Deck 1: Overview of Marketing

Question 1

Value is what you get for what you give.

Answer 1

True

Question 2

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

Answer 2

True

Question 3

Key to the success of many entrepreneurs is that they launch ventures that aim to satisfy unfilled needs.

Answer 3

True

Question 4

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

Question 5

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

Question 6

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 7

Communicating value to customers is the primary function of marketing.

Question 8

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

Question 9

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

Question 10

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 11

Margo always stops at Starbucks for her morning coffee. Not only is there a Starbucks Drive-Thru on her way to work, 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 12

In their battle for chocolate lovers, Godiva and Hershey's must divide the population into different categories of consumers, for example, luxury versus cost-conscious, those looking for a quick energy boost versus those looking for a gift for a loved one.

Question 13

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

Question 14

Marketing is important because without it, it would be difficult for any of us to learn about new products and services.

Question 15

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

Question 16

In value cocreation, the customer participates in the creation of a good or service, which provides additional value to the customer.

Question 17

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 18

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

Question 19

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

Question 20

Entrepreneurs are people who organize, operate, and assume the risk of a business venture.

Question 21

The core aspects of marketing include all of the following except

A) conducting exchanges.
B) satisfying customer needs and wants.
C) creating value.
D) product, price, place, and promotion decisions.
E) production scheduling.

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

Firms become value driven, in part, by sharing information about their customers and competitors across their own organization and other firms.

Question 24

Four Winds Art Gallery, known for selling paintings, recently began offering appraisals of customers' art collections. Four Winds 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 25

Jami sells construction equipment. Whenever she calls on her building contractor customers, she asks if they are having any problems. In doing so, Jami 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 26

Julia 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, Julia 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 27

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 28

Brian is struggling with the choice of publishing his new book, How to Cook Polish Barbeque, as an e-book or a paperback. Brian is addressing which core marketing aspect?

A) developing a promotional plan
B) managing the exchange function of marketing
C) making a product decision
D) deciding where and how to sell the product
E) pricing the product

Question 29

Marketers must determine the price of a product carefully on the basis of 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 30

The fundamental goal of marketers when creating goods, services, or combinations of both is to

A) defeat the competition.
B) serve all consumers.
C) operate according to government regulations.
D) stimulate short-term sales.
E) create value.

Question 31

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

Question 32

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 33

A group of firms that make and deliver a given set of goods and services is known as a distribution network.

Question 34

Which of the following 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 35

Valerie 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 exchange, the client's e-mail address represents

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

Question 36

Xavier must determine the price of his products carefully on the basis of 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 37

Approximately half of marketers use social media tools for their businesses.

Question 38

Marketing has traditionally been divided into a set of four interrelated decisions known as the marketing mix, or four Ps, including all of the following except

A) product.
B) place.
C) performance.
D) promotion.
E) price.

Question 39

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 40

When a T-shirt manufacturer states, "Customers can have any color T-shirt they want, so long as it's black," 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 41

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 42

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 43

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 44

Effective promotion enhances a product or service's

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

Question 45

Which element of the marketing mix deals with supply chain management?

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

Question 46

Value-oriented marketers constantly measure

A) promotional effectiveness against ethical advertising standards.
B) the problem of price maximization against cost-efficiency.
C) perceived customer benefits against the costs of their offerings.
D) the desire to achieve against the need for a stable source of supply.
E) the goal of efficiency against the price charged by competitors.

Question 47

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 48

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 49

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

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

Question 50

When retailers accumulate merchandise from producers in large amounts and sell to consumers in smaller amounts it is considered ________ marketing.

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

Question 51

________ 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 52

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 53

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 54

Marketing channel management is also known as

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

Question 55

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 56

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 57

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) underground

Question 58

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

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

Question 59

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 60

Henriette 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 61

Melanie works for a small computer software company. Her boss is constantly improving the company's products but neglects customers, billing, and promoting the company. Her boss is probably stuck in the ________ era of marketing.

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

Question 62

Yolanda is the new restaurant manager in a major hotel. When considering which changes would most likely increase the restaurant's value to customers, Yolanda must provide her customers the menu items that they want and the quality service that they need as well as

A) a better dining experience than what her competitors can give.
B) increase prices to increase revenue.
C) offset higher hotel rates with lower restaurant prices.
D) reduce customer expectations through reduced service.
E) minimize menu items but increase the price of popular entrees.

Question 63

Serena studies her customer profiles, marketing research data, complaints, and other information for the primary purpose of discovering her customers' wants and needs. Serena most likely operates in the ________ era of marketing.

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

Question 64

Christie has just started with a travel agency, and she has been offering clients and prospective clients a range of packaged tours. She is concerned because the commissions she is earning on her sales are lower than she had hoped. Her colleague Peter, who has been with the agency for several years, is having a great deal of success by working closely with the clients, seeking their ideas, and building customized tour packages for each one based on their suggestions. Peter's approach is based on

A) transaction-oriented marketing.
B) premium pricing.
C) his seniority at the firm.
D) special incentives from tour operators.
E) value cocreation.

Question 65

Which of the following statements reflects the philosophy of the market-oriented era?

A) A good product will sell itself.
B) The customer is king.
C) Firms should take advantage of a seller's market.
D) Advertising and personal selling should be emphasized in order to make the sale.
E) Firms should focus on value.

Question 66

The prevailing marketing strategy of the ________ era was to find customers for inventories that went unsold.

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

Question 67

Near the end of the model year, the Move-Them-Out automobile dealership had an unusually high inventory level. The manager increased her advertising spending and gave extra incentives to its salespeople. Move-Them-Out operates as if it were in the ________ era.

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

Question 68

Data about how, when, why, where, and what people buy refers to

A) statistics.
B) demographics.
C) marketing analytics.
D) value-based marketing.
E) relational orientation.

Question 69

Trey sells consumer electronics. He knows his customers weigh the costs versus the benefits associated with the different options available. He decides which products to offer and what prices to charge based on the way his customers think. Trey operates as if he were in the ________ era.

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

Question 70

During the ________ era, firms had excess production capacity and used personal selling and advertising to generate customers.

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

Question 71

Pokrah University recently began holding regular coffee-hour discussions with current and prospective students and surveying all new and alumni students regarding educational needs and desires. These actions reflect how Pokrah University is striving to become more value driven by

A) sharing information across the organization.
B) balancing its customers' benefits and costs.
C) evaluating strategic competitive partnerships.
D) building relationships with customers.
E) keeping the faculty members happy.

Question 72

From a customer's perspective, value reflects

A) the need for value and the perception of value.
B) explicit versus implicit value.
C) the relationship of benefits to costs.
D) the balance between needs and wants.
E) the need for product improvement.

Question 73

In the past, manufacturer's representatives did not have real-time inventory data about the products they were selling. Today, manufacturer's representatives are often provided online access to inventory data for the companies they represent. These online inventory systems allow companies to become more value driven by

A) sharing information across their own organizations and with other firms.
B) balancing customers' benefits and costs with customers' needs and wants.
C) evaluating strategic competitive partnerships.
D) building relationships with government regulators of marketing institutions.
E) keeping prices below those charged by competitors.

Question 74

One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in

A) higher prices than the market leader charges.
B) increased competition.
C) long-term relationships.
D) strong connections among competing firms in the marketplace.
E) lower prices.

Question 75

To build relationships, firms focus on the lifetime ________ of the relationship, not how much money is made during each transaction.

A) cost
B) profitability
C) investment
D) expense
E) worth

Question 76

As owner of a retail franchise food store, Mary Gray purchases supplies based on specials advertised nationally throughout the franchise system. One Monday, she was surprised to find customers asking for specials she hadn't been informed of in advance. The franchise company failed to live up to the value-driven activity of

A) sharing information across the organization.
B) balancing customers' benefits and costs.
C) evaluating strategic competitive partnerships.
D) building relationships with customers.
E) keeping prices below those charged by competitors.

Question 77

Many U.S. companies first discovered marketing during the ________ era.

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

Question 78

Creative locations, such as kiosks at the baggage claim in airports or small booths in grocery stores, represent Starbucks' effort to improve its offering on which dimension of the marketing mix?

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

Question 79

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

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

Question 80

During the ________ era, manufacturers and retailers recognized they needed to give their customers greater value than their competitors did.

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