Question 1

Which group would be the least likely target market for a company producing canned food in single-serving sizes?

Accepted Answer

A)  single adults 
B)  school kitchens 
C)  campers 
D)  senior citizens 
E)  vending machine owners 
A)  single adults 
B)  school kitchens 
C)  campers 
D)  senior citizens 
E)  vending machine owners

Question 2

The United States Army was both praised and criticized for its use of a popular video game, America's Army, which was designed to reach potential recruits. The game's creator, Colonel Casey Wardynski, wanted to provide a sense of the training and teamwork one could find in the Army's military environment. The game was designed for "boys 14 years or older," which represent the Army's

Accepted Answer

A)  mass market. 
B)  actual recruits. 
C)  restricted market. 
D)  target market. 
E)  untapped market. 
A)  mass market. 
B)  actual recruits. 
C)  restricted market. 
D)  target market. 
E)  untapped market.

Question 3

What are the three components of a person's ability to buy an offering?

Accepted Answer

The three components

Question 4

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is referred to as

Accepted Answer

A)  manufacturing. 
B)  advertising. 
C)  marketing. 
D)  selling. 
E)  promotion. 
A)  manufacturing. 
B)  advertising. 
C)  marketing. 
D)  selling. 
E)  promotion.

Question 5

Which statement best describes a good?

Accepted Answer

A)  Goods are physical objects. 
B)  Goods are the only currency that can be used in an exchange. 
C)  Goods are intangible concepts and thoughts about ideas or causes. 
D)  Goods are the benefits organizations receive for selling products and services. 
E)  Goods can be either tangible or intangible. 
A)  Goods are physical objects. 
B)  Goods are the only currency that can be used in an exchange. 
C)  Goods are intangible concepts and thoughts about ideas or causes. 
D)  Goods are the benefits organizations receive for selling products and services. 
E)  Goods can be either tangible or intangible.

Question 6

The value to consumers that comes from having the offering available where consumers need it constitutes __________ utility.

Accepted Answer

A)  time 
B)  place 
C)  possession 
D)  market 
E)  form 
A)  time 
B)  place 
C)  possession 
D)  market 
E)  form

Question 7

Publix Supermarkets and The Little Clinic signed an exclusive agreement, placing small walk-in health clinics inside selected stores. Publix customers can have simple medical needs addressed in a convenient and familiar environment seven days a week and pick up their prescriptions from the pharmacy without leaving the store. This is an example of

Accepted Answer

A)  supplier management. 
B)  customer valuation. 
C)  societal marketing. 
D)  market aggregation. 
E)  relationship marketing. 
A)  supplier management. 
B)  customer valuation. 
C)  societal marketing. 
D)  market aggregation. 
E)  relationship marketing.

Question 8

Organizational buyers are described as

Accepted Answer

A)  only companies that purchase raw materials and natural resources for manufacturing. 
B)  employees who purchase household items for their personal use. 
C)  any individual or group making a purchase worth over $100,000. 
D)  manufacturers, retailers, or government agencies that buy products for their own use or for resale. 
E)  any organization that uses products purchased or meant for a household. 
A)  only companies that purchase raw materials and natural resources for manufacturing. 
B)  employees who purchase household items for their personal use. 
C)  any individual or group making a purchase worth over $100,000. 
D)  manufacturers, retailers, or government agencies that buy products for their own use or for resale. 
E)  any organization that uses products purchased or meant for a household.

Question 9

The element of the marketing mix that describes a means of communication between the seller and buyer is known as

Accepted Answer

A)  a product. 
B)  promotion. 
C)  the price. 
D)  the place or distribution. 
E)  advertising. 
A)  a product. 
B)  promotion. 
C)  the price. 
D)  the place or distribution. 
E)  advertising.

Question 10

To attend a winter concert presented by the community chorus, every attendee was asked to donate one unwrapped toy at the concert hall door. The donation is most closely related to the ________ element of the marketing mix.

Accepted Answer

A)  product 
B)  philanthropy 
C)  price 
D)  place 
E)  promotion 
A)  product 
B)  philanthropy 
C)  price 
D)  place 
E)  promotion

Question 11

Which statement about the marketing concept is most accurate?

Accepted Answer

A)  The marketing concept can trace its roots to early Greek culture. 
B)  The goal of the marketing concept is that both companies and consumers can satisfy their needs. 
C)  In using the marketing concept, companies focus on sales and advertising. 
D)  The marketing concept is most effective when production is limited and the product will sell itself. 
E)  All U.S. firms are now operating with a marketing concept philosophy. 
A)  The marketing concept can trace its roots to early Greek culture. 
B)  The goal of the marketing concept is that both companies and consumers can satisfy their needs. 
C)  In using the marketing concept, companies focus on sales and advertising. 
D)  The marketing concept is most effective when production is limited and the product will sell itself. 
E)  All U.S. firms are now operating with a marketing concept philosophy.

Question 12

What are the two key objectives of marketing? Define "exchange" and explain how it supports these objectives.

Accepted Answer

To serve both buyers and sellers, market

Question 13

A ________ is a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.

Accepted Answer

A)  marketing strategy 
B)  marketing program 
C)  macromarketing tactic 
D)  micromarketing tactic 
E)  customer relationship profile 
A)  marketing strategy 
B)  marketing program 
C)  macromarketing tactic 
D)  micromarketing tactic 
E)  customer relationship profile

Question 14

Relationship marketing refers to

Accepted Answer

A)  the selection and the assignment of a firm's personnel for a specific product or product line to a group of current or prospective customers. 
B)  the belief that it is easier and less expensive to find new customers than to retain old ones. 
C)  the linking of the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits. 
D)  the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace. 
E)  exclusive legally binding contractual agreements between retailers and customers in order to create enhanced value for each party. 
A)  the selection and the assignment of a firm's personnel for a specific product or product line to a group of current or prospective customers. 
B)  the belief that it is easier and less expensive to find new customers than to retain old ones. 
C)  the linking of the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits. 
D)  the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace. 
E)  exclusive legally binding contractual agreements between retailers and customers in order to create enhanced value for each party.

Question 15

The element of the marketing mix that describes a good, service, or idea to satisfy consumers' needs is known as

Accepted Answer

A)  the product. 
B)  the industry. 
C)  promotion. 
D)  the place or distribution. 
E)  a market segment. 
A)  the product. 
B)  the industry. 
C)  promotion. 
D)  the place or distribution. 
E)  a market segment.

Question 16

Marketing refers to the

Accepted Answer

A)  research and development of new products that existing customers want to purchase. 
B)  expansion of companies into other countries. 
C)  process of identifying the best local plants to serve particular geographic markets. 
D)  activity involved in getting a product or service from the manufacturer to the ultimate consumers and organizational buyers. 
E)  activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. 
A)  research and development of new products that existing customers want to purchase. 
B)  expansion of companies into other countries. 
C)  process of identifying the best local plants to serve particular geographic markets. 
D)  activity involved in getting a product or service from the manufacturer to the ultimate consumers and organizational buyers. 
E)  activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Question 17

In U.S. business history, the marketing concept era was introduced in

Accepted Answer

A)  the mid-19 th century. 
B)  the 1920s. 
C)  the 1950s. 
D)  the mid-1980s. 
E)  the early 21st century. 
A)  the mid-19 th century. 
B)  the 1920s. 
C)  the 1950s. 
D)  the mid-1980s. 
E)  the early 21st century.

Question 18

The ability to buy an energy drink from a vending machine demonstrates which element of the marketing mix?

Accepted Answer

A)  product 
B)  price 
C)  promotion 
D)  place 
E)  process 
A)  product 
B)  price 
C)  promotion 
D)  place 
E)  process

Question 19

All of the following are aspects of Trader Joe's customer experience except which?

Accepted Answer

A)  It has a large and expensive research and development facility. 
B)  It offers unusual food products not available from other retailers. 
C)  Its commitment to customer experience has resulted in its rank as a favorite supermarket. 
D)  It sets low prices by offering its own brands, not national ones. 
E)  It encourages employee "engagement" to help customers. 
A)  It has a large and expensive research and development facility. 
B)  It offers unusual food products not available from other retailers. 
C)  Its commitment to customer experience has resulted in its rank as a favorite supermarket. 
D)  It sets low prices by offering its own brands, not national ones. 
E)  It encourages employee "engagement" to help customers.

Question 20

Customer value refers to

Accepted Answer

A)  the need of a customer to receive the highest-quality product at the lowest possible price. 
B)  the least expensive product that will provide customers with most of the basic benefits. 
C)  a statement that, before product development begins, identifies a well-defined target market; specific customers' needs, wants, and preferences; and what the product will be and do to satisfy consumers. 
D)  the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price. 
E)  the cluster of benefits that an organization promises customers to satisfy their needs. 
A)  the need of a customer to receive the highest-quality product at the lowest possible price. 
B)  the least expensive product that will provide customers with most of the basic benefits. 
C)  a statement that, before product development begins, identifies a well-defined target market; specific customers' needs, wants, and preferences; and what the product will be and do to satisfy consumers. 
D)  the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price. 
E)  the cluster of benefits that an organization promises customers to satisfy their needs.

Exam 1: Creating Customer Relationships and Value Through Marketing

Which group would be the least likely target market for a company producing canned food in single-serving sizes?

What are the three components of a person's ability to buy an offering?

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is referred to as

Which statement best describes a good?

The value to consumers that comes from having the offering available where consumers need it constitutes __________ utility.

Organizational buyers are described as

The element of the marketing mix that describes a means of communication between the seller and buyer is known as

To attend a winter concert presented by the community chorus, every attendee was asked to donate one unwrapped toy at the concert hall door. The donation is most closely related to the ________ element of the marketing mix.

Which statement about the marketing concept is most accurate?

What are the two key objectives of marketing? Define "exchange" and explain how it supports these objectives.

A ________ is a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.

Relationship marketing refers to

The element of the marketing mix that describes a good, service, or idea to satisfy consumers' needs is known as

Marketing refers to the

In U.S. business history, the marketing concept era was introduced in

The ability to buy an energy drink from a vending machine demonstrates which element of the marketing mix?

All of the following are aspects of Trader Joe's customer experience except which?

Customer value refers to

Developing Successful Organizational and Marketing Strategies

Scanning the Marketing Environment

Ethical and Social Responsibility for Sustainable Marketing

Understanding Consumer Behavior

Understanding Organizations As Customers

Understanding and Reaching Global Consumers and Markets

Marketing Research: From Customer Insights to Actions

Market Segmentation, Targeting, and Positioning

Developing New Products and Services

Managing Successful Products, Services, and Brands

Services Marketing

Building the Price Foundation

Arriving at the Final Price

Managing Marketing Channels and Supply Chains

Retailing and Wholesaling

Integrated Marketing Communications and Direct Marketing

Advertising, Sales Promotion, and Public Relations

Using Social Media and Mobile Marketing to Connect With Consumers

Personal Selling and Sales Management

Implementing Interactive and Multi-Channel Marketing

Pulling It All Together: the Strategic Marketing Proces

Building an Effective Marketing Plan

Financial Aspects of Marketing

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