Question 1

The trade of things of value between the buyer and the seller so that each is better off as a result is known as an exchange.

Accepted Answer

A) True 
 B)False  True

Question 2

Basically,there are two ways to improve value.What are they?

Accepted Answer

Provide a better product or service at the same price or provide the same value at a lower price.

Question 3

Your roommate,a non-business major,sees you reading your marketing text.He or she asks,"Why is marketing important?" You respond by saying all of the following EXCEPT

Accepted Answer

A)  Marketers advise production on how much product to make. 
B)  Marketers tell the logistics department when to ship products. 
C)  Marketers engage customers and develop long-term relationships. 
D)  Marketers identify opportunities to expand. 
E)  Marketers are the most important profit center in any organization. E

Question 4

During the period 1920-1950,what changes in the United States contributed to the shift from a production orientation to a sales orientation?

Accepted Answer

The answer of During the period 1920-1950,what changes in the...

Question 5

Four Winds Art Gallery recently began offering appraisals of customers' art collections,in addition to continuing to sell paintings.Four Winds is

Accepted Answer

A)  expanding from offering just services to also offering goods. 
B)  implementing a market segmentation strategy. 
C)  capturing value through multiple pricing strategies. 
D)  expanding from offering just goods to also offering services. 
E)  increasing customer value through inflated appraisal evaluations.

Question 6

By promoting perfume based on youth,style,and sex appeal,Calvin Klein is attempting to

Accepted Answer

A)  influence social norms regarding sexuality. 
B)  encourage consumers to participate in product redesign. 
C)  stimulate supply chain management cooperation. 
D)  increase the perceived value of their products. 
E)  none of these.

Question 7

Marketing has traditionally been divided into a set of four interrelated decisions known as the marketing mix,or four Ps,including all of the following EXCEPT

Accepted Answer

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

Question 8

Near the end of the model year,Move-Them-Out automobile dealership had an unusually high inventory level.The manager increased her advertising spending and gave extra incentives to its salespeople.Move-Them-Out operates as if it were in the __________ era.

Accepted Answer

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

Question 9

Christie has just started with a travel agency,and she has been offering clients and prospective clients a range of packaged tours.She is concerned,because the commissions she is earning on her sales are lower than she had hoped.Her colleague Peter,who has been with the agency for several years,is having a great deal of success by working closely with the clients,seeking their ideas,and building customized tour packages for each one based on their suggestions.Peter's approach is based on

Accepted Answer

A)  transaction-oriented marketing. 
B)  premium pricing. 
C)  his seniority at the firm. 
D)  special incentives from tour operators. 
E)  value cocreation.

Question 10

Marketing involves all of the following EXCEPT

Accepted Answer

A)  conducting exchanges. 
B)  satisfying customer needs and wants. 
C)  creating value. 
D)  efforts by individuals and organizations. 
E)  production scheduling.

Question 11

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

Accepted Answer

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

Question 12

Auction sites like eBay have increased opportunities for __________ marketing.

Accepted Answer

A)  B2B 
B)  C2C 
C)  D2C 
D)  C2D 
E)  B2G

Question 13

The four Ps make up the marketing mix,which is the __________ set of activities that the firm uses to respond to the wants and needs of its target markets.

Accepted Answer

A)  unpredictable 
B)  external 
C)  internal 
D)  controllable 
E)  global

Question 14

When a good or service is promoted,the purpose of the promotion is to inform,persuade,or remind customers.

Accepted Answer

A) True 
 B)False

Question 15

At one point in the evolution of marketing,the United States entered a buyer's market and the customer became king.Which era is being described?

Accepted Answer

A)  Market-oriented 
B)  Sales-oriented 
C)  Production-oriented 
D)  Value-based marketing 
E)  Economic-oriented

Question 16

Jean-Pierre is a wine distributor in the United States representing primarily European vintners (wine producers).He knows his potential market is every wine drinker in the United States,but he has limited resources to market his products.Using the ideas presented in the text,what should Jean-Pierre do as a first step when developing his marketing plan?

Accepted Answer

The answer of Jean-Pierre is a wine distributor in the...

Question 17

The basic difference between a good and a service is that a good

Accepted Answer

A)  provides intangible benefits. 
B)  can be physically touched. 
C)  is always less expensive than a corresponding service. 
D)  generates greater interest among consumers. 
E)  is more quickly forgotten by consumers.

Question 18

In value cocreation,the customer participates in the creation of a good or service,which provides additional value to the customer.

Accepted Answer

A) True 
 B)False

Question 19

The activity,set of institutions,and process for creating,capturing,communicating,delivering,and exchanging offerings that have value for customers,clients,partners,and society at large is called

Accepted Answer

A)  marketing. 
B)  marketing research. 
C)  market share analysis. 
D)  market segmentation. 
E)  market positioning.

Question 20

A buyer's representative in a real estate purchase was asked by her customer,"Is this a fair offer?" She responded,"You are only trying to buy one house.Do you want to offer more money than you have to?" The buyer's representative recognized that in most situations,home buyers are engaged in

Accepted Answer

A)  relationships. 
B)  subterfuge. 
C)  collective bargaining. 
D)  prestige purchases. 
E)  transactions.

Exam 1: Overview of Marketing

The trade of things of value between the buyer and the seller so that each is better off as a result is known as an exchange.

Basically,there are two ways to improve value.What are they?

Your roommate,a non-business major,sees you reading your marketing text.He or she asks,"Why is marketing important?" You respond by saying all of the following EXCEPT

During the period 1920-1950,what changes in the United States contributed to the shift from a production orientation to a sales orientation?

Four Winds Art Gallery recently began offering appraisals of customers' art collections,in addition to continuing to sell paintings.Four Winds is

By promoting perfume based on youth,style,and sex appeal,Calvin Klein is attempting to

Marketing has traditionally been divided into a set of four interrelated decisions known as the marketing mix,or four Ps,including all of the following EXCEPT

Near the end of the model year,Move-Them-Out automobile dealership had an unusually high inventory level.The manager increased her advertising spending and gave extra incentives to its salespeople.Move-Them-Out operates as if it were in the __________ era.

Marketing involves all of the following EXCEPT

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

Auction sites like eBay have increased opportunities for __________ marketing.

The four Ps make up the marketing mix,which is the __________ set of activities that the firm uses to respond to the wants and needs of its target markets.

When a good or service is promoted,the purpose of the promotion is to inform,persuade,or remind customers.

At one point in the evolution of marketing,the United States entered a buyer's market and the customer became king.Which era is being described?

The basic difference between a good and a service is that a good

In value cocreation,the customer participates in the creation of a good or service,which provides additional value to the customer.

The activity,set of institutions,and process for creating,capturing,communicating,delivering,and exchanging offerings that have value for customers,clients,partners,and society at large is called

A buyer's representative in a real estate purchase was asked by her customer,"Is this a fair offer?" She responded,"You are only trying to buy one house.Do you want to offer more money than you have to?" The buyer's representative recognized that in most situations,home buyers are engaged in