Question 1

Figure 1-5
  
-In Figure 1-5 above,"A" represents which era in U.S.business history?

Accepted Answer

A) sales era 
B) consumerism era 
C) marketing concept era 
D) customer relationship era 
E) production era 
A) sales era 
B) consumerism era 
C) marketing concept era 
D) customer relationship era 
E) production era

Question 2

Effective marketing benefits society because it

Accepted Answer

A) reduces competition,making the playing field more even. 
B) improves the quality of products and services regardless of the cost. 
C) allows companies to charge whatever price they want,regardless of product quality. 
D) makes countries more competitive in world markets while simultaneously reducing competition in their home markets. 
E) enhances competition,which improves the quality of products and services and lowers prices. 
A) reduces competition,making the playing field more even. 
B) improves the quality of products and services regardless of the cost. 
C) allows companies to charge whatever price they want,regardless of product quality. 
D) makes countries more competitive in world markets while simultaneously reducing competition in their home markets. 
E) enhances competition,which improves the quality of products and services and lowers prices.

Question 3

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,marketi

Question 4

Why are you,as a student,already somewhat of a marketing expert before taking this course? Provide a specific example from your own personal experience and relate it to something you just "formally" learned about marketing.

Accepted Answer

Students are,in a sense,marketing expert

Question 5

A local university offers business courses for a target market of people who currently work and want to take refresher courses for certification in their business field (marketing,accounting,etc. ).Which of the following would be the most effective way to communicate with the target market,bearing in mind that communication must be both effective and economical?

Accepted Answer

A) Put announcements on campus bulletin boards. 
B) Distribute promotional materials during classes. 
C) Advertise on national television. 
D) Advertise on local hip-hop radio shows. 
E) Advertise on LinkedIn,a social media network for professionals. 
A) Put announcements on campus bulletin boards. 
B) Distribute promotional materials during classes. 
C) Advertise on national television. 
D) Advertise on local hip-hop radio shows. 
E) Advertise on LinkedIn,a social media network for professionals.

Question 6

The four Ps of the marketing mix are

Accepted Answer

A) priorities,personnel,placement,and profits. 
B) prediction,production,price,and promotion. 
C) product,price,production,and place. 
D) product,price,promotion,and place. 
E) prediction,production,packaging,and persuasion. 
A) priorities,personnel,placement,and profits. 
B) prediction,production,price,and promotion. 
C) product,price,production,and place. 
D) product,price,promotion,and place. 
E) prediction,production,packaging,and persuasion.

Question 7

All markets ultimately are composed of

Accepted Answer

A) people. 
B) brands. 
C) products. 
D) organizations. 
E) locations. 
A) people. 
B) brands. 
C) products. 
D) organizations. 
E) locations.

Question 8

Which of the following groups 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 9

The marketing mix refers to

Accepted Answer

A) the selection of product benefits and attributes that are to be added to or subtracted from a given product to create variations within a product line. 
B) the specific ratio within a budget that divides resources between advertising,sales promotion,and personal selling. 
C) the marketing manager's controllable factors-product,price,promotion,and place-that can be used to solve a marketing problem. 
D) the allocation of resources within a firm toward individual marketing programs. 
E) the environmental forces-social,economic,technological,competitive,and regulatory-that impact the marketing decisions for a particular product at any given time. 
A) the selection of product benefits and attributes that are to be added to or subtracted from a given product to create variations within a product line. 
B) the specific ratio within a budget that divides resources between advertising,sales promotion,and personal selling. 
C) the marketing manager's controllable factors-product,price,promotion,and place-that can be used to solve a marketing problem. 
D) the allocation of resources within a firm toward individual marketing programs. 
E) the environmental forces-social,economic,technological,competitive,and regulatory-that impact the marketing decisions for a particular product at any given time.

Question 10

One or more specific groups of potential consumers toward which an organization directs its marketing program is referred to as a

Accepted Answer

A) mass market. 
B) base market. 
C) potential market. 
D) target market. 
E) promotional market. 
A) mass market. 
B) base market. 
C) potential market. 
D) target market. 
E) promotional market.

Question 11

A college student is taking a full course load,working 20 hours per week,and still has to take out a student loan to cover tuition.One day,he sees a classmate driving a new Lexus LFA sports coupe (price: $375,000)and feels he just has to have one for himself.What factor is most likely to prevent a successful marketing exchange between the student and the local Lexus dealer located in an affluent suburb about 20 miles from his university?

Accepted Answer

A) The local Lexus dealer only has one Lexus LFA sports coupe in stock-red,which is the color he wants. 
B) The student does not have the resources to qualify for a $375,000 auto loan. 
C) Although the Lexus LFA sports coupe is a great car,there may be other cars with better gas mileage and resale value. 
D) He's afraid that if someone at school sees him with the car,he might lose his student loan. 
E) His girlfriend wants him to drive a Kia Soul. 
A) The local Lexus dealer only has one Lexus LFA sports coupe in stock-red,which is the color he wants. 
B) The student does not have the resources to qualify for a $375,000 auto loan. 
C) Although the Lexus LFA sports coupe is a great car,there may be other cars with better gas mileage and resale value. 
D) He's afraid that if someone at school sees him with the car,he might lose his student loan. 
E) His girlfriend wants him to drive a Kia Soul.

Question 12

The marketing concept refers to

Accepted Answer

A) the activity for creating,communicating,delivering,and exchanging offerings that benefit its customers,the organization,its stakeholders,and society at large. 
B) the belief that an organization should continuously collect information about customers' needs,share this information across departments,and use it to create customer value. 
C) the view that organizations should satisfy the needs of consumers in a way that provides for society's well-being. 
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) the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals. 
A) the activity for creating,communicating,delivering,and exchanging offerings that benefit its customers,the organization,its stakeholders,and society at large. 
B) the belief that an organization should continuously collect information about customers' needs,share this information across departments,and use it to create customer value. 
C) the view that organizations should satisfy the needs of consumers in a way that provides for society's well-being. 
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) the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals.

Question 13

All of the following are factors required for marketing to occur except which?

Accepted Answer

A) a desire and ability on the part of two or more parties (individuals or organizations)to be satisfied 
B) something to exchange between two or more parties (individuals or organizations) 
C) two or more parties (individuals or organizations)with the same wants 
D) two or more parties (individuals or organizations)with unsatisfied needs 
E) a way for the parties (individuals or organizations)to communicate 
A) a desire and ability on the part of two or more parties (individuals or organizations)to be satisfied 
B) something to exchange between two or more parties (individuals or organizations) 
C) two or more parties (individuals or organizations)with the same wants 
D) two or more parties (individuals or organizations)with unsatisfied needs 
E) a way for the parties (individuals or organizations)to communicate

Question 14

The owners of Old School Brand Authentic Antique Foods researched Civil War records to come up with recipes for the heritage products they market.An offer to be featured in an upcoming edition of Taste of Home magazine would be considered part of the ________ element of the marketing mix.

Accepted Answer

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

Question 15

To serve both buyers and sellers,marketing seeks to ________ and satisfy the needs and wants of prospective customers.

Accepted Answer

A) change 
B) create 
C) manipulate 
D) discover 
E) measure 
A) change 
B) create 
C) manipulate 
D) discover 
E) measure

Question 16

The linking of the organization to its individual customers,employees,suppliers,and other partners for their mutual long-term benefit is referred to as

Accepted Answer

A) relationship marketing. 
B) exclusive dealing. 
C) loyalty marketing. 
D) customer relationship management. 
E) symbiotic marketing. 
A) relationship marketing. 
B) exclusive dealing. 
C) loyalty marketing. 
D) customer relationship management. 
E) symbiotic marketing.

Question 17

The Arizona Biltmore in Phoenix is a resort hotel located less than a mile from the Biltmore Fashion Park,a large upscale shopping mall.The hotel wants to promote its proximity to the shopping center as well as its many other amenities to convention-goers from other states.Which of the following marketing actions would most likely help The Arizona Biltmore communicate with potential convention attendees?

Accepted Answer

A) Place an ad in the in-flight magazines of all the major airlines targeting business/first-class fliers. 
B) Send a mass mailing to all local businesses. 
C) Set up information kiosks at several locations within the Biltmore Fashion Park. 
D) Offer free made-to-order breakfasts for guests staying at the hotel on business. 
E) Offer special discount rates to guests coming from the East Coast. 
A) Place an ad in the in-flight magazines of all the major airlines targeting business/first-class fliers. 
B) Send a mass mailing to all local businesses. 
C) Set up information kiosks at several locations within the Biltmore Fashion Park. 
D) Offer free made-to-order breakfasts for guests staying at the hotel on business. 
E) Offer special discount rates to guests coming from the East Coast.

Question 18

Define the marketing concept.

Accepted Answer

The marketing concept is the i

Question 19

Which of the following statements best describes a service?

Accepted Answer

A) Services are physical objects. 
B) Services are intangible items. 
C) Services are thoughts about concepts,actions,or causes. 
D) Services are the benefits organizations receive in exchange for selling products. 
E) Services comprise the subset of tangible features of products. 
A) Services are physical objects. 
B) Services are intangible items. 
C) Services are thoughts about concepts,actions,or causes. 
D) Services are the benefits organizations receive in exchange for selling products. 
E) Services comprise the subset of tangible features of products.

Question 20

Steve wants to eat a Cool Mint Chocolate Clif Bar because,based on his past experience,he knows it will satisfy his hunger

Accepted Answer

A) preference. 
B) need. 
C) utility. 
D) want. 
E) expression. 
A) preference. 
B) need. 
C) utility. 
D) want. 
E) expression.

Exam 1: Creating Customer Relationships and Value Through Marketing

Figure 1-5 -In Figure 1-5 above,"A" represents which era in U.S.business history?

Effective marketing benefits society because it

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

Why are you,as a student,already somewhat of a marketing expert before taking this course? Provide a specific example from your own personal experience and relate it to something you just "formally" learned about marketing.

The four Ps of the marketing mix are

All markets ultimately are composed of

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

The marketing mix refers to

One or more specific groups of potential consumers toward which an organization directs its marketing program is referred to as a

The marketing concept refers to

All of the following are factors required for marketing to occur except which?

The owners of Old School Brand Authentic Antique Foods researched Civil War records to come up with recipes for the heritage products they market.An offer to be featured in an upcoming edition of Taste of Home magazine would be considered part of the ________ element of the marketing mix.

To serve both buyers and sellers,marketing seeks to ________ and satisfy the needs and wants of prospective customers.

The linking of the organization to its individual customers,employees,suppliers,and other partners for their mutual long-term benefit is referred to as

Define the marketing concept.

Which of the following statements best describes a service?

Steve wants to eat a Cool Mint Chocolate Clif Bar because,based on his past experience,he knows it will satisfy his hunger

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 Multichannel Marketing

Pulling It All Together: the Strategic Marketing Process

Writing Successful Marketing and Business Plans: Tips and Guidelines

Financial Statements and Ratios

Filters