Question 1

________ marketing is the marketing of goods and services from one organization to another.

Accepted Answer

A)  Distributive 
B)  Consumer 
C)  Customer 
D)  Business-to-business 
E)  Target

Question 2

Which element of the marketing mix is most closely associated with a company's channel of distribution?

Accepted Answer

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

Question 3

The ________ is a document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy.

Accepted Answer

A)  marketing mix 
B)  marketing plan 
C)  value proposition 
D)  value chain 
E)  channel of distribution

Question 4

The Ford Motor Company sponsored "The Great American Pony Drive II" in honor of devotees of its legendary Mustang. In this example, how is the Ford Motor Company considering the lifetime value of a customer of the Mustang?

Accepted Answer

The answer of The Ford Motor Company sponsored "The Great...

Question 5

Which of the following is LEAST likely to be of growing importance in marketing in the near future?

Accepted Answer

A)  mobile marketing 
B)  corporate citizenship 
C)  big data 
D)  a selling orientation 
E)  user-generated content

Question 6

The consumer orientation maintains that marketers must satisfy customers' needs in ways that also benefit society.

Accepted Answer

A) True 
 B)False

Question 7

The total quality management (TQM) philosophy involves all employees in ________.

Accepted Answer

A)  customer relationship management 
B)  continuous product quality improvement 
C)  market positioning 
D)  creating sustainability 
E)  increasing the lifetime value of customers

Question 8

The Four Ps are ________.

Accepted Answer

A)  price, product, place, and promotion 
B)  price, profit, production, and possession 
C)  product, production, possession, and promotion 
D)  product, promotion, price, and profit 
E)  place, production, process, and profit

Question 9

A ________ is a series of activities involved in designing, producing, marketing, delivering, and supporting any product.

Accepted Answer

A)  value proposition 
B)  production orientation 
C)  value chain 
D)  marketing concept 
E)  market position

Question 10

________ 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 11

Which of the following is an example of a transaction that might occur in business-to-business marketing?

Accepted Answer

A)  Maurice buys a new razor on his way home from work. 
B)  The amateur gardener buys a new wheelbarrow. 
C)  The retail outlet buys athletic shoes to sell in its store. 
D)  The professional chef bakes a birthday cake for her son. 
E)  Robyn's mother hires a math tutor to help Robyn pass algebra.

Question 12

What are two competitive advantages a customer may benefit from when buying a bottle of soda from a local corner convenience store versus a chain supermarket?

Accepted Answer

The answer of What are two competitive advantages a customer...

Question 13

Explain the concept of corporate citizenship and why it is important for companies today.

Accepted Answer

The answer of Explain the concept of corporate citizenship and...

Question 14

________ consists of the tools an organization uses to create a desired response among a set of predefined consumers.

Accepted Answer

A)  Distinctive competency 
B)  Market position 
C)  Value proposition 
D)  Differential benefit 
E)  Marketing mix

Question 15

Select one real company located in your home state. Identify at least four different types of stakeholders in this company.

Accepted Answer

The answer of Select one real company located in your...

Question 16

The promotion element of the marketing mix includes the design of the product.

Accepted Answer

A) True 
 B)False

Question 17

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 18

When a gap exists between a consumer's actual state and some ideal or desired state, the consumer has a ________.

Accepted Answer

A)  benefit 
B)  demand 
C)  need 
D)  value 
E)  utility

Question 19

The trend of consumers renting out their belongings when they are not in use to other consumers who need them for a limited time is called ________.

Accepted Answer

A)  e-commerce 
B)  virtual exchange of goods 
C)  the attention economy 
D)  collaborative consumption 
E)  user-generated content

Question 20

A(n) ________ provides reasons for customers to pay a premium for a firm's products and exhibit a strong brand preference.

Accepted Answer

A)  exchange 
B)  differential benefit 
C)  industrial good 
D)  value chain 
E)  customer lifetime value

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

________ marketing is the marketing of goods and services from one organization to another.

Which element of the marketing mix is most closely associated with a company's channel of distribution?

The ________ is a document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy.

The Ford Motor Company sponsored "The Great American Pony Drive II" in honor of devotees of its legendary Mustang. In this example, how is the Ford Motor Company considering the lifetime value of a customer of the Mustang?

Which of the following is LEAST likely to be of growing importance in marketing in the near future?

The consumer orientation maintains that marketers must satisfy customers' needs in ways that also benefit society.

The total quality management (TQM) philosophy involves all employees in ________.

The Four Ps are ________.

A ________ is a series of activities involved in designing, producing, marketing, delivering, and supporting any product.

________ 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.

Which of the following is an example of a transaction that might occur in business-to-business marketing?

What are two competitive advantages a customer may benefit from when buying a bottle of soda from a local corner convenience store versus a chain supermarket?

Explain the concept of corporate citizenship and why it is important for companies today.

________ consists of the tools an organization uses to create a desired response among a set of predefined consumers.

Select one real company located in your home state. Identify at least four different types of stakeholders in this company.

The promotion element of the marketing mix includes the design of the product.

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.

When a gap exists between a consumer's actual state and some ideal or desired state, the consumer has a ________.

The trend of consumers renting out their belongings when they are not in use to other consumers who need them for a limited time is called ________.

A(n) ________ provides reasons for customers to pay a premium for a firm's products and exhibit a strong brand preference.