Deck 1: Defining Marketing for the New Realities

Question 1

Soccer's World Cup is promoted aggressively to both companies and fans. This is an example of marketing a(n) ________.

A) idea
B) place
C) luxury item
D) event
E) service

Answer 1

D

Question 2

Organizations catering to the ________ market need to price their offerings carefully because these markets usually have limited purchasing power.

A) business
B) global
C) nonprofit
D) consumer
E) exclusive

Answer 2

C

Question 3

________ goods constitute the bulk of most countries' production and marketing efforts.

A) Durable
B) Impulse
C) Physical
D) Luxury
E) Intangible

Answer 3

C

Question 4

When demand is ________, it implies that more customers would like to buy the product than can be satisfied.

A) latent
B) irregular
C) overfull
D) full
E) negative

Question 5

In the case of ________ demand, consumers dislike the product and may even pay a price to avoid it.

A) nonexistent
B) overfull
C) irregular
D) negative
E) declining

Question 6

The "Malaysia, Truly Asia" ad campaign that showcased Malaysia's beautiful landscape and its multicultural society in order to attract tourists is an example of ________ marketing.

A) event
B) property
C) service
D) place
E) idea

Question 7

As economies advance, a growing proportion of the economy's activities focuses on the production of ________.

A) products
B) events
C) experiences
D) luxury goods
E) services

Question 8

________ management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

A) Marketing
B) Knowledge
C) Operations
D) Strategic
E) Distribution

Question 9

In Walt Disney's Magic Kingdom, customers can visit a fairy kingdom, a pirate ship, or even a haunted house. Disney is marketing a(n) ________.

A) experience
B) service
C) event
D) organization
E) good

Question 10

Identify the correct statement about marketing management.

A) It is primarily concerned with the systematic gathering, recording, and analysis of data about issues related to marketing products and services.
B) It focuses mostly on monitoring the profitability of a company's products and services.
C) It focuses solely on attaining an organization's sales goals in an efficient manner.
D) It is defined as the field that deals with planning and managing a business at the highest level of corporate hierarchy.
E) It occurs when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties.

Question 11

Which of the following statements about marketing is true?

A) It is of little importance when products are standardized.
B) It can help create jobs in the economy by increasing demand for goods and services.
C) It helps to build a loyal customer base but has no impact on a firm's intangible assets.
D) It is more important for bigger organizations than smaller ones.
E) It is seldom used by nonprofit organizations.

Question 12

When consumers share a strong need that cannot be satisfied by an existing product, it is called ________ demand.

A) negative
B) latent
C) declining
D) irregular
E) nonexistent

Question 13

People in emerging countries today are becoming increasingly health conscious and are seeking healthy food choices. As a result, demand for health foods is rising steadily, creating an opportunity for marketers to exploit this ________ market.

A) demographic
B) business
C) need
D) geographic
E) service

Question 14

Which of the following is true of business markets?

A) Buyers are usually not skilled at comparing competitive product offerings.
B) Buyers have limited purchasing power.
C) Property rights, language, culture, and local laws are the most important concerns.
D) Products sold in such markets are usually highly standardized.
E) Business buyers purchase goods to make or resell a product to others at a profit.

Question 15

Julia is worried about the rising pollution levels in her city. She doesn't mind paying extra for goods and services that use sustainable processes to help control pollution. This is an example of ________ for pollution.

A) declining demand
B) nonexistent demand
C) latent demand
D) negative demand
E) unwholesome demand

Question 16

Car rental firms, hair dressers, and management consultants provide ________.

A) goods
B) experiences
C) events
D) services
E) information

Question 17

Sales of woolen clothing usually increase during the winter season and decline thereafter. This is an example of ________ demand.

A) irregular
B) declining
C) impulse
D) latent
E) negative

Question 18

A social definition of marketing says ________.

A) effective marketing requires companies to remove intermediaries to achieve a closer connection with direct consumers
B) a company should focus exclusively on achieving high production efficiency, low costs, and mass distribution to facilitate the broadest possible access to the company's products
C) marketing is the process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others
D) marketing is the process of extracting the maximum value from consumers to facilitate corporate growth
E) marketing is the process of aggressive selling and promotion to encourage the purchase of products that might otherwise be unsought by the consumer

Question 19

A marketer's only concern is how best to create demand for a new product produced by his/her company. Improving product design is not his/her responsibility.

Question 20

Janet is very upset that she can't get tickets to the Rolling Stones concert because they are sold out. Which of the following demand states applies to Janet's situation?

A) nonexistent demand
B) latent demand
C) full demand
D) unwholesome demand
E) overfull demand

Question 21

Properties are tangible rights of ownership to either real property (real estate) or financial property (stocks and bonds).

Question 22

Services constitute the bulk of most countries' production and marketing efforts.

Question 23

When Frank buys his own house, he would like to have a home theater system and a jacuzzi. He plans to save enough money in the next three years so that he can fulfill his wish. Frank's desire for the home theater and the jacuzzi is an example of a(n) ________.

A) need
B) want
C) demand
D) unstated need
E) latent demand

Question 24

________ are basic human requirements, while ________ are the ways in which those requirements are satisfied.

A) Wants; needs
B) Demands; wants
C) Needs; wants
D) Needs; demands
E) Demands; needs

Question 25

P&G sells cosmetics, laundry detergent, and products like Pringles to the ________ market by establishing strong brand images, developing superior products, ensuring their availability, and backing them with engaging communications and reliable performance.

A) business
B) governmental
C) global
D) nonprofit
E) consumer

Question 26

Marketers should be skilled in stimulating demand for a company's products. Just as production and logistics professionals are responsible for supply management, marketers are responsible for demand management. Marketing managers seek to influence the level, timing, and composition of demand to meet the organization's objectives. List and briefly describe the eight different demand states.

Question 27

Selling is not the most important part of marketing. Explain why not.

Question 28

Marketing has been described as being both an "art" and a "science." Discuss the differences and similarities between these two marketing thrusts. Provide your theoretical response and a "real-life" example where you have seen both processes work effectively at creating customer value and loyalty.

Question 29

The responses marketers seek from prospects include all of the following EXCEPT ________.

A) decampment
B) attention
C) a purchase
D) a vote
E) a donation

Question 30

Companies selling their goods to nonprofit organizations often charge a premium over their normal prices because these organizations are largely indifferent to price.

Question 31

Discuss the eight demand states with respect to bifocal lenses for glasses.

Question 32

Place marketers include economic development specialists, real estate agents, commercial banks, local business associations, and advertising and public relations agencies.

Question 33

Advertising is the most important element in business marketing.

Question 34

Marketers are involved in marketing 10 types of entities. List and briefly characterize these entities.

Question 35

Provide an example of a company that is adapting and thriving in these changing times. Be specific about how it has adapted its marketing strategy to adjust to the times.

Question 36

A short definition of marketing is "meeting needs profitably."

Question 37

"Friends Don't Let Friends Drive Drunk," is an example of marketing information to an interested audience.

Question 38

Unwholesome demand occurs when consumers' purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis.

Question 39

When consumers share a strong need that cannot be satisfied by an existing product, they are exhibiting latent demand.

Question 40

Jorge drinks two liters of soda each day. He is aware of the negative impacts of sugary drinks on his health and the potential for the empty bottles to add to pollution. His demand state is best characterized as ________ demand.

A) overfull
B) latent
C) irregular
D) unwholesome
E) nonexistent

Question 41

Companies address needs by putting forth a ________, a set of benefits that they offer to customers to satisfy their needs.

A) brand
B) value proposition
C) deal
D) marketing plan
E) demand

Question 42

A(n) ________ need is one that the consumer is reluctant or unwilling to explicitly verbalize.

A) secondary
B) unstated
C) delight
D) secret
E) stated

Question 43

The ________ is the channel from raw materials to components to final products that are carried to final buyers.

A) communication channel
B) distribution channel
C) supply chain
D) service chain
E) marketing chain

Question 44

A distribution channel includes distributors, wholesalers, retailers, and agents that display, sell, or deliver a physical product or service to a buyer or user.

Question 45

The value of an offering is described as the ________.

A) price consumers are charged for a product
B) cost of manufacturing a product
C) degree to which consumer demand for a product is positive
D) sum of the tangible and intangible benefits and costs to customers
E) intangible benefits gained from a product

Question 46

Chipotle engages customers through Facebook, Twitter, and other social media via its grassroots "Food with Integrity" digital strategy, which puts the focus on what it sells and where it comes from. These are examples of ________ media.

A) owned
B) earned
C) paid
D) service
E) marketing

Question 47

If a marketer uses warehouses, transportation companies, banks, and insurance companies to facilitate transactions with potential buyers, the marketer is using a ________ channel.

A) service
B) distribution
C) communication
D) relationship
E) standardized

Question 48

Contrary to popular belief, marketers do not create needs.

Question 49

The customer value triad consists of a combination of quality, durability, and price.

Question 50

During market segmentation analysis, the marketer identifies which segments present the greatest opportunity. These segments are called ________ markets.

A) target
B) capital
C) tertiary
D) demographic
E) developing

Question 51

Demands are wants for specific products backed by an ability to pay.

Question 52

The actual and potential rival offerings and substitutes that a buyer might consider are referred to as the ________.

A) supply chain
B) global market
C) value proposition
D) competition
E) marketing environment

Question 53

The identification and profiling of distinct groups of buyers who might prefer or require varying product and service mixes is known as ________.

A) segmentation
B) integration
C) disintermediation
D) cross-selling
E) customization

Question 54

A(n) ________ need is a need that the consumer explicitly verbalizes.

A) stated
B) affirmative
C) unsought
D) delight
E) secret

Question 55

________ reflects a customer's judgment of a product's performance in relation to his or her expectations.

A) Brand equity
B) Satisfaction
C) Value
D) Perception
E) Brand image

Question 56

When Volvo runs ads suggesting that its cars are the safest that money can buy, it is trying to ________.

A) segment the market
B) provide a service
C) enter a new market
D) develop brand loyalty
E) position its product

Question 57

Which of the following is NOT true regarding impressions?

A) They are useful for tracking the scope of a communication.
B) They are useful for tracking the breadth of a communication's reach.
C) They can be compared across all communication types.
D) They represent a less active response than engagement.
E) They provide insight into the results of viewing the communication.

Question 58

The ________ environment includes the actors involved in producing, distributing, and promoting an offering. The main actors are the company, suppliers, distributors, dealers, and the target customers.

A) economic
B) management
C) strategic
D) task
E) tactical

Question 59

Wants are basic human requirements, such as food and shelter.

Question 60

When companies measure the number of people who are willing and able to buy their products, they are measuring ________.

A) demand
B) price elasticity
C) real needs
D) standard of living
E) disposable income

Question 61

Industry boundaries are blurring at an incredible rate as companies are recognizing that new opportunities lie at the intersection of two or more industries.

Question 62

The proliferation of targeted media and communication channels has allowed marketers to become much more aware of their target consumers' preferences and to customize both products and messages for individual consumers.

Question 63

Which of the following reflects the "people" component of the marketing mix?

A) the creativity, discipline, and structure brought to marketing management
B) the development of new products by the marketers
C) the firm's consumer-directed activities
D) the right set of processes to guide activities and programs within the firm
E) the internal marketing of the firm

Question 64

The task environment of a firm consists of demographic, economic, natural, and technological environments, as well as the political-legal system and the social-cultural arena.

Question 65

In an attempt to create greater competition and growth opportunities, countries often ________.

A) increase trade barriers
B) protect industries
C) deregulate industries
D) encourage intermediation
E) reduce privatization

Question 66

Distinguish between the concepts of value and satisfaction.

Question 67

Ford Motor Company knows that to reach its target markets three kinds of marketing channels may be used. What are these three marketing channels and how might Ford use each of them?

Question 68

The overabundance of information available on the Internet has made it more difficult for consumers to compare product features and prices.

Question 69

Tracy's is a chain of hair dressing salons for women. They use television, magazines, radio, and newspapers to advertise their services. The owners ensure that all communication channels deliver a common message to prospective customers. Tracy's believes in ________ marketing.

A) internal
B) integrated
C) socially responsible
D) global
E) relationship

Question 70

Which of the three transformative forces mentioned in the chapter is associated with the number of mobile phones in India recently exceeding 500 million and Boston Consulting Group believing brand marketers must enhance their "digital balance sheets"?

A) demographics
B) accountability
C) social responsibility
D) globalization
E) technology

Question 71

By 2025, annual consumption in emerging markets will total $30 trillion and contribute more than ________ percent of global GDP growth.

A) 65
B) 70
C) 78
D) 81
E) 85

Question 72

Which of the following is NOT one of the 4 As customers most value?

A) acceptability
B) affordability
C) affability
D) accessibility
E) awareness

Question 73

In the statement, "Volvo develops its cars for buyers to whom safety is a major concern, positioning the vehicles as the safest a customer can buy," buyers to whom safety is a major concern is the target market.

Question 74

The Body Shop, Timberland, and Patagonia incorporate ________ as a way to differentiate themselves from competitors, build consumer preference, and achieve notable sales and profit gains.

A) social responsibility
B) technology
C) globalization
D) collaboration
E) goodwill

Question 75

Regulation of industries has created greater competition and growth opportunities because the playing field has been leveled.

Question 76

The desire to eat a Philly cheesesteak, whether or not you are in the position to buy one, is an example of a demand.

Question 77

Which of the new four Ps encompasses the old four Ps as well as a range of other marketing activities that might not fit well into the old view of marketing?

A) programs
B) processes
C) promotion
D) people
E) performance

Question 78

The three central trends in Marketing 3.0 are collaborative marketing, globalization, and ________.

A) cultural relevance
B) horizontal marketing
C) consumer well-being
D) the rise of a creative society
E) sustained technological development

Question 79

Consumers often have many needs that are not readily obvious. Just observing their behavior inside a retail store is not enough to get a true understanding of their "needs." List and briefly describe the five types of needs that most consumers have.

Question 80

The ultimate outcome of relationship marketing is a unique company asset called the ________, consisting of the company and its supporting stakeholders.

A) brand
B) supply chain
C) marketing network
D) value proposition
E) service channel