Question 1

Why are you, as a student, already somewhat of a marketing expert before taking this course? Provide a specific example from your own personal experience and relate it to something you just "formally" learned about marketing.

Accepted Answer

The answer of Why are you, as a student, already...

Question 2

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 the operation of supply and demand.

Question 3

Marketing managers used a combination of four tools in order to develop a complete marketing program to reach consumers. Briefly define these four tools.

Accepted Answer

The answer of Marketing managers used a combination of four...

Question 4

In China, many people are removing their money from the state banks and lending it out themselves. The interest rate earned in a state bank account is about one-half the rate of inflation. On the other hand, loaning money to friends, relatives, and even unrelated entrepreneurs can often earn the investor a rate at least double the inflation rate. The gray market, an underground network of investors and private businesses, moves the cash from lenders to businesses. Did marketing occur here? Explain your answer.

Accepted Answer

The answer of In China, many people are removing their...

Question 5

The owners of Old School Brand Authentic Antique Foods researched Civil War records to come up with recipes for the old-fashioned products they market. Concern about the __________ element of the marketing mix would make them eager to be featured in an upcoming edition of Taste of Home magazine.

Accepted Answer

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

Question 6

After an assessment of needs, a marketing manager must translate ideas from consumers into concepts for products that a firm may develop. The concepts must then be converted into a tangible

Accepted Answer

A) marketing strategy. 
B) macromarketing agenda. 
C) micromarketing agenda. 
D) marketing program. 
E) marketing concept.

Question 7

The idea that individuals and organizations are accountable to a larger society is known as

Accepted Answer

A) the societal marketing concept. 
B) social responsibility. 
C) consumerism. 
D) sustainable development. 
E) capitalism.

Question 8

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 9

Describe the marketing mix actions mentioned in the textbook that Chobani has taken since its founding in 2005.

Accepted Answer

The answer of Describe the marketing mix actions mentioned in...

Question 10

Marketing seeks to discover the needs and wants of prospective customers and satisfy them. Essential to this process is the idea of exchange, which refers to

Accepted Answer

A) the trade of things of value between buyer and seller so that each is better off after the trade. 
B) the negotiation phase between the manufacturer and the seller. 
C) the financial remuneration (monetary payment) for a product or service. 
D) the transport of tangible goods to new owners. 
E) the practice of swapping products and services for other products and services rather than for money.

Question 11

If you followed the suggestions of Robert M. McMath, which of the following provides the best advice for a marketer, such as Colgate, when launching a new consumer product, such as toothpaste?

Accepted Answer

A) Anticipate the future five years out in terms of product form, ingredients, and packaging - to invent the "toothpaste of tomorrow!" 
B) Give the product a mysterious name that is unrelated the product's benefits but instead provokes consumer curiosity. 
C) Initiate a Facebook campaign against beverages sweetened with high fructose corn syrup, which can contribute to tooth decay. 
D) Create unusual packaging that has special shelving requirements. 
E) Study past toothpaste product failures and learn from them.

Question 12

A customer value proposition is

Accepted Answer

A) 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. 
B) 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. 
C) a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation. 
D) the characteristics of a product that make it superior to competitive substitutes. 
E) the cluster of benefits that an organization promises customers to satisfy their needs.

Question 13

Describe two different target markets for two different products or services you, your friends, or your family have recently purchased or used.

Accepted Answer

The answer of Describe two different target markets for two...

Question 14

A local college of business offers an outstanding graduate business school education program. Marissa pays the tuition to attend and earns her MBA with a concentration in marketing management. Upon graduating, she is offered a high paying, fulfilling position. Was this a marketing exchange?

Accepted Answer

A) No, because the university earned a profit from Marissa's tuition. 
B) No, because money was exchanged in the form of tuition and Marissa's income will come from her employer, not the graduate school. 
C) No, because the school did not provide Marissa with a tangible product, only the potential of an education. 
D) Yes, because the university promised Marissa she would graduate on time, and she did. 
E) Yes, because paying tuition was exchanged for knowledge that directly led to Marissa's high paying, fulfilling new job.

Question 15

Organizations such as American Airlines, U.S. Bank, and the Red Cross provide customers with products that are typically called a(n) __________.

Accepted Answer

A) utility 
B) performance 
C) service 
D) value 
E) idea

Question 16

Explain the marketing program 3M used to reach the office worker segment with its Post-it Flag Pen.

Accepted Answer

The answer of Explain the marketing program 3M used to...

Question 17

The linking of the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit is referred to as

Accepted Answer

A) relationship marketing. 
B) exclusive dealing. 
C) loyalty marketing. 
D) customer relationship management. 
E) symbiotic marketing.

Question 18

-In Figure 1-2 above, "B" 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

Ultimate consumers refer to

Accepted Answer

A) the people who use the products and services purchased for a household. 
B) people who have already purchased a firm's product at least once, have been satisfied, and are likely to make repeat purchases. 
C) people or organizations that have used a competitor's product and who have been dissatisfied, and who are still seeking a product or service to satisfy their needs. 
D) those manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale. 
E) one or more specific groups of potential customers toward whom an organization directs its marketing program.

Question 20

The American Red Cross creates advertisements to encourage people to donate blood. After viewing one, Amanda decided to donate a pint of blood. After she did, Amanda felt happy that she had performed a good deed. Did an exchange occur in a marketing sense?

Accepted Answer

A) Yes, because the blood was donated to the Red Cross based on an advertisement, a marketing activity. 
B) Yes, because the donated blood was exchanged for a feeling of satisfaction. 
C) No, because the Red Cross is nonprofit organization. 
D) No, because no money changed hands. 
E) No, because the Red Cross, a service organization, did not provide Amanda with a product.

Exam 1: Creating Customer Relationships and Value Through Marketing