Deck 1: Overview of Marketing

Question 1

Understanding the marketplace and especially a consumer's needs and wants, is fundamental to marketing success.

Answer 1

True

Question 2

In marketing, an exchange is when the buyer and the seller trade things of value to benefit the other.

Answer 2

True

Question 3

Marketing is an activity that only large firms with specialized departments can execute.

Answer 3

False

Question 4

The marketing plan is broken down into various components-how the product or service will be conceived or designed, how much it should cost, where and how it will be promoted, and how it will get to the consumer.

Question 5

Relational orientation refers to the efforts of companies to build on the lifetime profitability of a customer.

Question 6

In their battle for chocolate lovers, companies like Godiva and Hershey's would divide the population into different categories of consumers, for example, those looking for a quick energy boost versus those looking for a gift. The companies do this in order to satisfy different consumer needs and wants.

Question 7

Supply chain management represents the promotion aspect of the marketing mix.

Question 8

Marketing's fundamental purpose is to create value by developing a variety of offerings that will earn income for the company.

Question 9

When a manufacturer sells truck and car parts to Toyota, this is an example of B2C marketing.

Question 10

Morgan always stops at Starbucks for her morning coffee. There is a Starbucks Drive-Thru on her way to work and there is also a small kiosk in the lobby of her office building. Starbucks is using the place element of the marketing mix to influence its customers.

Question 11

Value is what you get for what you give.

Question 12

Effectively managing supply chain relationships has a minimal effect on profitability.

Question 13

At the beginning of the 20th century, companies like Ford Motor Company were more concerned with satisfying customer wants than product innovation.

Question 14

The four Ps of the marketing mix are product, promotion, planning, and place.

Question 15

When Apple makes innovations compatible with its existing products, it is encouraging consumers to maintain long-term relationships with the company.

Question 16

The power adapters that Dell sells with its computers are built by small companies that specialize in power-related accessories. When Dell purchases its power adapters from these small companies, it is engaging in B2B marketing.

Question 17

Tide laundry detergent is an example of a good.

Question 18

When Elise customized M&M candies for her daughter's graduation party, she was participating in value cocreation.

Question 19

Garage sales and online classified ads are examples of C2C marketing.

Question 20

Without a strong and efficient marketing channel system, merchandise isn't available when customers want it.

Question 21

Today, marketers embrace technologies to help them connect to their customers.

Question 22

The basic difference between a good and a service is that a good

A)provides intangible benefits.
B)can be physically touched.
C)is always less expensive than a corresponding service.
D)generates greater interest among consumers.
E)is more quickly forgotten by consumers.

Question 23

River North Art Gallery, known for selling paintings, recently began offering appraisals of customers' art collections. River North is

A)shifting its focus from offering just services to also offering goods.
B)implementing a market segmentation strategy.
C)capturing value through multiple pricing strategies.
D)expanding from offering just goods to also offering services.
E)increasing customer value through inflated appraisal evaluations.

Question 24

For marketers, "exchange," refers to

A)the location where products and services are traded.
B)the price charged, adjusted for currency exchange rates.
C)location-based tactics for creating value.
D)promotional offers designed to stimulate barter.
E)the trading of things of value.

Question 25

Michaela is an organizational expert. Whenever she works with a new client, she always invites the client to join her e-mail distribution list. In this marketing exchange, the client's e-mail address represents

A)information.
B)promotional capital.
C)pricing data.
D)value cocreation.
E)services.

Question 26

Marketers must determine the price of a product carefully based on the potential buyer's beliefs about

A)its value.
B)the environment.
C)the cost to manufacture the product.
D)the economic outlook.
E)the product's new advertising campaign.

Question 27

Marketing analytics is one tool marketers can use to become more value driven.

Question 28

Hunter offers financial counseling and management on a fee-only basis. She has found that different customers are willing to pay different rates for her services. This shows that her pricing decisions should depend primarily on

A)choosing an average price that she will charge all her clients.
B)changes in technology allowing consumers to manage their own affairs.
C)how different customers perceive the value of her services.
D)changes in the economy.
E)how much her competitors charge for similar services.

Question 29

Meryl is considering a career in marketing. She is concerned about the image of marketers as fast-talking, high-pressure people who care only about making a sale. When reading about the core aspects of marketing, Meryl is relieved to see that in marketing

A)understanding consumer needs and wants is fundamental.
B)promotion is the most important consideration, followed by pricing decisions.
C)value creation is driven by corporate interests.
D)customers are not considered until the product is ready for sale.
E)distribution is controlled by customers.

Question 30

In his role as a product developer at Comfy Shoes, Henry should determine the price of his products carefully based on the potential buyer's interest in his products and

A)a thorough knowledge of his brand messages.
B)the buyer's belief about the products' value.
C)knowledge of competing products.
D)ability to negotiate discounts.
E)susceptibility to traditional marketing alternatives.

Question 31

Jada sells construction equipment. Whenever she calls on her building contractor customers, she asks if they are having any problems. In doing so, Jada is addressing which of the following core aspects of marketing?

A)satisfying customer needs and wants
B)completing the exchange function of marketing
C)making product, place, promotion, and price decisions
D)making decisions about the setting in which marketing takes place
E)creating value

Question 32

Some discount stores place products in large bins, inviting consumers to spend time hunting through them to find a bargain. The price these consumers pay includes

A)only the actual price they pay at the register.
B)the value of their time and energy.
C)the excitement they experience in finding an item they desire.
D)the savings to the store of not having to display the products neatly on shelves.
E)the time the product was full price and didn't sell.

Question 33

What is a core aspect of marketing?

A)satisfying as many needs as possible
B)creating a product that everyone will want to buy
C)setting prices lower than all competitors
D)making product, place, promotion, and price decisions
E)increasing the company's profit

Question 34

Which of these consumers is involved in an exchange for a service?

A)Parul had to go buy groceries and couldn't join her friends at the theater.
B)Corinne bought popcorn at the movie theater.
C)Jason drove to the movie theater in the car he bought last year.
D)Henri bought a new shirt at the store next to the theater.
E)Natalie purchased her movie ticket online.

Question 35

Buffalo Wild Wings suggests that its diners check in to its locations using their phones. This demonstrates the use of social and mobile media to connect better with their customers.

Question 36

Marketing has traditionally been divided into a set of four interrelated decisions known as the marketing mix, or four Ps, which includes

A)product.
B)planning.
C)performance.
D)persistence.
E)parcel.

Question 37

The four Ps make up the marketing mix, which is the ________ set of decisions or activities that the firm uses to respond to the wants of its target markets.

A)unpredictable
B)external
C)internal
D)controllable
E)global

Question 38

The scout troops at Rivers Elementary enjoy a program each year that promotes safe choices when viewing information online. This program is marketing

A)a lifestyle.
B)a service.
C)an idea.
D)a belief.
E)a good.

Question 39

Firms have come to realize that good corporate citizenship through socially responsible actions should be a priority because it will help their bottom line in the long run.

Question 40

Approximately 50 percent of marketers use social media tools for their businesses.

Question 41

By promoting perfume based on youth, style, and sex appeal, Calvin Klein is attempting to

A)influence social norms regarding sexuality.
B)encourage consumers to participate in product redesign.
C)stimulate supply chain management cooperation.
D)increase the perceived value of its products.
E)demonstrate social responsibility.

Question 42

The marketing goal of getting the "right quantities to the right locations, at the right time" relates to

A)communicating the value proposition.
B)managing the supply chain.
C)performing service marketing.
D)capturing value.
E)managing price and performance.

Question 43

Sturdy Construction has been a successful, small, home-building firm for years. The owner pays subcontractors slightly more than the usual rate for different tasks, reducing the company's gross margin. Sturdy rarely changes subcontractors, has relatively few complaints from home buyers, and is able to get quick responses from subcontractors when buyers do have problems. Sturdy Construction is engaged in

A)a traditional transactional orientation.
B)C2C value-driven marketing.
C)effective supply chain management.
D)value cocreation.
E)a virtual monopoly.

Question 44

It is Mallory's job to make sure the company's products are shipped to the distribution center from the production center to fulfill customer orders. Which element of the marketing mix does her job focus on?

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

Question 45

Not only does GIS technology help Starbucks determine the ideal locations for new stores, but it also enables the company to decide what kinds of stores to open. This technology helps the company with which marketing mix decision?

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

Question 46

Effective promotion enhances a product or service's

A)supply chain management system.
B)wholesaling capabilities.
C)perceived value.
D)design features.
E)price differential.

Question 47

Which company activity is identified as the set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large?

A)human resources
B)marketing
C)accounting
D)manufacturing
E)sales

Question 48

By allowing consumers to sell their unwanted goods to other consumers, auction sites like eBay and Etsy cater to ________ marketing.

A)B2B
B)C2C
C)D2C
D)C2D
E)B2G

Question 49

Internet sites, physical stores, and kiosks are most closely associated with which element of the marketing mix?

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

Question 50

As use of the Internet took off, car manufacturers were tempted to sell directly to consumers, but decided instead to continue to sell through their existing dealer networks. The car manufacturers considered switching from ________ to ________ marketing.

A)B2C; B2B
B)B2C; C2C
C)B2B; B2C
D)B2B; C2C
E)C2C; B2C

Question 51

UPS, FedEx, and other shipping companies support other firms' ________ marketing goals.

A)supply chain management
B)value communication
C)value capture
D)retail management
E)promotion

Question 52

Many marketing students initially overlook the importance of marketing channel management because

A)marketing has no responsibility for supply chain management.
B)marketing channel management doesn't add much value for customers.
C)companies do not want customers to know anything about the supply chain.
D)many of these activities take place behind the scenes.
E)marketing channel management is already transparent.

Question 53

Which statement is true of marketing?

A)Marketing affects various stakeholders.
B)Marketing plays no role in creating value.
C)Marketing is about satisfying the company's needs and wants.
D)Marketing requires place, product, promotion, and perception decisions.
E)Marketing is performed by organizations, not individuals.

Question 54

Meredith's current task at work is to determine how much the new product should cost and how it will be promoted. What is Meredith working on?

A)sales forecast
B)marketing plan
C)demographics
D)CRM
E)supply chain management

Question 55

When retailers sell to consumers it is considered ________ marketing.

A)B2C
B)B2B
C)R2C
D)C2C
E)C2B

Question 56

________ represents all the activities necessary to get the product to the right customer when that customer wants it.

A)Place
B)Promotion
C)Social media
D)Value cocreation
E)Supply chain marketing

Question 57

________ is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions and elicit a response.

A)Pricing
B)Promotion
C)Placement
D)A relational orientation
E)Value cocreation

Question 58

Traditionally, marketing activities have been divided into the four Ps: product, price, place, and promotion. The four Ps represent the

A)marketing mix.
B)marketing channel.
C)marketing plan.
D)marketing era.
E)marketing implementation.

Question 59

Marketing channel management is also known as

A)distribution center marketing.
B)a transactional orientation.
C)wholesaling.
D)production management.
E)supply chain management.

Question 60

An organization on cycling safety visits an elementary school and gives a presentation on the importance of wearing helmets while riding a bike. After listening to the presentation, which action indicates that an exchange of valuable ideas has taken place?

A)The students decide to wear helmets while bicycling.
B)The teachers who are parents go out to purchase new helmets.
C)The students continue to ride without wearing helmets.
D)The organization services their bikes to ensure they are safe to ride.
E)The students stop riding their bicycles.

Question 61

The era in which manufacturers were not concerned with satisfying the needs of individual consumers was the ________ era of marketing.

A)production-oriented
B)sales-oriented
C)market-oriented
D)value-based marketing
E)retailing-oriented

Question 62

Trisha opened a running shoe store and signed a lease on the property. She also signed an agreement with the manufacturer on the amount of merchandise she will sell and the promotions she will conduct. Based on this description, which aspect of the marketing mix does Trisha still need to work on?

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

Question 63

When considering price within the marketing mix, price consists of

A)the money the consumer pays to receive the product.
B)the length of time between marketing exchanges.
C)the cost of a product to the producer.
D)the money, time, and energy buyers give up in exchange for a product.
E)the effect of the cost on a company's bottom line.

Question 64

Parul went shopping at the mall and bought a dress from a retail store. Which type of transaction was Parul participating in?

A)B2B
B)C2C
C)B2C
D)R2C
E)C2B

Question 65

The activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is called

A)marketing.
B)production.
C)logistics.
D)customer service.
E)communication.

Question 66

The primary purpose of the ________ plan is to specify the marketing activities for a specific period of time.

A)marketing
B)business
C)strategic
D)organizational
E)resource

Question 67

Marketing channel management is related to which of the four Ps?

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

Question 68

Which marketing activity is most directly served by the promotion element of the marketing mix?

A)communicating value
B)creating value
C)capturing value
D)delivering value
E)producing value

Question 69

When a T-shirt manufacturer states, "Customers can have any color T-shirt they want, so long as it's blue," it is reflecting a view that was popular in which era of the marketing evolution?

A)production-oriented
B)sales-oriented
C)market-oriented
D)value-based marketing
E)economics-oriented

Question 70

JeMarcus is going to sell sporting apparel, which he has already purchased from manufacturers, and has signed a deal agreeing to the volume he will sell monthly. He has researched his competition, talked to some customers, and decided on prices he will charge. JeMarcus has also developed a plan for promoting his business. Based on this description, which element of the marketing mix does JeMarcus still need to work on?

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

Question 71

How a product or service will be conceived or designed, how much it should cost, where and how it will be promoted, and how it will get to the consumer are all elements of

A)a marketing plan.
B)a marketing exchange.
C)supply chain logistics.
D)production management.
E)delivery of the value proposition.

Question 72

Which element of the marketing mix is most relevant to the activity "capturing value"?

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

Question 73

Madison was tired of her winter coat, so she sold it to her friend, Hannah. This is an example of ________ marketing.

A)B2B
B)B2C
C)C2B
D)C2C
E)BBC

Question 74

In which era of the marketing evolution did firms begin to focus on what consumers wanted and needed before designing, making, or selling a product?

A)production-oriented era
B)sales-oriented era
C)value-based marketing era
D)market-oriented era
E)creative production era

Question 75

Which element of the marketing mix is most relevant to the activity "delivering value"?

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

Question 76

The idea that a good product will sell itself is associated with the ________ era of marketing.

A)production-oriented
B)sales-oriented
C)market-oriented
D)value-based marketing
E)retailing-oriented

Question 77

Many universities provide physical or electronic bulletin boards to facilitate ride-sharing and exchange of used books among students. These bulletin boards increase ________ marketing.

A)B2C
B)C2B
C)B2B
D)C2C
E)2BC

Question 78

Which element of the marketing mix is most relevant to the activity "creating value"?

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

Question 79

The "Milk Life" advertising campaign, designed to increase awareness of the health benefits of milk, was intended to help market a(n)

A)service.
B)firm.
C)industry.
D)organization.
E)specific product.

Question 80

According to your text, in the broadest terms, the "marketplace" refers to

A)wholesale and retail environments.
B)brick-and-mortar stores and the Internet.
C)the four Ps.
D)channels that are accessible to a given customer.
E)the world of trade.