Deck 1: Why Marketing Matters to You

Question 1

Logistics is the process of coordinating the flow of money among members of the supply chain.

Answer 1

False

Question 2

Firms that use social media for promotion try to create content that attracts attention and encourages readers to share the content with their social networks.

Answer 2

True

Question 3

The marketing concept is a strategy that utilizes all aspects of marketing in order to satisfy customer needs.

Answer 3

True

Question 4

In order to measure the value customers receive from a product, marketers need only look at the actual monetary outlay the customer must produce in order to obtain the product.

Question 5

The place element of the marketing mix involves the activities a firm undertakes to make its product available to potential customers.

Question 6

Promotion is typically the easiest marketing mix element to change.

Question 7

Marketing refers to advertising and selling a product.

Question 8

The marketing concept strategy was short lived, giving way to what is the dominant strategy in today's marketplace, that of sales orientation.

Question 9

The interconnected nature of the world economy is referred to as internationalization.

Question 10

Regardless of market conditions, most new products introduced in the marketplace are successful.

Question 11

Marketers create value for customers when they develop products that allow consumers to satisfy their needs and wants through exchange relationships.

Question 12

Janie is looking to open a cupcake shop. She wants to make sure her shop is successful, so she hires a consultant to help her determine the best location for her new business. In this example, the information given to Janie by the consultant is considered a product.

Question 13

NAFTA has had a negative impact on U.S. farmers because of the restrictions it imposes on exports, which has made trade between countries more difficult for the farmers.

Question 14

Platforms like Facebook and Twitter are changing how firms interact with customers to better meet the needs of the marketplace.

Question 15

The sales orientation strategy is characterized by a customer orientation that focuses on customer satisfaction.

Question 16

The production era continued until consumer demand could not keep up with the growth in production and new strategies were needed to maximize success.

Question 17

In a marketing sense, there is really no difference between a need and a want.

Question 18

The marketing concept is also referred to as the four Ps of marketing.

Question 19

When it comes to marketing products and services, marketers do not need to be concerned with any ethical implications of their actions because the consumer bears the ultimate responsibility to determine whether or not a product is needed.

Question 20

The question, "How much inventory should I have?" directly relates to the place element of the marketing mix.

Question 21

Having an efficient supply chain is directly related to which element of value?

A)creating value
B)communicating value
C)marketing value
D)delivering value
E)forecasting value

Question 22

According to your text, what is the secret of great marketing when it comes to creating value?

A)figuring out how to charge the highest price for a product that customers are willing to pay
B)understanding the marketplace demands before competitors do
C)consistently creating new products for the marketplace
D)convincing customers that they need a product even if they do not
E)saturating the market with all forms of advertising promotions

Question 23

Since they are not in the business of generating revenue or making profits, nonprofit organizations do not need to rely on marketing efforts to be successful.

Question 24

Tony the Tiger is part of the brand that differentiates Kellogg's cereal from that of other firms.

Question 25

The AMA Code of Ethics is not necessarily something that marketers need to adhere to for every marketing approach.

Question 26

After listening to customer requests for more travel routes to midwestern cities, Econo Airlines has added routes to both Columbus and Indianapolis. By providing its customers with benefits that meet their needs, Econo Airlines is providing

A)customer value.
B)benefit segmentation.
C)a marketing mix.
D)benefit marketing.
E)customer service.

Question 27

The practice of measuring, managing, and analyzing market performance is referred to as logistics.

Question 28

As it relates to customers, the aim of marketing is to

A)provide customers with value.
B)increase profits by ensuring customers pay the highest price possible for a product.
C)accurately and truthfully advertise the product.
D)generate repeat sales from each and every customer.
E)reduce the number of customer complaints.

Question 29

When comparing ethical firms with the WME Index to the U.S. Large-Cap Index for the years 2014-2019, it was discovered that firms identified as ethical were more profitable on the whole than the mix of companies included in the U.S. Large-Cap Index.

Question 30

What is the key to creating value?

A)being the first to create a new product or service
B)making sure that products are priced lower than the competition
C)providing consumers with benefits that meet their needs and wants
D)convincing consumers that they need a product, even if they do not perceive that they do
E)accurately advertising a product

Question 31

The perceived benefits, both monetary and nonmonetary, that customers receive from a product compared with the cost associated with obtaining it is referred to as

A)customer value.
B)relationship marketing.
C)the marketing mix.
D)a marketing exchange.
E)benefit segmentation.

Question 32

Fashion Forward Clothing Company manufactures clothes to be sold in retail stores. After the clothing is manufactured, it is shipped to wholesalers who, in turn, use transportation companies to ship the product to various retail outlets. The manufacturer, wholesaler, transportation company, and retailer all work together to create and deliver the product. This is an example of

A)forecasting value.
B)communicating value.
C)creating value.
D)delivering value.
E)marketing value.

Question 33

Marketers define customer value as

A)selling a product regardless of whether or not it meets a customer's needs and/or wants.
B)the perceived benefits, both monetary and nonmonetary, that customers receive from a product compared with the cost associated with obtaining it.
C)the ability to provide a product at the lowest possible price after covering all production expenses.
D)providing a product or a service to a customer such that the customer will purchase that same product or service again in the future.
E)being able to sell products that generate little to no customer returns or complaints.

Question 34

On a personal level, as you begin looking for a job after you graduate, it will be critical for you to know how to ________ value in order to secure job opportunities and interviews that will lead to a job.

A)explain
B)communicate
C)forecast
D)deliver
E)market

Question 35

Professionally speaking, the same marketing principles used in business settings can help you market yourself and help you to reach your professional goals.

A)the process of targeting and selecting a group of consumers or organizational buyers in order to promote a product or service with the aim of achieving a profit.
B)the process of creating, communicating, delivering, and exchanging value to customers and managing those relationships in ways that benefit the organization and its employees, customers, investors, and society as a whole.
C)the set of activities needed to produce and deliver a product that produces the highest return on investment.
D)the process of managing the supply chain to ensure that products are delivered where and when customers want them.
E)any activity used to advertise and promote a product or service.

Question 36

Weights and More health club has just opened a new location in your neighborhood. The club has mailed a flyer to all households in the area that contains information about the club-its location, hours, the classes it offers, its personal trainers, etc.-and a coupon for one free personal training session. In doing so, Weights and More is most likely attempting to

A)market value.
B)explain value.
C)communicate value.
D)deliver value.
E)forecast value.

Question 37

The set of multiple companies directly linked by one or more of the upstream and downstream flows of products, services, finances, and information from a source to a consumer is referred to as

A)the production cycle.
B)marketing.
C)the supply chain.
D)logistics.
E)the marketing chain.

Question 38

The first step in the ethical decision-making framework is to identify the ethical issue at hand.

Question 39

What percentage of new products fail in the marketplace?

A)5 to 10 percent
B)approximately 25 percent
C)over 80 percent
D)50 percent
E)less than 3 percent

Question 40

Determining what default privacy settings should be built into a company website is an ethical issue that relates to the product element of the marketing mix.

Question 41

Which order accurately depicts the stages in the evolution of marketing?

A)marketing concept, production orientation, sales orientation, relationship marketing
B)production orientation, sales orientation, marketing concept, relationship marketing
C)sales orientation, production orientation, marketing concept, relationship marketing
D)sales orientation, production orientation, relationship marketing, marketing concept
E)production orientation, marketing concept, relationship marketing, sales orientation

Question 42

Compare the following statements to determine which one best reflects the thinking behind the sales orientation era of marketing?

A)Our entire company needs to be focused on satisfying our customers' needs.
B)We need to find more efficient means of creating quality products.
C)It's time we develop a strategy to attract and maintain more customers.
D)We'd better persuade our customers to buy our products or they will buy from our competitors.
E)Our products are of such great quality, they practically sell themselves.

Question 43

What is the premise behind the marketing concept?

A)an interest in streamlining production processes
B)a company-wide focus on increasing profits
C)a focus on satisfying the needs of the customer
D)focusing on keeping the company stakeholders satisfied
E)utilizing all aspects of marketing to persuade consumers to buy

Question 44

Which trend is accurate regarding the future of marketing?

A)Posting news and information online in social media sites has not proven to be as successful as marketers thought since consumers often doubt the accuracy of the information posted.
B)As technology impacts the business world, firms will need to explore new models that address what customers want and how they prefer to receive information.
C)The number of cable television subscribers has increased in recent years, signaling to marketers that television advertising is still the preferred choice for marketing products.
D)With the advent of technology, the basic goal of marketing has changed from how to create, communicate, and deliver value to consumers to how to better segment and target consumer markets.
E)Even though newspaper circulation has decreased in recent years, it is still the preferred way to advertise because of its low cost.

Question 45

During what stage in the evolution of marketing did firms believe that quality products would sell themselves?

A)customer orientation
B)production orientation
C)marketing concept
D)relationship marketing
E)sales orientation

Question 46

What era in the history of marketing best reflects the idea that a firm's long-term success must include a company-wide effort to satisfy customer needs?

A)marketing concept
B)production orientation
C)sales orientation
D)customer orientation

Question 47

A marketing strategy in which the firm focused on efficient processes and production to create quality products and reduce unit costs was referred to as the

A)relationship marketing era.
B)marketing concept era.
C)customer orientation era.
D)sales orientation era.
E)production orientation era.

Question 48

The activity of buyers and sellers trading things of value so that each is better off as a result is referred to as

A)merchandising.
B)a marketing interchange.
C)an exchange.
D)bartering.
E)personal selling.

Question 49

According to your text, what is the most basic concept in marketing?

A)satisfying the needs of stakeholders
B)streamlining production costs to generate maximum profits
C)determining the best advertising outlet for a product
D)determining the difference between consumer needs and wants
E)getting all members of an organization to agree on a marketing plan

Question 50

Which approach to marketing was especially important during the Great Depression when consumers did not have much money and firms competed intensely for customer sales?

A)sales orientation
B)production orientation
C)marketing concept
D)customer orientation
E)relationship marketing

Question 51

In marketing, an exchange refers to

A)updating or replacing a nonprofitable product in hopes of generating more revenue.
B)buyers and sellers trading things of value so that each is better off as a result.
C)replacing a noneffective form of advertising for a more effective one.
D)the money paid by a consumer for a product or service.
E)two people bartering products and services for other products and services.

Question 52

The focus of the marketing concept era was on

A)competition.
B)sales.
C)production.
D)customers.
E)technology.

Question 53

Which era in the history of marketing continued until the end of World War II?

A)relationship marketing
B)customer orientation
C)production orientation
D)sales orientation
E)marketing concept

Question 54

The marketing concept began to emerge in the

A)1930s.
B)1990s.
C)1920s.
D)1970s.
E)1950s.

Question 55

Compare the following statements regarding relationship marketing to determine which is most accurate?

A)Relationship marketing is best described as the use of personal selling to persuade consumers to buy products.
B)Relationship marketing depends upon the large-scale customer data sets in order to craft customized offers to customers.
C)Relationship marketing is most successful when firms focus on attracting, maintaining, and enhancing customer relationships.
D)Relationship marketing has waned as a viable strategy with the advent of the Internet.
E)Very few companies in today's marketplace are engaged in relationship marketing.

Question 56

Which era in the history of marketing began in the early years of the United States and lasted until the mid-1920s when the growth in production outpaced consumer demand?

A)sales orientation
B)marketing concept
C)customer orientation
D)relationship marketing
E)production orientation

Question 57

What do manufacturers, shipping companies, wholesalers, and retailers all have in common?

A)They are all components of the marketing mix.
B)They are all integral parts of both for-profit and not-for-profit firms.
C)They are all members of the supply chain.
D)They all help to define a firm's brand.
E)They are all involved in the promotion of a firm's product.

Question 58

A local family is advertising a 5K run to raise awareness for autism since one of their children suffers from the disorder. Tristshi likes to run, so she decides to pay the fee to participate in the event. Afterward, she is pleased that she went and felt good about helping out the family. Would this be considered a marketing exchange?

A)no, because Tristshi did not receive anything for participating in the event
B)no, because the consumer needs of Tristshi were not met
C)yes, because the family had to pay for advertising and therefore was engaged in marketing
D)no, because the event involved a service but not a good
E)yes, because participating in the run was exchanged for Tristshi's feeling of satisfaction for helping the family

Question 59

The process of planning, implementing, and controlling the flow of goods, services, and information between the point of origin and the point of consumption in order to meet customer requirements is called

A)operations.
B)logistics.
C)the supply chain.
D)production.
E)marketing.

Question 60

Nature Quest is a company that sells clothing and gear related to all types of outdoor activities. In an effort to stave off competition, the company has begun keeping a log of customer interests and hobbies so it can alert them to local events of relevance, as well as send them articles that pertain to their favorite activities. In addition, Nature Quest has added a section to its website where customers can post pictures of themselves using the store's gear. These efforts illustrate how the firm is engaged in

A)logistics.
B)relationship marketing.
C)a sales orientation.
D)personal selling.
E)societal marketing.

Question 61

The element of the marketing mix that is also known as distribution is

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

Question 62

In marketing terms, what is a person looking to satisfy if that person feels deprived of basic necessities such as food, clothing, shelter, transportation, or safety?

A)a desire
B)a craving
C)a want
D)a dilemma
E)a need

Question 63

Wants are the form that human needs take and are shaped by

A)culture, money, and geography.
B)personality, culture, and buying situation.
C)money, desire, and ability.
D)lifestyle, demographics, and economic conditions.
E)time, money, and expense.

Question 64

You have recently been hired by Complete Logistics. In your new role, you must coordinate and manage the transportation of the products between suppliers. Which element of the marketing mix does your job represent?

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

Question 65

In marketing, states of felt deprivation are referred to as

A)opportunities.
B)desires.
C)wants.
D)cravings.
E)needs.

Question 66

The combination of activities that represent everything a firm can do to influence demand for its good, service, or idea is referred to as the marketing

A)concept.
B)plan.
C)model.
D)matrix.
E)mix.

Question 67

The four Ps are more formally referred to as the marketing

A)concept.
B)mix.
C)dimensions.
D)matrix.
E)framework.

Question 68

The owners of The Burger Barn have decided to place an advertisement in the local minor league baseball team's program booklet. Which element of the marketing mix does this represent?

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

Question 69

Brandi used to work in the city where she would take public transportation to work. However, she just took a new job in the suburbs and now not only has to find a place to live, but also has to buy a car to get to and from her job. As it relates to marketing, these things represent a ________ for Brandi.

A)dilemma
B)want
C)need
D)desire
E)craving

Question 70

The 4Ps that make up the marketing mix are

A)product, price, promotion, and perception.
B)product, price, place, and promotion.
C)promotion, place, profit, and preference.
D)production, promotion, profit, and participation.
E)perception, preference, participation, and payment.

Question 71

A new pizza shop in town allows customers to create their own individual pizzas using various toppings. The store owners have decided to have a contest for the most unique customer creation. They are asking customers to create a pizza, take a picture of their creation, and post it on their Facebook page as well as on Instagram so people can vote for their favorite. The winning creation will be featured on the shop's menu. This use of social media relates to which element of the marketing mix?

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

Question 72

Compare the actions of each person to determine which one is satisfying a consumer need.

A)Although Gary's vacation home suits his needs, he would rather be closer to the ocean so he is going to look for a new place.
B)The crime rate in Tara's neighborhood has increased dramatically, so she is going to invest in a home security system.
C)Fuchsia is the "in" color right now, so Jasmine decides to replace her winter coat for a new one in that color.
D)Don heard his coworkers rave about a new mini-series shown on HBO, so he decides to sign up for cable television.
E)Dolores is throwing a dinner party. To impress her guests, she orders lobster from the local seafood market.

Question 73

Which marketing mix element involves decisions regarding logistics and managing the supply chain?

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

Question 74

What type of human need is shaped by personality, culture, or buying situation?

A)a necessity
B)a want
C)a craving
D)a demand
E)an emergency

Question 75

Which marketing mix element describes what a buyer exchanges with a seller?

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

Question 76

An advertisement shows a group of boys playing soccer on a hot day. When they take a break, the boys run to a cooler to find something to quench their thirst. Inside the cooler are water bottles, cans of soda, fruit juices, and Gatorade. Immediately, the boys fight over the Gatorade showing that it is clearly the best choice. In this ad, liquid refreshment represents a ________, and Gatorade represents a ________.

A)craving; preference
B)need; want
C)want; need
D)want; preference
E)craving; need

Question 77

Which question relates to the place element of the marketing mix?

A)How do I want the public to view my product?
B)Do I need to hire salespeople?
C)Should I offer customers a discount?
D)How much inventory should I have?
E)How long has my product existed?

Question 78

Which marketing mix element is typically the easiest to change?

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

Question 79

The group of Internet-based applications that allow the users to create their own content and share it with others who access the sites is called

A)online applications.
B)web media.
C)network marketing.
D)social media.
E)Internet marketing.

Question 80

According to your text, any discussion of the marketing mix typically begins with which of the four Ps?

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