Exam 1: Defining Marketing for the 21st Century

The marketplace isn't what it used to be. List and briefly discuss what new behaviours, new opportunities, and new challenges await the marketer in the twenty-first century.

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(Essay)

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Question 1

Correct Answer:

Verified

Responses to this question should include:(1)network information technology, (2)globalization, (3)deregulation, (4)privatization, (5)heightened competition, (6)industry convergence, (7)customer resistance, (8)retail transformation, (9)disintermediation, (10)consumer buying power, (11)consumer information,and (12)consumer participation.

The marketing concept is one of the oldest concepts in business.

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(True/False)

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Question 2

Correct Answer:

Verified

False

A social definition of marketing says ________.

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(Multiple Choice)

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Question 3

Correct Answer:

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With the holistic marketing philosophy as a backdrop, successful marketing is accomplished through specific tasks. Choose a well-known product and discuss some of the marketing tasks that led to building a strong brand.

(Essay)

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Question 4

When a marketer makes decisions involving channels, assortments, locations, and transportation, the marketer is making what are called place decisions.

(True/False)

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Question 5

Yasmine is very upset that she can't get tickets to the upcoming Rolling Stones concert. "Why do they keep advertising the show if you can't get tickets?" wonders Yasmine. Which of the following demand states applies to Yasmine's situation?

(Multiple Choice)

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Question 6

Companies selling goods and services in the global marketplace have the advantage of being able to sell the goods and services in almost the same way as they do in their domestic market.

(True/False)

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Question 7

Marketing is both an "art" and a "science" because there is constant tension between the formulated side of marketing and the ________ side.

(Multiple Choice)

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Question 8

Customers today perceive fewer real product differences and show less brand loyalty. They are showing greater price sensitivity in their search for value. What new consumer capabilities are responsible for this mindset?

(Essay)

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Question 9

Services constitute the bulk of most countries' production and marketing effort.

(True/False)

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Question 10

HBC knows that to reach its target markets three kinds of marketing channels may be used. What are these three marketing channels and how might HBC use each of them?

(Essay)

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Question 11

Advertising, sales promotion, and direct marketing are all part of what is called the offering mix.

(True/False)

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Question 12

When a customer has a(n) ________ need the customer wants to be seen by friends as a savvy consumer.

(Multiple Choice)

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Question 13

One survey of more than a thousand senior marketing and sales executives revealed that in rating their actual marketing effectiveness only 6 percent felt that they were doing an "extremely good" job.

(True/False)

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Question 14

Industry boundaries are blurring at an incredible rate as companies are recognizing that new opportunities lie at the intersection of two or more industries this is called

(Multiple Choice)

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Question 15

A marketing network consists of the company and its supporting stakeholders with whom it has built mutually profitable business relationships.

(True/False)

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Question 16

Global marketers face additional challenges and must also decide

(Multiple Choice)

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Question 17

The fact that business buyers in today's marketplace can sometimes run a reverse auction is an example of which new consumer capability?

(Multiple Choice)

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Question 18

Nahid Gupta has been given the task of developing a portion of her company's marketing mix. Specifically, Ms. Gupta has been given the responsibility for auditing all of the product area's various components. List all the areas that will most likely be included in such an audit.

(Essay)

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Question 19

Mohan Sawhney has proposed the concept of ________ to describe a cluster of complementary products and services that are closely related in the minds of consumers but are spread across a diverse set of industries.

(Multiple Choice)

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Question 20

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Exam 1: Defining Marketing for the 21st Century

The marketplace isn't what it used to be. List and briefly discuss what new behaviours, new opportunities, and new challenges await the marketer in the twenty-first century.

The marketing concept is one of the oldest concepts in business.

A social definition of marketing says ________.

With the holistic marketing philosophy as a backdrop, successful marketing is accomplished through specific tasks. Choose a well-known product and discuss some of the marketing tasks that led to building a strong brand.

When a marketer makes decisions involving channels, assortments, locations, and transportation, the marketer is making what are called place decisions.

Yasmine is very upset that she can't get tickets to the upcoming Rolling Stones concert. "Why do they keep advertising the show if you can't get tickets?" wonders Yasmine. Which of the following demand states applies to Yasmine's situation?

Companies selling goods and services in the global marketplace have the advantage of being able to sell the goods and services in almost the same way as they do in their domestic market.

Marketing is both an "art" and a "science" because there is constant tension between the formulated side of marketing and the ________ side.

Customers today perceive fewer real product differences and show less brand loyalty. They are showing greater price sensitivity in their search for value. What new consumer capabilities are responsible for this mindset?

Services constitute the bulk of most countries' production and marketing effort.

HBC knows that to reach its target markets three kinds of marketing channels may be used. What are these three marketing channels and how might HBC use each of them?

Advertising, sales promotion, and direct marketing are all part of what is called the offering mix.

When a customer has a(n) ________ need the customer wants to be seen by friends as a savvy consumer.

One survey of more than a thousand senior marketing and sales executives revealed that in rating their actual marketing effectiveness only 6 percent felt that they were doing an "extremely good" job.

Industry boundaries are blurring at an incredible rate as companies are recognizing that new opportunities lie at the intersection of two or more industries this is called

A marketing network consists of the company and its supporting stakeholders with whom it has built mutually profitable business relationships.

Global marketers face additional challenges and must also decide

The fact that business buyers in today's marketplace can sometimes run a reverse auction is an example of which new consumer capability?

Nahid Gupta has been given the task of developing a portion of her company's marketing mix. Specifically, Ms. Gupta has been given the responsibility for auditing all of the product area's various components. List all the areas that will most likely be included in such an audit.

Mohan Sawhney has proposed the concept of ________ to describe a cluster of complementary products and services that are closely related in the minds of consumers but are spread across a diverse set of industries.

Developing Marketing Strategies and Plans

Collecting Information and Forecasting Demand

Conducting Marketing Research

Creating Long term Loyalty Relationships

Analyzing Consumer Markets

Analyzing Business Markets

Identifying Market Segments and Targets

Creating Brand Equity

Crafting the Brand Position

Competitive Dynamics

Setting Product Strategy

Designing and Managing Services

Developing Pricing Strategies and Programs

Designing and Managing Integrated Marketing Channels

Managing Retailing, Wholesaling, and Logistics

Designing and Managing Integrated Marketing Communications

Managing Mass Communications: Advertising, Sales Promotions, Events and Experiences, and Public Relations

Managing Personal Communications: Direct and Interactive Marketing, Word of Mouth, and Personal Selling

Introducing New Marketing Offerings

Tapping into Global Markets

Managing a Holistic Marketing Organization

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