Question 1

Which of the following terms best describes the marketing concept?

Accepted Answer

A) consumer-oriented 
B) production-oriented 
C) sales-oriented 
D) society-oriented 
E) competition-oriented 
A) consumer-oriented 
B) production-oriented 
C) sales-oriented 
D) society-oriented 
E) competition-oriented

Question 2

A church put advertisements in its weekly bulletins to encourage its members to participate in the services by telling a brief, positive story about how fellow members have helped them during times of need. Jack volunteered and shared his story during a service. Afterwards, he felt joyous. Was this an exchange in a marketing sense?

Accepted Answer

A) Yes, because the church ran an advertisement, a marketing activity. 
B) No, because the church is nonprofit organization and these actions are expected without any expectation of "exchange." 
C) No, because no money was exchanged. 
D) Yes, because sharing his story at a service was exchanged for a feeling of joy. 
E) No, because the church did not provide Jack with a tangible product or service 
A) Yes, because the church ran an advertisement, a marketing activity. 
B) No, because the church is nonprofit organization and these actions are expected without any expectation of "exchange." 
C) No, because no money was exchanged. 
D) Yes, because sharing his story at a service was exchanged for a feeling of joy. 
E) No, because the church did not provide Jack with a tangible product or service

Question 3

Which of the following statements about customer value is most accurate?

Accepted Answer

A) Target customers assess customer value in terms of the combination of benefits (quality, convenience, etc.), regardless of the price. 
B) Loyal customers are less profitable to firms in the long run since they expect lower prices over time in order to remain loyal. 
C) Research suggests that firms can be most successful by being all things to all consumers. 
D) It is impossible to place a dollar value on a loyal, satisfied customer. 
E) To create value for targeted buyers, firms must build long-term relationships with them. 
A) Target customers assess customer value in terms of the combination of benefits (quality, convenience, etc.), regardless of the price. 
B) Loyal customers are less profitable to firms in the long run since they expect lower prices over time in order to remain loyal. 
C) Research suggests that firms can be most successful by being all things to all consumers. 
D) It is impossible to place a dollar value on a loyal, satisfied customer. 
E) To create value for targeted buyers, firms must build long-term relationships with them.

Question 4

All of the following statements about the overall marketing program for 3M's Post-it Flag Highlighters are true EXCEPT:

Accepted Answer

A) David Windorski, a 3M inventor, designed the second generation of Post-it Flag Highlighters and Pens WITHOUT the rotating cover to make it easier to insert replacement flags. 
B) Students were initially the intended target market for the Post-it Flag Highlighter. 
C) In his first attempt, David Windorski, a 3M inventor, designed the Post-it Flag Highlighter in exactly the right way to appeal to its target market. 
D) David Windorski, the designer of the Post-it Flag Highlighter, appeared on The Oprah Winfrey show so she could thank him in person for "his most incredible invention." 
E) Recently, 3M introduced additions to the Post-it Flag+ line: a Post-it Flag+ Gel Pen and a Post-it Flag+ Permanent Marker. 
A) David Windorski, a 3M inventor, designed the second generation of Post-it Flag Highlighters and Pens WITHOUT the rotating cover to make it easier to insert replacement flags. 
B) Students were initially the intended target market for the Post-it Flag Highlighter. 
C) In his first attempt, David Windorski, a 3M inventor, designed the Post-it Flag Highlighter in exactly the right way to appeal to its target market. 
D) David Windorski, the designer of the Post-it Flag Highlighter, appeared on The Oprah Winfrey show so she could thank him in person for "his most incredible invention." 
E) Recently, 3M introduced additions to the Post-it Flag+ line: a Post-it Flag+ Gel Pen and a Post-it Flag+ Permanent Marker.

Question 5

The element of the marketing mix demonstrated when an art gallery suggests a $2.00 donation at the door is __________.

Accepted Answer

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

Question 6

Define needs and wants. Can marketing shape a person's wants? Explain your answer.

Accepted Answer

A need occurs when a person feels depriv

Question 7

The marketing mix elements are called __________ because they are the responsibility of the marketing department in an organization.

Accepted Answer

A) uncontrollable forces 
B) profitability factors 
C) stakeholder value generators 
D) target market segments 
E) controllable factors 
A) uncontrollable forces 
B) profitability factors 
C) stakeholder value generators 
D) target market segments 
E) controllable factors

Question 8

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

Accepted Answer

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

Question 9

Which of the following conditions are necessary for marketing to occur?

Accepted Answer

A) a changing environment, a method of assessing needs, a way to communicate, and an exchange location 
B) parties with cash or credit, a product, a reasonable price, and a place to make an exchange 
C) a quality product, a fair price, a clever method of promotion, and a place where a customer can buy the product 
D) two or more parties with unsatisfied needs, a desire and an ability to satisfy them, a way to communicate, and something to exchange 
E) an ability to see a trend within an environmental force, a product, and an affordable and actionable advertising campaign 
A) a changing environment, a method of assessing needs, a way to communicate, and an exchange location 
B) parties with cash or credit, a product, a reasonable price, and a place to make an exchange 
C) a quality product, a fair price, a clever method of promotion, and a place where a customer can buy the product 
D) two or more parties with unsatisfied needs, a desire and an ability to satisfy them, a way to communicate, and something to exchange 
E) an ability to see a trend within an environmental force, a product, and an affordable and actionable advertising campaign

Question 10

Redbox places vending machines at local convenience and grocery stores that allow customers to rent and return popular DVDs 24 hours a day. This creates both __________ and __________ utilities.

Accepted Answer

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

Question 11

The element of the marketing mix that describes what is exchanged for a product is known as

Accepted Answer

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

Question 12

Chobani used all of the following tactics to promote its Chobani Greek Yogurt EXCEPT:

Accepted Answer

A) sponsored the Food Network's Rachel vs. Guy Kids Kick-Off TV show with its Chobani Champions Tubes. 
B) created a website to provide consumers with recipes that use Chobani Greek Yogur. 
C) sponsored the 2012 and 2014 U.S. Olympic Teams. 
D) used social networks like Facebook, Twitter, Pinterest, and Instagram. 
E) relied on word-of-mouth in its early years. 
A) sponsored the Food Network's Rachel vs. Guy Kids Kick-Off TV show with its Chobani Champions Tubes. 
B) created a website to provide consumers with recipes that use Chobani Greek Yogur. 
C) sponsored the 2012 and 2014 U.S. Olympic Teams. 
D) used social networks like Facebook, Twitter, Pinterest, and Instagram. 
E) relied on word-of-mouth in its early years.

Question 13

What are the primary differences between an ultimate consumer and an organizational buyer? Select one product and explain the differences in either its use or purchase, depending on whether it was purchased by an ultimate consumer or an organizational buyer.

Accepted Answer

Students' examples will differ, but each

Question 14

Four factors are required for marketing to occur: (1) __________; (2) a desire and ability of parties to be satisfied; (3) a way for the parties to communicate; and (4) something to exchange.

Accepted Answer

A) a healthy competitive environment 
B) an affordable and actionable advertising campaign 
C) a sense of social responsibility 
D) an ability to see hidden potential within an environmental force 
E) two or more parties (individuals or organizations) with unsatisfied needs 
A) a healthy competitive environment 
B) an affordable and actionable advertising campaign 
C) a sense of social responsibility 
D) an ability to see hidden potential within an environmental force 
E) two or more parties (individuals or organizations) with unsatisfied needs

Question 15

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 it with most of the basic benefits. 
C) a statement that, before product development begins, identifies (1) a well-defined target market; (2) specific customers' needs, wants, and preferences; and (3) 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 it with most of the basic benefits. 
C) a statement that, before product development begins, identifies (1) a well-defined target market; (2) specific customers' needs, wants, and preferences; and (3) 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.

Question 16

TUMI brand briefcases are very expensive, high-end briefcases that are generally sold in specialty luggage shops. Which of the following groups of people would be the most likely target market for TUMI brand briefcases?

Accepted Answer

A) police officers 
B) executives 
C) construction workers 
D) postal workers 
E) students 
A) police officers 
B) executives 
C) construction workers 
D) postal workers 
E) students

Question 17

The unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and before- and after-sale service at a specific price is called

Accepted Answer

A) customer value. 
B) target marketing. 
C) benefit proposition. 
D) value-based marketing. 
E) a customer value proposition. 
A) customer value. 
B) target marketing. 
C) benefit proposition. 
D) value-based marketing. 
E) a customer value proposition.

Question 18

A business traveler joined the Starwood Preferred Guest Program in order to earn points each time he stayed overnight in a Westin or Sheraton hotel. Once he has accumulated enough points, he can trade his points in for a free night's stay. As a member of this program, the traveler receives periodic updates on new hotels and learns of ways to earn additional points. The marketing term that best describes this scenario is

Accepted Answer

A) relationship marketing. 
B) customer satisfaction promotion. 
C) customer relationship management. 
D) customer valuation. 
E) supplier-consumer partnership. 
A) relationship marketing. 
B) customer satisfaction promotion. 
C) customer relationship management. 
D) customer valuation. 
E) supplier-consumer partnership.

Question 19

Which of the following would a marketer use as a synonym for controllable marketing mix factors?

Accepted Answer

A) the four Ps of marketing 
B) environmental forces 
C) macromarketing forces 
D) marketing management factors 
E) micromarketing factors 
A) the four Ps of marketing 
B) environmental forces 
C) macromarketing forces 
D) marketing management factors 
E) micromarketing factors

Question 20

Environmental forces refer to

Accepted Answer

A) the internal strengths of a company that enable the firm to remain competitive. 
B) the marketing manager's uncontrollable factors - product, price, promotion, and place - that can be used to solve marketing problems. 
C) the unpredictable or uncontrollable availability of natural resources that can enhance or restrain a company's growth. 
D) the marketing manager's uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces. 
E) the marketing manager's controllable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces. 
A) the internal strengths of a company that enable the firm to remain competitive. 
B) the marketing manager's uncontrollable factors - product, price, promotion, and place - that can be used to solve marketing problems. 
C) the unpredictable or uncontrollable availability of natural resources that can enhance or restrain a company's growth. 
D) the marketing manager's uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces. 
E) the marketing manager's controllable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces.

Which of the following terms best describes the marketing concept?

Which of the following statements about customer value is most accurate?

All of the following statements about the overall marketing program for 3M's Post-it Flag Highlighters are true EXCEPT:

The element of the marketing mix demonstrated when an art gallery suggests a $2.00 donation at the door is __________.

Define needs and wants. Can marketing shape a person's wants? Explain your answer.

The marketing mix elements are called __________ because they are the responsibility of the marketing department in an organization.

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

Which of the following conditions are necessary for marketing to occur?

Redbox places vending machines at local convenience and grocery stores that allow customers to rent and return popular DVDs 24 hours a day. This creates both and utilities.

The element of the marketing mix that describes what is exchanged for a product is known as

Chobani used all of the following tactics to promote its Chobani Greek Yogurt EXCEPT:

What are the primary differences between an ultimate consumer and an organizational buyer? Select one product and explain the differences in either its use or purchase, depending on whether it was purchased by an ultimate consumer or an organizational buyer.

Four factors are required for marketing to occur: (1) __________; (2) a desire and ability of parties to be satisfied; (3) a way for the parties to communicate; and (4) something to exchange.

Customer value refers to

TUMI brand briefcases are very expensive, high-end briefcases that are generally sold in specialty luggage shops. Which of the following groups of people would be the most likely target market for TUMI brand briefcases?

The unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and before- and after-sale service at a specific price is called

Which of the following would a marketer use as a synonym for controllable marketing mix factors?

Environmental forces refer to

Developing Successful Organizational and Marketing Strategies

Understanding the Marketing Environment, Ethical Behavior, and Social Responsibility

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

Pricing Products and Services

Managing Marketing Channels and Supply Chains

Retailing and Wholesaling

Integrated Marketing Communications and Direct Marketing

Advertising, Sales Promotion, and Public Relations

Using Social Media to Connect With Consumers

Personal Selling and Sales Management

Implementing Interactive and Multichannel Marketing

Filters

Exam 1: Creating Customer Relationships and Value Through Marketing

Which of the following terms best describes the marketing concept?

Which of the following statements about customer value is most accurate?

All of the following statements about the overall marketing program for 3M's Post-it Flag Highlighters are true EXCEPT:

The element of the marketing mix demonstrated when an art gallery suggests a $2.00 donation at the door is __________.

Define needs and wants. Can marketing shape a person's wants? Explain your answer.

The marketing mix elements are called __________ because they are the responsibility of the marketing department in an organization.

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

Which of the following conditions are necessary for marketing to occur?

Redbox places vending machines at local convenience and grocery stores that allow customers to rent and return popular DVDs 24 hours a day. This creates both __________ and __________ utilities.

The element of the marketing mix that describes what is exchanged for a product is known as

Chobani used all of the following tactics to promote its Chobani Greek Yogurt EXCEPT:

What are the primary differences between an ultimate consumer and an organizational buyer? Select one product and explain the differences in either its use or purchase, depending on whether it was purchased by an ultimate consumer or an organizational buyer.

Four factors are required for marketing to occur: (1) __________; (2) a desire and ability of parties to be satisfied; (3) a way for the parties to communicate; and (4) something to exchange.

Customer value refers to

TUMI brand briefcases are very expensive, high-end briefcases that are generally sold in specialty luggage shops. Which of the following groups of people would be the most likely target market for TUMI brand briefcases?

The unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and before- and after-sale service at a specific price is called

Which of the following would a marketer use as a synonym for controllable marketing mix factors?

Environmental forces refer to

Developing Successful Organizational and Marketing Strategies

Understanding the Marketing Environment, Ethical Behavior, and Social Responsibility

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

Pricing Products and Services

Managing Marketing Channels and Supply Chains

Retailing and Wholesaling

Integrated Marketing Communications and Direct Marketing

Advertising, Sales Promotion, and Public Relations

Using Social Media to Connect With Consumers

Personal Selling and Sales Management

Implementing Interactive and Multichannel Marketing

Filters

Redbox places vending machines at local convenience and grocery stores that allow customers to rent and return popular DVDs 24 hours a day. This creates both and utilities.