Question 1

Customer value refers to

Accepted Answer

A) the need of a customer to receive the highest quality product at the lowest possible price. 
B) the least expensive product that will provide customers with most of the basic benefits. 
C) a statement that,before product development begins,identifies (1)a well-defined target market;(2)specific customers' needs,wants,and preferences;and (3)what the product will be and do to satisfy consumers. 
D) the unique combination of benefits received by targeted buyers that includes quality,convenience,on-time delivery,and both before-sale and after-sale service at a specific price. 
E) the cluster of benefits that an organization promises customers to satisfy their needs.

Question 2

Many companies subscribe to being "green" because they feel that consumers value this.Yet,in many of these same firms,office computers are left on 24 hours a day and office paper is not recycled.This example indicates it is not always easy for firms to act in accordance with the

Accepted Answer

A) marketing concept. 
B) customer relationship management concept. 
C) consumerism. 
D) social entrepreneurship. 
E) cause marketing.

Question 3

Organizations such as American Airlines,U.S.Bank,and the Red Cross each provide customers with a product that is typically called

Accepted Answer

A) a utility. 
B) a performance. 
C) a service. 
D) a value. 
E) an idea.

Question 4

Dick's Sporting Goods carries baseballs year-round.The same is true for footballs and tennis equipment.With this strategy,Dick's Sporting Goods offers ________ utility for these products.

Accepted Answer

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

Question 5

With respect to the history of American business,the ________ era covered the early years of the United States up until the 1920s.

Accepted Answer

A) sales 
B) marketing concept 
C) customer relationship 
D) market orientation 
E) production

Question 6

The founder of Chobani,who won the 2013 Ernst & Young World Entrepreneur of the Year award,is

Accepted Answer

A) Mark Zuckerberg. 
B) "Trader" Joe Demapolis. 
C) Hamdi Ulukaya. 
D) Robert M.McMath. 
E) David Windorski.

Question 7

Redbox places vending machines at local convenience and grocery stores that allow customers to rent and return popular DVDs 24 hours a day.This creates both ________ and ________ utilities.

Accepted Answer

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

Question 8

The ability to buy a soda from a vending machine demonstrates which element of the marketing mix?

Accepted Answer

A) product 
B) price 
C) promotion 
D) place 
E) process

Question 9

The ________ concept means that an organization strives to satisfy consumer needs while achieving its goals.

Accepted Answer

A) marketing 
B) sales 
C) production 
D) societal benefit 
E) customer relationship

Question 10

Which of the following is not an environmental force?

Accepted Answer

A) technological 
B) regulatory 
C) administrative 
D) competitive 
E) economic

Question 11

To serve both buyers and sellers,marketing seeks to discover and ________ the needs and wants of prospective customers.

Accepted Answer

A) change 
B) satisfy 
C) create 
D) manipulate 
E) preserve

Question 12

In a marketing context,a market refers to

Accepted Answer

A) people with a similar want for a particular product or service. 
B) people with both the desire and ability to buy a specific offering. 
C) the central location for all buying and selling of products and services. 
D) an open space or covered building where vendors convene to sell their offerings. 
E) the free operation of supply and demand.

Question 13

The value to consumers that comes from having the offering available when they need it constitutes ________ utility.

Accepted Answer

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

Question 14

A marketing program refers to

Accepted Answer

A) a plan that integrates the marketing mix to provide a good,service,or idea to prospective buyers. 
B) the selection of product benefits and attributes that are added to or subtracted from a given product to create variations within a product line. 
C) the marketing manager's controllable factors-product,price,promotion,and place-that can be used to solve a marketing problem. 
D) the specific ratio within a marketing budget that divides resources between advertising,promotions,and personal selling. 
E) the allocation of resources within a firm toward individual marketing mix elements.

Question 15

The ________ element of the marketing mix is demonstrated when a company places an ad on a highway billboard.

Accepted Answer

A) product 
B) price 
C) promotion 
D) place 
E) process

Question 16

To attend a winter concert presented by the community chorus,every person had to donate one unwrapped toy at the concert hall door.The donation is most closely related to the ________ element of the marketing mix.

Accepted Answer

A) product 
B) philanthropy 
C) price 
D) place 
E) promotion

Question 17

The activity,set of institutions,and processes for creating,communicating,delivering,and exchanging offerings that have value for customers,clients,partners,and society at large is referred to as

Accepted Answer

A) manufacturing. 
B) advertising. 
C) marketing. 
D) selling. 
E) promotion.

Question 18

Satisfying consumer needs is accomplished by

Accepted Answer

A) designing a marketing program. 
B) conducting marketing research. 
C) discovering consumer needs. 
D) developing a distribution strategy. 
E) identifying target markets.

Question 19

Based on the marketing program 3M developed for its Post-it Flag Highlighters and Post-it Flag Pens,one can conclude that

Accepted Answer

A) the market segments for Post-it Flag Highlighters and Post-it Flag Pens are identical. 
B) the market segments for Post-it Flag Highlighters and Post-it Flag Pens are not realistic. 
C) the Post-it Flag Highlighters and Post-it Flag Pens are priced unreasonably for the target markets. 
D) the prices for 3M's Post-it Flag Highlighters and Post-it Flag Pens are set to maximize 3M's profits,not its distributors' profits. 
E) the promotion strategy is designed to increase awareness among potential users.

Question 20

If you wanted a new pair of shoes during the Civil War,you traced the outline of your foot on a piece of paper and gave it to a shoemaker.There was no distinction between the right and left foot because you wanted your shoes as quickly as possible,and the shoemaker knew that you would buy them even if they just "sort of" fit.This is an example of a transaction that would have occurred during the ________ era in U.S.business history.

Accepted Answer

A) marketing concept 
B) sales 
C) production 
D) social entrepreneurship 
E) market orientation

Exam 1: Creating Customer Relationships and Value Through Marketing