Deck 1: Defining Marketing for the 21st Century

Question 1

________ are basic human requirements;________ are the ways in which we satisfy those requirements,and they are shaped by our society.

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

Answer 1

C

Question 2

In business markets,advertising can play a role,but a stronger role may be played by the sales force,________,and the company's reputation for reliability and quality.

A)brand image
B)distribution
C)promotion
D)price
E)performance

Answer 2

D

Question 3

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

A)Durable
B)Impulse
C)Physical
D)Service
E)Event

Answer 3

C

Question 4

A social definition of marketing says ________.

A)effective marketing requires companies to remove intermediary parties 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 a societal 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 maximal 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 5

Marketing management is ________.

A)managing the marketing process
B)monitoring the profitability of the company's products and services
C)selecting target markets
D)developing marketing strategies to move the company forward
E)the art and science of choosing target markets and getting,keeping,and growing customers through creating,delivering,and communicating superior customer value

Question 6

The most formal definition of marketing is ________.

A)meeting needs profitably
B)identifying and meeting human and social needs
C)the four Ps (product,price,place,promotion)
D)an organizational function and a set of processes for creating,communicating,and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
E)improving the quality of life for consumers

Question 7

________ takes place when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties.

A)Marketing management
B)Forecasting
C)Segmentation
D)Targeting
E)Distribution

Question 8

Marketers often use the term ________ to cover various groupings of customers.

A)people
B)buying power
C)demographic segment
D)social class position
E)market

Question 9

In ________,more customers would like to buy the product than can be satisfied.

A)latent demand
B)irregular demand
C)overfull demand
D)excessive
E)negative demand

Question 10

Global marketers must decide ________.

A)which countries to enter
B)how to enter each country (as an exporter,licenser,joint venture partner,contract manufacturer,or solo manufacturer)
C)how to adapt their product and service features to each country
D)how to price their products in different countries
E)all of the above

Question 11

________ actively work to build a strong,favorable,and unique image in the minds of their target publics.

A)Information
B)Shopping goods
C)Durable goods
D)Organizations
E)Properties

Question 12

Much of a brand's strength in consumer markets depends on ________.

A)developing a superior product
B)creating superior packaging
C)ensuring the product's availability
D)backing the product with engaging communications and reliable service
E)all of the above

Question 13

A ________ is someone seeking a response (attention,a purchase,a vote,a donation)from another party,called the ________.

A)salesperson;customer
B)fund-raiser;contributor
C)politician;voter
D)marketer;prospect
E)celebrity;audience

Question 14

As economies advance,a growing proportion of their activities focuses on the production of ________.

A)products
B)events
C)experiences
D)places
E)services

Question 15

Charles Revson of Revlon observed: "In the factory,we make cosmetics;in the store,________."

A)we make profits
B)we challenge competitors
C)we implement ads
D)we sell hope
E)we sell quality

Question 16

The ________ process consists of analyzing marketing opportunities,selecting target markets,designing marketing strategies,developing marketing programs,and managing the marketing effort.

A)marketing planning
B)strategic planning
C)market research
D)opportunity analysis
E)share of customer

Question 17

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

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

Question 18

In ________,consumers may share a strong need that cannot be satisfied by an existing product.

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

Question 19

Companies selling mass consumer goods and services such as soft drinks,cosmetics,air travel,and athletic shoes and equipment spend a great deal of time trying to establish a superior brand image in markets called ________.

A)business markets
B)global markets
C)consumer markets
D)nonprofit and governmental markets
E)service markets

Question 20

Mohan Sawhney has proposed the concept of ________ to describe a cluster of complementary products and services that are closely related in the minds of consumers but are spread across a diverse set of industries.

A)metamarket
B)vertical integration
C)horizontal integration
D)betamarket
E)synchronized marketing

Question 21

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

A)operations environment
B)management environment
C)strategic environment
D)task environment
E)tactical environment

Question 22

Managers of ________-oriented businesses concentrate on achieving high production efficiency,low costs,and mass distribution.

A)selling
B)product
C)production
D)marketing
E)consumer

Question 23

Value reflects ________.

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

Question 24

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

A)Loyalty
B)Satisfaction
C)Value
D)Expectations
E)Comparison shopping

Question 25

For each target market,the firm develops a ________.The offering is then positioned in the minds of the target buyers as delivering some central benefit(s).

A)value offering
B)niche offering
C)market offering
D)segment offering
E)social offering

Question 26

Many brick-and-click competitors became stronger contenders in the marketplace than the pure-click firms because they had a larger pool of resources to work with and ________.

A)better prices
B)greater value
C)well-established brand names
D)one-on-one communications
E)direct-selling capability

Question 27

Rising promotion costs and shrinking profit margins are the result of ________.

A)changing technology
B)globalization
C)deregulation
D)privatization
E)heightened competition

Question 28

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

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

Question 29

If a marketer decides to use warehouses,transportation companies,banks,and insurance companies to facilitate transactions with potential buyers,the marketer is using what is called a ________.

A)service channel
B)distribution channel
C)brand channel
D)relationship channel
E)intermediary channel

Question 30

The ________ is a long channel stretching 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 channel
E)marketing channel

Question 31

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)targeting
E)partner relationship management

Question 32

In response to giant retailers and category killers,entrepreneurial retailers are building entertainment into stores with coffee bars,lectures,demonstrations,and performances.They are marketing a(n)________ rather than a product assortment.

A)experience
B)customer value
C)customer delight
D)total service solution
E)intangible benefit(s)

Question 33

Industry boundaries are blurring rapidly as companies identify new opportunities at the intersection of two or more industries-this is called ________.

A)globalization
B)customization
C)industry convergence
D)heightened competition
E)acquisition

Question 34

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

A)target markets
B)primary markets
C)tertiary markets
D)demographic markets
E)focused markets

Question 35

The feasibility of companies dealing with customers one at a time has risen as a result of advances in ________,computers,the Internet,and database marketing software.

A)improved communication flow
B)information technology
C)just-in-time manufacturing
D)factory customization
E)customer-centered strategies

Question 36

________ includes all the actual and potential rival offerings and substitutes that a buyer might consider.

A)Competition
B)The product offering
C)A value proposition
D)The supply chain
E)The marketing environment

Question 37

Many countries have ________ industries to create greater competition and growth opportunities.

A)open-market
B)deregulated
C)regulated
D)scientifically segmented
E)created mass market

Question 38

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

A)brand
B)value proposition
C)offering
D)target market
E)demand

Question 39

In response to threats from such companies as AOL,Amazon.com,Yahoo!,eBay,E*TRADE,and dozens of others,established manufacturers and retailers became "brick-and-click" oriented by adding online services to their existing offerings.This process became known as ________.

A)reintermediation
B)disintermediation
C)e-commerce
D)e-collaboration
E)new-market synchronization

Question 40

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

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

Question 41

Holistic marketing incorporates ________,an understanding of broader concerns in the ethical,environmental,legal,and social context of marketing activities.

A)safe product design
B)cultural marketing
C)social responsibility marketing
D)cross-functional teams
E)direct-sales policies

Question 42

________ can be seen as the development,design,and implementation of marketing programs,processes,and activities that recognizes the breadth and interdependencies of their effects.

A)Niche marketing
B)Holistic marketing
C)Relationship marketing
D)Supply chain marketing
E)Demand-centered marketing

Question 43

The ________ concept holds that consumers and businesses,if left alone,will ordinarily not buy enough of the organization's products.

A)production
B)selling
C)marketing
D)product
E)holistic marketing

Question 44

Companies are recognizing that much of their market value comes from ________,particularly their brands,customer base,employees,distributor and supplier relations,and intellectual capital.

A)variable assets
B)the value proposition
C)intangible assets
D)tangible assets
E)customer preferences

Question 45

The ________ holds that the organization's task is to determine the needs,wants,and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer's and the society's well-being.

A)customer-centered business
B)focused business model
C)societal marketing concept
D)ethically responsible marketing manager
E)production-centered business

Question 46

One traditional depiction of marketing activities is in terms of the marketing mix or four Ps.The four Ps are characterized as being ________.

A)product,positioning,place,and price
B)product,production,price,and place
C)promotion,place,positioning,and price
D)place,promotion,production,and positioning
E)product,price,promotion,and place

Question 47

Marketing feedback and ________ processes are necessary to understand the efficiency and effectiveness of marketing activities and how both could be improved.

A)control
B)analysis
C)measurement
D)retrospective
E)consumer behavior

Question 48

The strength of the ________ depends on the mutually profitable business relationships built by the company and its supporting stakeholders.

A)sales network
B)holistic union
C)marketing network
D)supply chain network
E)integrated network

Question 49

The ________ concept holds that consumers will favor those products that offer the most quality,performance,or innovative features.

A)product
B)marketing
C)production
D)selling
E)holistic marketing

Question 50

________ activities include those the company undertakes to make the product accessible and available to target customers.

A)Consumer behavior
B)Market segmentation
C)Marketing research
D)Channel
E)New-product development

Question 51

Several scholars have found that companies who embrace the marketing concept achieve superior performance.This was first demonstrated for companies practicing a ________-understanding and meeting customers' expressed needs.

A)reactive market orientation
B)proactive marketing orientation
C)total market orientation
D)impulsive market orientation
E)holistic market orientation

Question 52

Holistic marketing incorporates ________,ensuring that everyone in the organization embraces appropriate marketing principles,especially senior management.

A)profit objectives
B)share of customer
C)internal marketing
D)the marketing mix
E)strategic planning

Question 53

A firm can ________ only in the long run.

A)reduce its sales-force size
B)develop new products
C)change its price
D)modify advertising expenditures
E)All of the above may be done in the short or long run.

Question 54

From a buyer's point of view,each marketing tool is designed to deliver a customer benefit.The SIVA customer-centric breakdown of marketing activities includes ________.

A)sale,interaction,voice,and availability
B)solution,information,value,and access
C)satisfaction,intention,value,and account
D)situation,importance,variability,and awareness
E)none of the above

Question 55

Companies that adopt and employ the marketing concept switch from being solely product centered to being more ________ centered.

A)competency
B)strategy
C)marketing
D)customer
E)sales

Question 56

________ marketing aims to build mutually satisfying long-term relations with key parties such as customers,suppliers,distributors,and other marketing partners.

A)Holistic
B)Demand-based
C)Direct
D)Relationship
E)Synthetic

Question 57

According to Theodore Levitt,who drew contrasts between the selling and marketing concepts,________ is preoccupied with the need to convert products into cash.

A)marketing
B)selling
C)direct marketing
D)holistic marketing
E)service marketing

Question 58

Companies that practice both a reactive and proactive marketing orientation are implementing a ________ and are likely to be the most successful.

A)total market orientation
B)external focus
C)customer focus
D)competitive,customer focus
E)confrontation process

Question 59

The ________ is practiced most aggressively with unsought goods,goods that buyers normally do not think of buying,such as insurance,encyclopedias,and cemetery plots.

A)marketing concept
B)selling concept
C)production concept
D)product concept
E)holistic marketing concept

Question 60

At the heart of any marketing program is the ________-the firm's tangible offering to the market.

A)service offer
B)product
C)sales support team
D)packaging
E)auxiliary offer

Question 61

Companies selling goods and services in the global marketplace have the advantage of being able to sell the goods and services in almost the same way as they do in their domestic market.

Question 62

Wants are basic human requirements such as food or air.

Question 63

A marketspace is physical,as when you shop in a store.

Question 64

Most marketers satisfy everyone in a market-that's how they stay in business.

Question 65

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

Question 66

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

Question 67

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

Question 68

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

Question 69

The main actors in the task environment are the components of demographics,economics,physical setting,technology,the political-legal system,and the social-cultural arena.

Question 70

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 71

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

Question 72

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

Question 73

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

Question 74

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

Question 75

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

Question 76

The U.S.economy today consists of a 70-30 services-to-goods mix.

Question 77

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

Question 78

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

Question 79

Companies selling their goods to nonprofit organizations may charge an extra premium over their normal prices because these organizations are largely indifferent to price.

Question 80

Companies can facilitate and speed external communication among customers by creating online and off-line "buzz" through brand advocates and user communities.