Question 1

Why might a company invest in brandfests, and how is this related to the concept of lifetime value of a customer?

Accepted Answer

The answer of Why might a company invest in brandfests,...

Question 2

A firm has a competitive advantage when it is able to outperform the competition, providing customers with a desired benefit not provided by the competition.

Accepted Answer

A) True 
 B)False

Question 3

________ utility is the benefit marketing provides by transforming raw materials into finished products, as when a dress manufacturer combines silk, thread, and a zipper to create a bridesmaid's gown.

Accepted Answer

A)  Form 
B)  Place 
C)  Time 
D)  Possession 
E)  Price

Question 4

________ is the process of thinking strategically about the big picture and where the firm and its products fit within it.

Accepted Answer

A)  Crowdsourcing 
B)  Total quality management 
C)  Marketing planning 
D)  Customer relationship management 
E)  Value proposition creation

Question 5

The phenomenon of ________ includes consumers creating their own ads and buying and selling products on eBay.

Accepted Answer

A)  the production orientation 
B)  the triple-bottom-line orientation 
C)  consumer-generated value 
D)  socially responsible marketing 
E)  the marketing concept

Question 6

Briefly describe the collaborative consumption trend.

Accepted Answer

The answer of Briefly describe the collaborative consumption trend....

Question 7

Faruk provides heating and air conditioning equipment for office buildings. He sells ________.

Accepted Answer

A)  distributive goods 
B)  consumer services 
C)  consumer goods 
D)  industrial goods 
E)  intangible goods

Question 8

Why might a company try to determine the lifetime value of a customer? What must a company do to determine this information?

Accepted Answer

The answer of Why might a company try to determine...

Question 9

Can a consumer of a product be a stakeholder in the company that markets the product? Briefly explain your answer.

Accepted Answer

The answer of Can a consumer of a product be...

Question 10

The second step in developing a competitive advantage is to turn a distinctive competency into a ________ that is important to customers.

Accepted Answer

A)  target market 
B)  service 
C)  marketing mix 
D)  market position 
E)  differential benefit

Question 11

For an exchange to occur, ________.

Accepted Answer

A)  at least two people or organizations must be willing to make a trade, and each must have something the other wants 
B)  there must be one winner and one loser 
C)  someone must make a financial profit 
D)  the item that is exchanged must be a tangible product 
E)  time utility must be created for the purchaser

Question 12

The first phase of marketing planning is the development of a market position.

Accepted Answer

A) True 
 B)False

Question 13

IBM manager Celia Moore coordinates IBM's long-standing "Reinventing Education" program that involves intensive research into how educational institutions can use the fruits of new technologies to transform what they do. In the process, the program is actually helping to shape a market of significant interest to IBM. "We see the program very much as an investment, rather than handing out money," says Moore. The existence of this program indicates that IBM has a(n) ________ orientation.

Accepted Answer

A)  environmental 
B)  financial bottom line 
C)  selling 
D)  production 
E)  triple-bottom-line

Question 14

Conveniently located vending machines around your college or university campus make it easy for you to buy a soda and a snack between classes. This is an example of the ________ element of the marketing mix.

Accepted Answer

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

Question 15

By selecting a mass market, a firm risks losing potential customers to competitors who instead try to meet the needs of specific target markets.

Accepted Answer

A) True 
 B)False

Question 16

Although having something to eat or drink may be a want, the desire for a specific brand name is referred to as a need.

Accepted Answer

A) True 
 B)False

Question 17

Rentrepreneurs are a new trend in business-to-business marketing.

Accepted Answer

A) True 
 B)False

Question 18

A sign manufacturer who uses plastic, metal, and neon tubing to create a motel sign has performed the marketing benefit of creating ________ utility.

Accepted Answer

A)  form 
B)  place 
C)  possession 
D)  time 
E)  creation

Question 19

A marketer who wants to achieve a competitive advantage over her rivals cannot use the marketing mix to achieve this goal.

Accepted Answer

A) True 
 B)False

Question 20

Automobiles, haircuts, tutoring, and lighting fixtures are all examples of consumer goods.

Accepted Answer

A) True 
 B)False

Exam 1: Welcome to the World of Marketing: Create and Deliver Value

Why might a company invest in brandfests, and how is this related to the concept of lifetime value of a customer?

A firm has a competitive advantage when it is able to outperform the competition, providing customers with a desired benefit not provided by the competition.

________ utility is the benefit marketing provides by transforming raw materials into finished products, as when a dress manufacturer combines silk, thread, and a zipper to create a bridesmaid's gown.

________ is the process of thinking strategically about the big picture and where the firm and its products fit within it.

The phenomenon of ________ includes consumers creating their own ads and buying and selling products on eBay.

Briefly describe the collaborative consumption trend.

Faruk provides heating and air conditioning equipment for office buildings. He sells ________.

Why might a company try to determine the lifetime value of a customer? What must a company do to determine this information?

Can a consumer of a product be a stakeholder in the company that markets the product? Briefly explain your answer.

The second step in developing a competitive advantage is to turn a distinctive competency into a ________ that is important to customers.

For an exchange to occur, ________.

The first phase of marketing planning is the development of a market position.

Conveniently located vending machines around your college or university campus make it easy for you to buy a soda and a snack between classes. This is an example of the ________ element of the marketing mix.

By selecting a mass market, a firm risks losing potential customers to competitors who instead try to meet the needs of specific target markets.

Although having something to eat or drink may be a want, the desire for a specific brand name is referred to as a need.

Rentrepreneurs are a new trend in business-to-business marketing.

A sign manufacturer who uses plastic, metal, and neon tubing to create a motel sign has performed the marketing benefit of creating ________ utility.

A marketer who wants to achieve a competitive advantage over her rivals cannot use the marketing mix to achieve this goal.

Automobiles, haircuts, tutoring, and lighting fixtures are all examples of consumer goods.