Deck 1: Welcome to the World of Marketing: Createand Deliver Value

Question 1

When companies calculate the lifetime value of a customer they look at _.

A)how much profit they expect to make from a particular customer,including each and every purchase s/he will make from them now and in the future
B)the career path of the customer to see if s/he may move to a different geographic area and no longer purchase from this company
C)the commission amount the company must pay the sales representative who worked with the customer
D)the age of the customer to see if s/he may live long enough to utilize the product being sold
E)the lifetime expectancy of the product the customer purchased

Answer 1

A

Question 2

Conveniently- located vending machines around your college or university campus make it easy for you to buy a soda and a snack between classes.This is an example of the element of the marketing mix.

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

Answer 2

E

Question 3

Coca- Cola's unique and skillful marketing communications represent Coke's .

A)corporate culture
B)return on investments
C)production orientation
D)customer relationship management
E)distinctive competency

Answer 3

E

Question 4

The impact on society of TV shows and movies reflects how _ can influence what we consume.

A)the social marketing concept
B)popular culture
C)ethical boundaries
D)subcultures
E)market convergence

Question 5

Chris landed her dream job and she realizes that her college wardrobe is not going to work for her new marketing position.Chris has a .

A)value
B)need
C)want
D)benefit
E)demand

Question 6

The of the firm is a decision process in which marketing managers determine the strategies that will help the firm meet its long- term objectives and then execute those strategies using the tools they have at their disposal.

A)marketing
B)sales orientation
C)product orientation
D)differential benefit
E)popular culture

Question 7

The second step in developing a competitive advantage is to turn a distinctive competency into a -- one that is important to customers.

A)culture
B)service
C)differential benefit
D)demand
E)need

Question 8

Marketers first identify consumer needs and then provide products that satisfy those needs,ensuring the firm's long- term profitability.This practice is referred to as _ .

A)consumer orientation
B)production orientation
C)the marketing mix
D)total quality management
E)the marketing concept

Question 9

A _ is the outcome sought by a customer that motivates buying behavior that satisfies a need or want.

A)desire
B)demand
C)value
D)benefit
E)wish

Question 10

When Tony rented a loft apartment,he acted as a(n).

A)audience
B)benefit
C)value
D)consumer
E)stakeholder

Question 11

Friends connect regularly and enthusiastically into _ online to catch up on friends and exchange photos.

A)differential benefits
B)open source models
C)social marketing
D)social networks
E)distinctive competencies

Question 12

One of the problems associated with the creation of a value proposition is _ .

A)how a need and a want are differentiated
B)the size of the marketplace
C)the balance of supply and demand
D)demonstrating that the proposition is superior to others
E)the result of the price- value paradigm

Question 13

The phenomenon of _ includes consumers creating their own ads and buying and selling products on eBay.

A)perception
B)production orientation
C)socially responsible marketing
D)the marketing concept
E)consumer- generated value

Question 14

More goods and services are sold in the market than in the consumer market.

A)travel
B)target
C)distribution
D)customer
E)business- to- business

Question 15

is an organizational function and process for creating,communicating,and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

A)Popular culture manipulation
B)Value chain management
C)Demand satisfaction
D)Competitive advantage building
E)Marketing

Question 16

marketing is the marketing of goods and services from one organization to another.

A)Business- to- business
B)Target
C)Consumer
D)Distributive
E)Customer

Question 17

Which of the following is the best example of a service?

A)the sheet music purchased by the piano teacher
B)the cleaning supplies purchased for the veterinarian's office
C)the medical examination Jonathon had yesterday
D)the software Monica purchased from the website
E)the t- shirt you got for running in a 5K race

Question 18

The Four Ps are _ .

A)price,product,place,and promotion
B)the four classifications of consumer goods
C)the steps used to identify target markets
D)product,production,possession,and promotion
E)the tactics used to connect customers and products

Question 19

Women who rent their wedding gowns instead of buying them or wearing them only once are practicing _ utility.

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

Question 20

refer(s)to the benefits a customer receives from buying a product or service.

A)Needs
B)Value
C)Exchange
D)Surprise
E)Consumer orientation

Question 21

When Jeff Taylor started the company Monster.com,he helped job seekers find jobs that they desired.In doing so,he helped them fulfill their .

A)demands
B)benefits
C)values
D)wants
E)needs

Question 22

All of the following could be consumer goods that individual consumers purchase for personal or family use EXCEPT .

A)competitive advantage products
B)value products
C)popular culture products
D)tangible products
E)intangible products

Question 23

The element of the marketing mix is used to communicate the value proposition using forms such as personal selling,advertising,coupons,and publicity.

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

Question 24

Which of these statements about mass marketing is true?

A)Mass marketing can be cost- effective.
B)A mass marketing strategy is preferable to a target marketing strategy.
C)Mass marketing allows marketers to develop products to satisfy the specific needs and wants of specific groups of customers.
D)Movie production and distribution companies typically use a mass marketing strategy.
E)The success of any organization's marketing efforts depends on its ability to engage in mass marketing.

Question 25

A is a good,service,idea,place,or person,whatever is offered for sale in the exchange.

A)place
B)benefit
C)product
D)utility
E)demand

Question 26

Amazon.com where Marta can order books online and Waldenbooks,a store at the mall where she can purchase the same books,are both examples of .

A)market convergences
B)demand centers
C)buying centers
D)marketplaces
E)virtual reality malls

Question 27

When you are able to buy a funnel cake to eat and enjoy as you stroll through the park looking at arts and crafts,it is through the creation of utility.

A)fabrication
B)form
C)place
D)possession
E)location

Question 28

involves systematically tracking consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual's unique wants and needs.

A)Differential benefit development
B)Customer relationship management (CRM)
C)Value chain management
D)Value propositioning
E)Sales orientation

Question 29

Erin and Michael went to the department store to register for wedding gifts for their upcoming wedding.The gifts for Erin and Michael are .

A)consumer goods
B)returns on investments
C)industrial goods
D)myths
E)e- commerce goods

Question 30

The billboard with the message about The World's Most Famous Surf Shop is an example of the element of the marketing mix.

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

Question 31

Which of the following is an example of a need?

A)Sports cars that are red
B)Adam realizes he is hungry
C)Social norms enforced in a group
D)Myths used in advertising
E)Perception as an internal influence

Question 32

In addition to marketing activities,the includes business functions such as human resource management and technology development.

A)e- commerce process
B)value chain
C)marketing mix
D)customer relationship management
E)utility function

Question 33

A(n)occurs when Rhonda Albers trades Max Lynch three hours of child care for his three- year- old daughter for fixing the hole in her porch roof.

A)monetary trade
B)virtual trade
C)reciprocal loss
D)exchange
E)buying center

Question 34

It appeared to the middle school teacher that she could never obtain the art supplies,craft materials,and science experiments she wanted to use with her class.Then she discovered a retail store that allowed her to use and enjoy all the school related supplies she wanted.The store created _ utility.

A)marketing
B)fabrication
C)location
D)possession
E)form

Question 35

A glitzy shopping mall,a mail- order catalog,a television shopping network,an eBay auction,or an e- commerce website could all be examples of a _.

A)SWOT analysis
B)portfolio analysis
C)marketplace
D)strategic business unit
E)monopoly

Question 36

Two teachers purchased art supplies for their classes.One paid $103.45 for eight large boxes of crayons.The other teacher purchased ten identical boxes for $105.55.The second teacher got more for her money because she took advantage of a quantity discount,a reduced price for buying ten or more boxes.Which element of the marketing mix most directly relates to these purchases?

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

Question 37

Which of the following is part of the product element of the marketing mix?

A)a quality discount
B)a store coupon
C)the packaging
D)public releases
E)a newspaper advertisement

Question 38

Which of the following is the best example of a consumer good?

A)the cookies purchased for the daycare center
B)the disposable diapers purchased by the new mother for her baby
C)the paint purchased by the contractor
D)the riding lawn mower purchased by the landscape company
E)the art supplies purchased for the elementary school art center

Question 39

There are several different sports watches for cyclists.When compared to its competitors,the Bike Nashbar watch is the least expensive.The Acumen Basic is the only one designed for older cyclists who prefer a larger display.Sports Instrument is the most comfortable of all the available watches.This describes the _ of the three sports watches.

A)promotion mixes
B)marketing mixes
C)mass marketing strategies
D)market positions
E)transactional aptitudes

Question 40

Alex paid for a _ when he took his car in to have the oil changed.

A)product
B)service
C)business product
D)commercial
E)consumer good

Question 41

When marketers connect peanut products to the current diet craze they are reflecting .

A)the marketing mix
B)popular culture
C)a value proposition
D)a new era orientation
E)an exchange

Question 42

One important part of marketing is to .

A)change prices every month based upon the rise or fall of the stock market
B)help keep people employed
C)teach people ways to spend their money
D)meet the needs of diverse stakeholders
E)understand why a consumer's demand for a product is not something that is important

Question 43

utility occurs when you reach the service station just as your fuel gauge drops below empty.

A)Possession
B)Place
C)Marketing
D)Creation
E)Form

Question 44

The challenge to the marketer is to create an attractive _ ,a marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased.

A)mass market
B)market segment
C)target market
D)product position
E)value proposition

Question 45

A product delivers a benefit when it satisfies a .

A)probability sample
B)research study
C)business portfolio
D)need or want
E)operational plan

Question 46

The consists of the products and the prices that are used to create a desired response among a set of predefined consumers.

A)the perception
B)the culture
C)marketing mix
D)the strategic plan
E)the myths

Question 47

Marketing messages often communicate ,stories containing symbolic elements that express the shared emotions and ideals of a culture.

A)marketing concepts
B)value
C)myths
D)total quality management
E)utility

Question 48

A flour producer that identified its mission as "the milling of fine flour in the most efficient manner possible" would more than likely have a orientation.

A)customer
B)production
C)new era
D)marketing
E)selling

Question 49

is the benefit marketing provides by transforming raw materials into finished products,as when a dress manufacturer combines silk,thread,and a zipper to create a bridesmaid's gown.

A)Price utility
B)Possession utility
C)Time utility
D)Form utility
E)Place utility

Question 50

A catalog retailer has identified African- American professionals between the ages of thirty- five and forty- five as the group of customers within its larger market as a potential market for its products.The retailer has identified a .

A)market aggregation
B)marketing segment
C)mass market
D)marketing mix
E)product mix

Question 51

When a sign manufacturer takes plastic,metal,and neon tubing and creates a motel sign,it is an example of utility.

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

Question 52

The main activities of value chain members include all of the following EXCEPT .

A)converting the materials into the final product
B)bringing in materials to make the product
C)setting the price of the product
D)shipping out the final product
E)servicing the product/customer

Question 53

A consists of all possible customers in a market regardless of the differences in their specific needs and wants.

A)value chain
B)mass market
C)popular culture
D)marketing mix
E)marketing concept

Question 54

is the buying and selling of products on the Internet.

A)social network marketing
B)E- commerce
C)consumer relationship management
D)Business- to- business
E)Consumer relationship management

Question 55

Adult children with elderly parents often find it difficult to convince their parents they would be better off in an assisted- living facility.Children often enlist the services of people who operate these facilities to persuade their parents that moving is in their best interest.These facility operators with the help of the children sometimes have to be relentless in their use of persuasive techniques to make the sale.They must adopt a _ orientation.

A)consumer
B)production
C)selling
D)marketing
E)new era

Question 56

When Bill at Ron Jon planned changes to the advertising,Bill was practicing _ .

A)need satisfaction
B)marketing
C)demand measurement
D)benefit delivery
E)value management

Question 57

All of the following are forms of utility created by marketing processes EXCEPT .

A)time utility
B)price utility
C)form utility
D)place utility
E)possession utility

Question 58

An organic farmer has identified three distinct groups for his products-- vegetarians,people who are concerned about chemicals in their foods,and people who consider themselves innovators and trendsetters.These three groups identified within a larger group are examples of .

A)mass markets
B)market segments
C)market aggregations
D)product mixes
E)marketing mixes

Question 59

When comparing itself to its competitors,Hidden Valley describes its Ranch dressing as the original one.This is the its manufacturer has selected for the product.

A)transactional aptitude
B)market position
C)marketing mix
D)promotion mix
E)mass marketing strategy

Question 60

For an exchange to occur,.

A)at least two people or organizations must be willing to make a trade,and each must have something the other wants
B)there must be one winner and one loser
C)the item must be tangible
D)someone must make a financial profit
E)a time utility factor will occur

Question 61

A _ is a desire for a particular product we the consumer uses to satisfy him in a specific way that is culturally and socially influenced.

A)demand
B)benefit
C)value
D)want
E)need

Question 62

Which of the following is an example of a transaction that might occur in business- to business marketing?

A)The retailer buys athletic shoes to sell in its store.
B)Robyn's mother hires a math tutor to help Robyn pass algebra.
C)The amateur gardener buys a new wheelbarrow.
D)The professional chef bakes a birthday cake for her son.
E)Maurice buys a new razor on his way home from work.

Question 63

To be part of the the consumers must want to own the product and also have the means to obtain it.

A)demand center
B)market
C)audience
D)exchange location
E)marketplace

Question 64

A market position refers to .

A)the strategic planning and execution of the marketing mix
B)the location where the organization sells its products
C)the organization's decision to use no more than two elements of the marketing mix
D)the specific means the organization uses to distribute its products
E)how the organization wants its products perceived in relation to the competition's products

Question 65

The is a document that describes the marketing environment,outlines the marketing objectives and strategy,and identifies who will be responsible for carrying out each part of the marketing strategy.

A)marketing plan
B)marketing mix
C)value proposition
D)value chain
E)new era orientation

Question 66

Kao Corp.,which makes Ban deodorant,invited teenage girls to make an ad that would encourage other girls to buy the product.This ad is an example of .

A)myths
B)consumer- generated value
C)the selling orientation
D)utility
E)the production concept

Question 67

Marketers ask hard questions about the true value of their efforts and their impact on the bottom line.They are discussing the _ .

A)return on investment (ROI)
B)utility function
C)value chain
D)differential benefit
E)popular culture

Question 68

In which kind of market would a production orientation be most successful?

A)no market
B)a buyer's market when supply exceeds demand
C)a market that sells only intangible products
D)a seller's market when demand is greater than supply
E)a market where there are more sellers than buyers

Question 69

Apple relied on its inventive product designers to create a ,a futuristic looking computer in a multitude of colors.

A)service
B)promotion
C)marketing concept
D)value chain
E)differential benefit

Question 70

In 1993,Jeff Taylor,founder of Monster.com,was head of his own recruitment agency.One day a client said to him,"No more big ideas,I want a monster idea!" The client saw that his current pool of applicants was not as strong as he desired it to be.Therefore,this client was seeking to fulfill a .

A)utility
B)demand
C)service
D)need
E)want

Question 71

Josh found the perfect gift for his girlfriend for Christmas.He ordered the gift from a catalog retailer,and the gift arrived safely at Josh's apartment on Christmas Eve.The catalog retailer created utility.

A)fabrication
B)place
C)marketing
D)form
E)possession

Question 72

When a firm's capability is superior to that of its competition,the firm has a .

A)want but not a need
B)distinctive competency
C)social benefit
D)service exchange
E)limited sales volume

Question 73

provides reasons for customers to pay a premium for a firm's products and exhibit a strong brand preference.

A)A myth
B)An exchange
C)a differential benefit
D)The cost mix
E)An industrial good

Question 74

Michelle wants to buy a car.If she does not have the money to buy a car she is not part of the for cars.

A)exchange location
B)audience
C)market
D)marketplace
E)demand center

Question 75

Shoppers at The World's Most Famous Surf Shop are _.

A)producers
B)marketers
C)consumers
D)distributors
E)service providers

Question 76

When you couple desire with the buying power or resources to satisfy a want,the result is a .

A)benefit
B)differential benefit
C)demand
D)service
E)need

Question 77

Ruth Terry is a realtor.In her ads,Terry offers the free use of a moving truck to every customer she helps either buy or sell a house.This free use of a moving truck is an example of a(n).

A)demand
B)need
C)benefit
D)production orientation
E)homogeneous product

Question 78

The dioramas in the airport that Ron Jon could use to advertise The World's Most Famous Surf is an example of the element of the marketing mix.

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

Question 79

When asked to discuss the element of his marketing mix,the artisan said,"My average total cost for making a small leaded glass window is $200,and I typically haggle with my customers.I feel that I have done well if I can earn $150 on each window I sell."

A)distribution
B)price
C)promotion
D)production
E)cost

Question 80

Which of the following is an example of a not- for- profit organization that would use marketing principles?

A)a manufacturer of bicycles
B)a software developer
C)a fast- food restaurant
D)an amusement park
E)the Red Cross