Question 1

All of the following are factors required for marketing to occur EXCEPT:

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 2

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 3

A business student is preparing for the Graduate Management Admission Test (GMAT)so he can get into a good graduate business school.He knows that any money he spends on a tutor will be well worth it if he can improve his scores.He's heard that there is a great tutor in his local community but has no idea who she is.To ensure that marketing occurs with her,he should

Accepted Answer

A) buy a GMAT study guide at his college bookstore. 
B) find out what the minimum score he needs to get into the graduate business school of his choice. 
C) attempt to find the tutor by conducting a Google search for her website,looking for flyers in the students' business lounge,obtaining copies of the college newspaper paper and looking for her ad,or asking his friends whether they know of her and her tutoring services. 
D) consider alternatives to graduate school in case the scores he receives by taking the test without any help are not sufficient admission. 
E) apply for delayed admission if he can't find this tutor. 
A) buy a GMAT study guide at his college bookstore. 
B) find out what the minimum score he needs to get into the graduate business school of his choice. 
C) attempt to find the tutor by conducting a Google search for her website,looking for flyers in the students' business lounge,obtaining copies of the college newspaper paper and looking for her ad,or asking his friends whether they know of her and her tutoring services. 
D) consider alternatives to graduate school in case the scores he receives by taking the test without any help are not sufficient admission. 
E) apply for delayed admission if he can't find this tutor.

Question 4

Explain what is meant by the concept of marketing utility.Identify and describe the four utilities created by marketing.

Accepted Answer

Marketing creates utility,the benefits o

Question 5

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 6

Which of the following statements about marketing departments is MOST ACCURATE?

Accepted Answer

A) The marketing department should work solely with people within its own department. 
B) The marketing department should suggest where a firm should invest its money based on its knowledge of the market and environmental forces. 
C) The marketing department is only responsible for the 4 Ps,not the 7 Ps. 
D) The marketing department is only responsible for market research,supervision of product development,and product promotion. 
E) The marketing department must work closely with a network of other departments and employees to help provide the customer-satisfying products required for the organization to survive and prosper. 
A) The marketing department should work solely with people within its own department. 
B) The marketing department should suggest where a firm should invest its money based on its knowledge of the market and environmental forces. 
C) The marketing department is only responsible for the 4 Ps,not the 7 Ps. 
D) The marketing department is only responsible for market research,supervision of product development,and product promotion. 
E) The marketing department must work closely with a network of other departments and employees to help provide the customer-satisfying products required for the organization to survive and prosper.

Question 7

People with both the desire and ability to buy a specific offering are referred to as [a(n)] __________.

Accepted Answer

A) shoppers 
B) customer base 
C) market 
D) bazaar 
E) emporium 
A) shoppers 
B) customer base 
C) market 
D) bazaar 
E) emporium

Question 8

As organizations have changed their orientation,society's expectations of marketers have also changed.Today,the emphasis of marketing practice has shifted from the interests of __________ to the interests of consumers.

Accepted Answer

A) society at large 
B) government 
C) suppliers 
D) resellers 
E) producers 
A) society at large 
B) government 
C) suppliers 
D) resellers 
E) producers

Question 9

Dick's Sporting Goods carries baseballs all year around.The same is true for footballs and tennis equipment.With this all-year-around strategy,Dick's Sporting Goods offers __________ utility for these products.

Accepted Answer

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

Question 10

Mark Zuckerberg 's launch of "TheFacebook.com" website became a huge success.Yet,more than half of all new businesses fail within __________ years of their launch.

Accepted Answer

A) two 
B) three 
C) four 
D) five 
E) ten 
A) two 
B) three 
C) four 
D) five 
E) ten

Question 11

Which of the following statements about environmental forces is MOST ACCURATE?

Accepted Answer

A) Environmental forces are almost always controllable if the marketing department correctly scans them. 
B) An organization that incorporates the marketing concept can exert just as much influence on environmental forces as they can exert on that organization. 
C) Environmental forces consistently result in negative outcomes for an organization. 
D) Some environmental forces can actually enhance a firm's marketing opportunities. 
E) Environmental forces can almost always be predicted. 
A) Environmental forces are almost always controllable if the marketing department correctly scans them. 
B) An organization that incorporates the marketing concept can exert just as much influence on environmental forces as they can exert on that organization. 
C) Environmental forces consistently result in negative outcomes for an organization. 
D) Some environmental forces can actually enhance a firm's marketing opportunities. 
E) Environmental forces can almost always be predicted.

Question 12

Which element of the marketing mix is demonstrated when Mars,Inc.has a sale on M&MS® brand candies?

Accepted Answer

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

Question 13

The element of the marketing mix that describes a means of getting the product to the consumer is known as

Accepted Answer

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

Question 14

According to the textbook,Starbucks provides its customers with the best

Accepted Answer

A) branding. 
B) products/services. 
C) price. 
D) customer service. 
E) availability. 
A) branding. 
B) products/services. 
C) price. 
D) customer service. 
E) availability.

Question 15

What customer value strategy does Starbucks Coffee Company deliver to its customers when it offers them its Starbucks Via Ready Brew Refreshers?

Accepted Answer

A) best product/service 
B) best customer service 
C) best value 
D) best assortment 
E) best price 
A) best product/service 
B) best customer service 
C) best value 
D) best assortment 
E) best price

Question 16

The process of turning corn into ethanol shows how BioFuel Energy,a Minnesota ethanol producer,can create __________ utility.

Accepted Answer

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

Question 17

New-product experts generally estimate that up to __________ percent of the more than 40,000 new consumable products introduced in the United States annually "don't succeed in the long run."

Accepted Answer

A) 33 
B) 50 
C) 67 
D) 75 
E) 94 
A) 33 
B) 50 
C) 67 
D) 75 
E) 94

Question 18

Many companies subscribe to being "green" because they feel that consumers value this.Yet,in many of these same firms,office computers are left on 24 hours a day and office paper is not recycled.This example indicates it is not always easy for firms to act in accordance with the

Accepted Answer

A) marketing concept. 
B) customer relationship management concept. 
C) consumerism. 
D) social entrepreneurship. 
E) cause marketing. 
A) marketing concept. 
B) customer relationship management concept. 
C) consumerism. 
D) social entrepreneurship. 
E) cause marketing.

Question 19

In Figure 1-3 above,"B" is accomplished by __________.

Accepted Answer

A) designing a marketing program 
B) conducting marketing research 
C) discovering consumer needs 
D) developing a distribution strategy 
E) identifying target markets 
A) designing a marketing program 
B) conducting marketing research 
C) discovering consumer needs 
D) developing a distribution strategy 
E) identifying target markets

Question 20

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

Exam 1: Creating Customer Relationships and Value Through Marketing

All of the following are factors required for marketing to occur EXCEPT:

Which of the following statements about customer value is MOST ACCURATE?

Explain what is meant by the concept of marketing utility.Identify and describe the four utilities created by marketing.

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

Which of the following statements about marketing departments is MOST ACCURATE?

People with both the desire and ability to buy a specific offering are referred to as [a(n)] __________.

As organizations have changed their orientation,society's expectations of marketers have also changed.Today,the emphasis of marketing practice has shifted from the interests of __________ to the interests of consumers.

Dick's Sporting Goods carries baseballs all year around.The same is true for footballs and tennis equipment.With this all-year-around strategy,Dick's Sporting Goods offers __________ utility for these products.

Mark Zuckerberg 's launch of "TheFacebook.com" website became a huge success.Yet,more than half of all new businesses fail within __________ years of their launch.

Which of the following statements about environmental forces is MOST ACCURATE?

Which element of the marketing mix is demonstrated when Mars,Inc.has a sale on M&MS® brand candies?

The element of the marketing mix that describes a means of getting the product to the consumer is known as

According to the textbook,Starbucks provides its customers with the best

What customer value strategy does Starbucks Coffee Company deliver to its customers when it offers them its Starbucks Via Ready Brew Refreshers?

The process of turning corn into ethanol shows how BioFuel Energy,a Minnesota ethanol producer,can create __________ utility.

New-product experts generally estimate that up to __________ percent of the more than 40,000 new consumable products introduced in the United States annually "don't succeed in the long run."

Many companies subscribe to being "green" because they feel that consumers value this.Yet,in many of these same firms,office computers are left on 24 hours a day and office paper is not recycled.This example indicates it is not always easy for firms to act in accordance with the

In Figure 1-3 above,"B" is accomplished by __________.

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

Developing Successful Organizational and Marketing Strategies

Scanning the Marketing Environment

Ethical and Social Responsibility in 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 to Connect With Consumers

Personal Selling and Sales Management

Implementing Interactive and Multichannel Marketing

Pulling It All Together: the Strategic Marketing Process

Building an Effective Marketing Plan

Financial Aspects of Marketing

Filters

Which element of the marketing mix is demonstrated when Mars,Inc.has a sale on M&MS^® brand candies?