling concept holds that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort.

Accepted Answer

A) True 
 B)False

Question 13

Explain how the growth of digital technology has transformed the way in which companies conduct business today.

Accepted Answer

At the most basic level, marketers set u

Question 14

Hank is an assistant marketing director for a firm in a market with many low-margin customers. What type of relationship with these customers would be the most profitable for him?

Accepted Answer

A)  full partnerships 
B)  basic relationships 
C)  causal relationships 
D)  club marketing programs 
E)  inverse relationships 
A)  full partnerships 
B)  basic relationships 
C)  causal relationships 
D)  club marketing programs 
E)  inverse relationships

Question 15

Which of the following statements is true about creating customer loyalty and retention?

Accepted Answer

A)  Losing a customer means losing the entire stream of purchases that the customer would make over a lifetime of patronage. 
B)  Customer delight creates a rational preference and not an emotional relationship with the brand. 
C)  The aim of customer relationship management is to focus solely on customer delight. 
D)  Losing a customer hardly makes a difference to a company's sales. 
E)  The aim of customer relationship management is to focus solely on customer satisfaction. 
A)  Losing a customer means losing the entire stream of purchases that the customer would make over a lifetime of patronage. 
B)  Customer delight creates a rational preference and not an emotional relationship with the brand. 
C)  The aim of customer relationship management is to focus solely on customer delight. 
D)  Losing a customer hardly makes a difference to a company's sales. 
E)  The aim of customer relationship management is to focus solely on customer satisfaction.

Question 16

Many company and brand Web sites also serve as online brand communities, where customers can congregate and exchange brand-related interests and information.

Accepted Answer

A) True 
 B)False

Question 17

Explain how storing customer information in a database might better prepare carmaker Kia in customer relationship management.

Accepted Answer

Managing detailed information about cust

Question 18

________ is the act of obtaining a desired object from someone by offering something in return.

Accepted Answer

A)  Valuation 
B)  Exchange 
C)  Market offering 
D)  Confiscation 
E)  Donation 
A)  Valuation 
B)  Exchange 
C)  Market offering 
D)  Confiscation 
E)  Donation

Question 19

Many organizations use multiple social media, such as Facebook, Twitter, Instagram, and YouTube. What is the primary reason a company would use multiple social media?

Accepted Answer

A)  entice customers to one of the social media sites 
B)  present a carefully integrated message to fans and customers 
C)  improve its "hit" count 
D)  appeal to new customers 
E)  increase its prices because it is more well-known 
A)  entice customers to one of the social media sites 
B)  present a carefully integrated message to fans and customers 
C)  improve its "hit" count 
D)  appeal to new customers 
E)  increase its prices because it is more well-known

Question 20

Needs include all of the following EXCEPT ________.

Accepted Answer

A)  food 
B)  knowledge 
C)  affection 
D)  the newest iphone 
E)  belonging 
A)  food 
B)  knowledge 
C)  affection 
D)  the newest iphone 
E)  belonging

Which of the following is NOT an accurate description of modern marketing?

To increase its "share of customer," a firm concentrates on retaining as many customers as possible over its lifetime.

Which of the following refers to the total combined customer lifetime value of all of the company's current and potential customers?

FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with other costs of using the service, they are acting upon ________.

According to management guru Peter Drucker, "The aim of marketing is to ________."

Your state's department of education has budgeted a significant amount of money for a radio, print, television, and online advertising campaign emphasizing the long-term benefits, both educationally and professionally, of reading every day. This is an example of a(n) ________ campaign.

When demand for athletic shoes produced by Nike and endorsed by Michael Jordan is high, Nike limits how many pairs of shoes are manufactured. This action maintains strong demand by limiting supply. This decision contradicts the philosophy of which marketing concept?

Explain how and why marketers go beyond selling a product or service to create brand experiences.

The societal marketing concept calls on marketers to balance consumer wants and desires, company profits, and society's interests.

An organic farmer has identified three distinct groups that might be interested in his products: vegetarians, health-conscious individuals, and people identified as trendsetters who try out new products in the market before others. These three groups are examples of ________.

Jolene's firm markets preplanning services for a mortician. She finds that most of her target market avoids discussing future funeral needs. She convinces people to invest in the firm's services through her large-scale promotional efforts. Jolene's firm most likely practices the ________.

The selling concept holds that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort.

Explain how the growth of digital technology has transformed the way in which companies conduct business today.

Hank is an assistant marketing director for a firm in a market with many low-margin customers. What type of relationship with these customers would be the most profitable for him?

Which of the following statements is true about creating customer loyalty and retention?

Many company and brand Web sites also serve as online brand communities, where customers can congregate and exchange brand-related interests and information.

Explain how storing customer information in a database might better prepare carmaker Kia in customer relationship management.

________ is the act of obtaining a desired object from someone by offering something in return.

Many organizations use multiple social media, such as Facebook, Twitter, Instagram, and YouTube. What is the primary reason a company would use multiple social media?

Needs include all of the following EXCEPT ________.

Company and Marketing Strategy: Partnering to Build Customer Engagement, Value, and Relationships

Analyzing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Consumer Markets and Buyer Behavior

Business Markets and Business Buyer Behavior

Customer Value-Driven Marketing Strategy: Creating Value for Target Customers

Products, Services, and Brands: Building Customer Value

Developing New Products and Managing the Product Life Cycle

Pricing: Understanding and Capturing Customer Value

Pricing Strategies: Additional Considerations

Marketing Channels: Delivering Customer Value

Retailing and Wholesaling

Engaging Consumers and Communicating Customer Value: Integrated Marketing Communications Strategy

Advertising and Public Relations

Personal Selling and Sales Promotion

Direct, Online, Social Media, and Mobile Marketing

Creating Competitive Advantage

The Global Marketplace

Sustainable Marketing: Social Responsibility and Ethics

Filters

Exam 1: Marketing: Creating Customer Value and Engagement

Which of the following is NOT an accurate description of modern marketing?

To increase its "share of customer," a firm concentrates on retaining as many customers as possible over its lifetime.

Which of the following refers to the total combined customer lifetime value of all of the company's current and potential customers?

FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with other costs of using the service, they are acting upon ________.

According to management guru Peter Drucker, "The aim of marketing is to ________."

Your state's department of education has budgeted a significant amount of money for a radio, print, television, and online advertising campaign emphasizing the long-term benefits, both educationally and professionally, of reading every day. This is an example of a(n) ________ campaign.

When demand for athletic shoes produced by Nike and endorsed by Michael Jordan is high, Nike limits how many pairs of shoes are manufactured. This action maintains strong demand by limiting supply. This decision contradicts the philosophy of which marketing concept?

Explain how and why marketers go beyond selling a product or service to create brand experiences.

The societal marketing concept calls on marketers to balance consumer wants and desires, company profits, and society's interests.

An organic farmer has identified three distinct groups that might be interested in his products: vegetarians, health-conscious individuals, and people identified as trendsetters who try out new products in the market before others. These three groups are examples of ________.

Jolene's firm markets preplanning services for a mortician. She finds that most of her target market avoids discussing future funeral needs. She convinces people to invest in the firm's services through her large-scale promotional efforts. Jolene's firm most likely practices the ________.

The selling concept holds that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort.

Explain how the growth of digital technology has transformed the way in which companies conduct business today.

Hank is an assistant marketing director for a firm in a market with many low-margin customers. What type of relationship with these customers would be the most profitable for him?

Which of the following statements is true about creating customer loyalty and retention?

Many company and brand Web sites also serve as online brand communities, where customers can congregate and exchange brand-related interests and information.

Explain how storing customer information in a database might better prepare carmaker Kia in customer relationship management.

________ is the act of obtaining a desired object from someone by offering something in return.

Many organizations use multiple social media, such as Facebook, Twitter, Instagram, and YouTube. What is the primary reason a company would use multiple social media?

Needs include all of the following EXCEPT ________.

Company and Marketing Strategy: Partnering to Build Customer Engagement, Value, and Relationships

Analyzing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Consumer Markets and Buyer Behavior

Business Markets and Business Buyer Behavior

Customer Value-Driven Marketing Strategy: Creating Value for Target Customers

Products, Services, and Brands: Building Customer Value

Developing New Products and Managing the Product Life Cycle

Pricing: Understanding and Capturing Customer Value

Pricing Strategies: Additional Considerations

Marketing Channels: Delivering Customer Value

Retailing and Wholesaling

Engaging Consumers and Communicating Customer Value: Integrated Marketing Communications Strategy

Advertising and Public Relations

Personal Selling and Sales Promotion

Direct, Online, Social Media, and Mobile Marketing

Creating Competitive Advantage

The Global Marketplace

Sustainable Marketing: Social Responsibility and Ethics

Filters