Question 1

The set of marketing tools a firm uses to implement its marketing strategy is called the ________.

Accepted Answer

A) promotion mix 
B) product mix 
C) marketing mix 
D) TQM 
E) marketing effort

Question 2

Discuss the opportunities and advantages that new communication technologies have created for marketers.

Accepted Answer

The answer of Discuss the opportunities and advantages that new...

Question 3

According to management guru Peter Drucker, "The aim of marketing is to ________."

Accepted Answer

A) create customer demands 
B) identify customer demands 
C) make selling unnecessary 
D) set realistic customer expectations 
E) sell products

Question 4

Carol Veldt, owner of Seagull Terrace, watched her investment grow from a small, seaside motel to a thriving year-round resort in just a few years. Atop a bluff overlooking the Maine coast, Seagull Terrace had attracted thousands of visits during the summer months, but then faced a tremendous downturn in business during the winter months. "But, given the industry in the nearby towns, very little year-round competition, and our close proximity to Portland," Carol added, "I couldn't understand why seasonality had to hit Seagull Terrace so hard!"

So Carol spent her first winter devising a new marketing plan. She put together a promotional package designed to attract business travelers year-round. Carol's plan, then, involved a seasonal promotional gimmick—to be implemented from early winter to late spring—that would attract the same numbers as the large summer crowd. Her idea worked! During her second winter, Carol greeted numerous business travelers—both satisfied repeat guests as well as new guests who had been snagged by her promotional appeals.

"We still have a long way to go," Carol admitted. "Our delicatessen offers delicious entrees, but we'd like to expand that. We provide health club privileges off-site, but we'd like to eventually provide our own. These are goals I hope to achieve in a few years. Our first project, however, included a renovation of our guest rooms and I'm quite proud of the results." Carol then added, "Actually there are so many possibilities! With an indoor pool area, I will eventually offer weekend getaways throughout winter."

-How might the marketing mix at Seagull Terrace differ between its two target markets?

Accepted Answer

The answer of Carol Veldt, owner of Seagull Terrace, watched...

Question 5

Define customer equity and explain why it is important to a company.

Accepted Answer

The answer of Define customer equity and explain why it...

Question 6

It is most accurate to say that a customer will buy from the company that offers the highest ________.

Accepted Answer

A) value for the dollar 
B) customer-perceived value 
C) level of customer satisfaction 
D) company image 
E) concern for society's interests

Question 7

Which of the following statements is true about social media as a marketing tool?

Accepted Answer

A) Social media is a clumsy way to collect consumer research. 
B) Social media is a relatively inexpensive way to collect market research. 
C) Social media is a challenging tool to engage with customers. 
D) Social media usage is declining. 
E) Social media cannot be employed by government organizations, and non-profit organizations.

Question 8

A large department store segments its customers into 4 categories (butterflies, true friends, strangers, and barnacles)in order to evaluate customers on ________.

Accepted Answer

A) profitability and revenue 
B) revenue and customer loyalty 
C) profitability and customer loyalty 
D) revenue and communications costs 
E) profit and communications costs

Question 9

Explain why a supermarket owner might consider customer lifetime value when a disgruntled customer leaves the store dissatisfied.

Accepted Answer

The answer of Explain why a supermarket owner might consider...

Question 10

When marketers set low expectations for a market offering, they are most likely to run the risk of which of the following?

Accepted Answer

A) disappointing loyal buyers 
B) decreasing buyers satisfaction 
C) failing to attract enough buyers 
D) failing to understand their buyers' needs 
E) incorrectly identifying a target market

Question 11

The production concept and product concept are orientations that can lead to marketing myopia.

Accepted Answer

A) True 
 B)False

Question 12

Amy's law office has developed a new format and wording for wills. The staff believes they offer the most in quality, performance, and innovative features. Her law office is practicing the production concept.

Accepted Answer

A) True 
 B)False

Question 13

If a firm practices environmentalism in its social responsibility efforts, where would the firm place its focus?

Accepted Answer

The answer of If a firm practices environmentalism in its...

Question 14

________ are human needs as shaped by individual personality and culture.

Accepted Answer

A) Deprivations 
B) Wants 
C) Demands 
D) Values 
E) Exchanges

Question 15

Which of the following phrases reflects the marketing concept?

Accepted Answer

A) The supplier is king. 
B) Marketing should be viewed as hunting and not gardening. 
C) This is what I make, won't you please buy it? 
D) This is what I want, won't you please make it? 
E) This is better than the competition, won't you please buy it?

Question 16

Human needs are shaped by culture and individual personality.

Accepted Answer

A) True 
 B)False

Question 17

A church targeting different demographic groups to increase attendance is an example of ________.

Accepted Answer

A) for-profit marketing 
B) not-for-profit marketing 
C) mindless marketing 
D) ethics in marketing 
E) societal marketing

Question 18

According to the simple five-step model of the marketing process, a company needs to ________ before designing a customer-driven marketing strategy.

Accepted Answer

A) determine how to deliver superior value 
B) build profitable relationships with customers 
C) use customer relationship management to create full partnerships with key customers 
D) understand the marketplace and customer needs and wants 
E) construct key components of a marketing program

Question 19

When backed by buying power, wants become ________.

Accepted Answer

A) social needs 
B) demands 
C) physical needs 
D) self-esteem needs 
E) exchanges

Question 20

FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these aforementioned benefits against the monetary and psychic costs of using the service, they are acting upon ________.

Accepted Answer

A) loyalty 
B) relationship marketing 
C) customer-perceived value 
D) social relationships 
E) a societal marketing campaign

Exam 1: Marketing: Creating and Capturing Customer Value

The set of marketing tools a firm uses to implement its marketing strategy is called the ________.

Discuss the opportunities and advantages that new communication technologies have created for marketers.

According to management guru Peter Drucker, "The aim of marketing is to ________."

Define customer equity and explain why it is important to a company.

It is most accurate to say that a customer will buy from the company that offers the highest ________.

Which of the following statements is true about social media as a marketing tool?

A large department store segments its customers into 4 categories (butterflies, true friends, strangers, and barnacles) in order to evaluate customers on ________.

Explain why a supermarket owner might consider customer lifetime value when a disgruntled customer leaves the store dissatisfied.

When marketers set low expectations for a market offering, they are most likely to run the risk of which of the following?

The production concept and product concept are orientations that can lead to marketing myopia.

Amy's law office has developed a new format and wording for wills. The staff believes they offer the most in quality, performance, and innovative features. Her law office is practicing the production concept.

If a firm practices environmentalism in its social responsibility efforts, where would the firm place its focus?

________ are human needs as shaped by individual personality and culture.

Which of the following phrases reflects the marketing concept?

Human needs are shaped by culture and individual personality.

A church targeting different demographic groups to increase attendance is an example of ________.

According to the simple five-step model of the marketing process, a company needs to ________ before designing a customer-driven marketing strategy.

When backed by buying power, wants become ________.

FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these aforementioned benefits against the monetary and psychic costs of using the service, they are acting upon ________.