Question 1

After major storms, many ethical home repair and building supply businesses continue to charge pre-storm prices to their customers, even though they know they can charge more due to the huge increase in demand for their services and products. These firms probably recognize that

Accepted Answer

A) they can make more money from government contracts than from sales to customers. 
B) a transactional orientation is the key to long-term profitability. 
C) none of their competitors would be raising prices. 
D) lifetime profitability of relationships matters more than profits from a particular transaction. 
E) if they raised prices they would be in violation of Commerce Department regulations.

Question 2

Many universities provide physical or electronic bulletin boards to facilitate ride-sharing and exchange of used books among students. These bulletin boards increase ________ marketing.

Accepted Answer

A) B2C 
B) C2B 
C) B2B 
D) C2C 
E) 2BC

Question 3

Meredith's current task at work is to determine how much the new product should cost and how it will be promoted. What is Meredith working on?

Accepted Answer

A) sales forecast 
B) marketing plan 
C) demographics 
D) CRM 
E) supply chain management

Question 4

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

Accepted Answer

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

Question 5

Jada sells construction equipment. Whenever she calls on her building contractor customers, she asks if they are having any problems. In doing so, Jada is addressing which of the following core aspects of marketing?

Accepted Answer

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 6

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

Accepted Answer

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 7

What is a core aspect of marketing?

Accepted Answer

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 8

Many marketing students initially overlook the importance of marketing channel management because

Accepted Answer

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 9

According to your text, in the broadest terms, the "marketplace" refers to

Accepted Answer

A) wholesale and retail environments. 
B) brick-and-mortar stores and the Internet. 
C) the four Ps. 
D) channels that are accessible to a given customer. 
E) the world of trade.

Question 10

Describe how marketing has evolved into a major business function that crosses all areas of a firm or organization.

Accepted Answer

The answer of Describe how marketing has evolved into a...

Question 11

Traditionally, marketing activities have been divided into the four Ps: product, price, place, and promotion. The four Ps represent the

Accepted Answer

A) marketing mix. 
B) marketing channel. 
C) marketing plan. 
D) marketing era. 
E) marketing implementation.

Question 12

The primary purpose of the ________ plan is to specify the marketing activities for a specific period of time.

Accepted Answer

A) marketing 
B) business 
C) strategic 
D) organizational 
E) resource

Question 13

Madison was tired of her winter coat, so she sold it to her friend, Hannah. This is an example of ________ marketing.

Accepted Answer

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

Question 14

The business philosophy that relies on a set of strategies, programs, and systems that focus on identifying and building loyalty among a firm's most valued customers is called

Accepted Answer

A) GDP. 
B) OEM. 
C) GNI. 
D) 4Ps 
E) CRM.

Question 15

What are the four Ps of marketing? Give an example of each.

Accepted Answer

The answer of What are the four Ps of marketing?...

Question 16

When considering price within the marketing mix, price consists of

Accepted Answer

A) the money the consumer pays to receive the product. 
B) the length of time between marketing exchanges. 
C) the cost of a product to the producer. 
D) the money, time, and energy buyers give up in exchange for a product. 
E) the affect of the cost on a company's bottom line.

Question 17

Hunter 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

Accepted Answer

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 18

Which company activity is identified as the set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large?

Accepted Answer

A) human resources 
B) marketing 
C) accounting 
D) manufacturing 
E) sales

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

During the Great Depression, consumers couldn't afford to purchase items and instead planted gardens for food, patched together broken cars, and didn't replace items that wore out. This led to the _____ era in which manufacturers had to find ways to get rid of product.

Accepted Answer

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

Exam 1: Overview of Marketing