Deck 1: Defining Marketing for the New Realities

Question 1

The "Malaysia, Truly Asia" ad campaign that showcased Malaysia's beautiful landscape and its multicultural society in order to attract tourists is an example of ________ marketing.

A) event
B) property
C) service
D) place
E) idea

Answer 1

D

Question 2

"Friends Don't Let Friends Drive Drunk," is an example of marketing information to an interested audience.

Answer 2

False

Question 3

Marketing has been described as being both an "art" and a "science." Discuss the differences and similarities between these two marketing thrusts. Provide your theoretical response and a "real-life" example where you have seen both processes work effectively at creating customer value and loyalty.

Answer 3

The student should demonstrate his or her understanding that the marketer must use data to understand customer needs and translate this understanding into properly designed products and services. This requires application of state-of-the art tools and techniques. It is also an art as marketers try to find creative solutions to consumer needs.

Question 4

Attracting tourists to Wisconsin is an example of marketing properties.

Question 5

Place marketers include economic development specialists, real estate agents, commercial banks, local business associations, and advertising and public relations agencies.

Question 6

A short definition of marketing is "meeting needs profitably."

Question 7

________ management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

A) Marketing
B) Knowledge
C) Operations
D) Strategic
E) Distribution

Question 8

People in emerging countries today are becoming increasingly health conscious and are seeking healthy food choices. As a result, demand for health foods is rising steadily, creating an opportunity for marketers to exploit this ________ market.

A) demographic
B) business
C) need
D) geographic
E) service

Question 9

For marketers, the term market refers to which of the following?

A) a set of touch points such as store layouts and package designs
B) a physical place where buyers and sellers gather
C) a collection of buyers and sellers who transact over a particular product
D) consumers and not businesses
E) customer groups

Question 10

Which of the following statements about marketing is True?

A) It is of little importance when products are standardized.
B) It can help create jobs in the economy by increasing demand for goods and services.
C) It helps to build a loyal customer base but has no impact on a firm's intangible assets.
D) It is not needed in an Internet-fueled environment.
E) It is seldom used by nonprofit organizations.

Question 11

A marketer's only concern is how best to create demand for a new product produced by his/her company. Marketing has little value for society as a whole.

Question 12

Selling through creative advertising is the most important element in business marketing.

Question 13

Which of the following is NOT a consumer touch point?

A) store layouts
B) package designs
C) product functions
D) shipping and logistics
E) All of these are touch points.

Question 14

As economies advance, a growing proportion of the economy's activities focuses on the production of ________.

A) products
B) events
C) experiences
D) luxury goods
E) services

Question 15

Soccer's World Cup is promoted aggressively to both companies and fans. This is an example of marketing a(n) ________.

A) idea
B) place
C) luxury item
D) event
E) service

Question 16

Four key customer markets are the consumer, business, global, and ________ market.

A) demographic
B) physical
C) nonprofit
D) product
E) exclusive

Question 17

In marketing cosmetics, laundry detergent, and products like Pringles to consumers, P&G manages ________ such as eye-catching package designs and innovative product functions.

A) events
B) prospects
C) markets
D) brands
E) touch points

Question 18

Car rental firms, hair dressers, and management consultants provide ________.

A) goods
B) experiences
C) events
D) services
E) information

Question 19

The responses marketers seek from prospects include all of the following EXCEPT ________.

A) decampment
B) attention
C) a purchase
D) a vote
E) a donation

Question 20

Services constitute the bulk of most countries' production and marketing efforts.

Question 21

Walmart and Target stores could be part of the distribution channel for a marketer of hair care products.

Question 22

Marketers identify which segments of buyers present the greatest opportunity. These segments are called ________ markets.

A) target
B) capital
C) tertiary
D) demographic
E) developing

Question 23

When Frank buys his own house, he would like to have a home theater system and a Jacuzzi. He plans to save enough money in the next three years so that he can fulfill his wish. Frank's desire for the home theater and the Jacuzzi is an example of a(n) ________.

A) need
B) want
C) demand
D) market
E) prospect

Question 24

Wants are basic human requirements, such as food and shelter.

Question 25

________ are basic human requirements, while ________ are the ways in which those requirements are satisfied.

A) Wants; needs
B) Demands; wants
C) Needs; wants
D) Needs; demands
E) Demands; needs

Question 26

Marketers are involved in marketing 10 types of entities. List and briefly characterize these entities.

Question 27

The ________ environment includes the actors involved in producing, distributing, and promoting an offering. The main actors are the company, suppliers, distributors, dealers, and the target customers.

A) economic
B) management
C) strategic
D) task
E) tactical

Question 28

The customer value triad consists of a combination of quality, durability, and price.

Question 29

The actual and potential rival offerings and substitutes that a buyer might consider are referred to as the ________.

A) supply chain
B) global market
C) value proposition
D) competition
E) marketing environment

Question 30

If a marketer uses warehouses, transportation companies, banks, and insurance companies to facilitate transactions with potential buyers, the marketer is using a ________ channel.

A) service
B) distribution
C) communication
D) relationship
E) standardized

Question 31

________ reflects a customer's judgment of a product's performance in relation to his or her expectations.

A) Brand equity
B) Satisfaction
C) Value
D) Perception
E) Brand image

Question 32

A(n) ________ need is one that the consumer is reluctant or unwilling to explicitly verbalize.

A) secondary
B) unstated
C) delight
D) secret
E) stated

Question 33

The value of an offering is described as the ________.

A) price consumers are charged for a product
B) cost of manufacturing a product
C) degree to which consumer demand for a product is positive
D) sum of the tangible and intangible benefits and costs to customers
E) intangible benefits gained from a product

Question 34

The ________ is the channel from raw materials to components to final products that are carried to final buyers.

A) communication channel
B) distribution channel
C) supply chain
D) service chain
E) marketing chain

Question 35

The task environment of a firm consists of demographic, economic, natural, and technological environments, as well as the political-legal system and the social-cultural arena.

Question 36

Selling is not the most important part of marketing. Explain why not.

Question 37

Chipotle engages customers through Facebook, Twitter, and other social media via its grassroots "Food with Integrity" digital strategy, which puts the focus on what it sells and where it comes from. These are examples of ________ media.

A) owned
B) earned
C) paid
D) service
E) marketing

Question 38

When Volvo runs ads suggesting that its cars are the safest that money can buy, it is trying to ________.

A) segment the market
B) provide a service
C) enter a new market
D) develop brand loyalty
E) position its product

Question 39

Companies address needs by putting forth a ________, a set of benefits that they offer to customers to satisfy their needs.

A) brand
B) value proposition
C) deal
D) marketing plan
E) demand

Question 40

When companies measure the number of people who are willing and able to buy their products, they are measuring ________.

A) demand
B) price elasticity
C) real needs
D) standard of living
E) disposable income

Question 41

Which of the three transformative forces mentioned in the chapter is associated with the Boston Consulting Group believing brand marketers must enhance their "digital balance sheets"?

A) demographics
B) accountability
C) social responsibility
D) globalization
E) technology

Question 42

Distinguish between the concepts of value and satisfaction.

Question 43

Discuss how globalization has affected the marketing environment.

Question 44

The ultimate outcome of relationship marketing is a unique company asset called the ________, consisting of the company and its supporting stakeholders.

A) brand
B) supply chain
C) marketing network
D) value proposition
E) service channel

Question 45

Discuss the concept of disintermediation and provide an example.

Question 46

The Body Shop, Timberland, and Patagonia behave in environmentally responsible ways that differentiate them from competitors, build consumer preference, and achieve notable sales and profit gains. This is an example of ________.

A) social responsibility
B) technology
C) globalization
D) collaboration
E) goodwill

Question 47

What is the relationship between Apple's brand and its value proposition?

Question 48

The desire to eat a Philly cheesesteak, whether or not you are in the position to buy one, is an example of a demand.

Question 49

Tracy's is a chain of hair dressing salons for women. They use television, magazines, radio, and newspapers to advertise their services. The owners ensure that all communication channels deliver a common message to prospective customers. In so doing, Tracy's is practicing ________ marketing.

A) internal
B) integrated
C) socially responsible
D) global
E) relationship

Question 50

The Internet has given today's companies a new set of capabilities. Among those capabilities is the ability to operate a new information channel. Describe how information can be used by the marketer in this new channel.

Question 51

The digital revolution has placed a whole new set of capabilities in the hands of consumers and businesses. Describe the advantages that you as a consumer have today that your parents or grandparents didn't have.

Question 52

Consumers often have many needs that are not readily obvious. Just observing their behavior inside a retail store is not enough to get a True understanding of their "needs." List and briefly describe the five types of needs that most consumers have.

Question 53

Managers of ________ businesses concentrate on achieving high manufacturing efficiency, low costs, and mass distribution.

A) selling-oriented
B) product-oriented
C) production-oriented
D) marketing-oriented
E) consumer-oriented

Question 54

The marketplace isn't what it used to be. List and briefly discuss the new behaviors, opportunities, and challenges that await the marketer in the 21st century.

Question 55

The overabundance of information available on the Internet has made it more difficult for consumers to compare product features and prices.

Question 56

The three central trends in Marketing 3.0 are collaborative marketing, globalization, and ________.

A) cultural relevance
B) horizontal marketing
C) consumer well-being
D) the rise of a creative society
E) sustained technological development

Question 57

In response to threats from such companies as Amazon.com, established manufacturers and retailers became "brick-and-click" oriented by adding online services to their existing offerings. This is known as ________.

A) reintermediation
B) disintermediation
C) retail transformation
D) e-collaboration
E) new-market synchronization

Question 58

Ford Motor Company knows that to reach its target markets, it may use three kinds of marketing channels. What are these three marketing channels, and how might Ford use each of them?

Question 59

The success of online purchasing resulted in ________ in the delivery of products and services by intervening in the traditional flow of goods through distribution channels.

A) disintermediation
B) diversification
C) reduced competition
D) deregulation
E) privatization

Question 60

In an attempt to create greater competition and growth opportunities, countries often ________.

A) increase trade barriers
B) protect industries
C) deregulate industries
D) encourage intermediation
E) reduce privatization

Question 61

Which of the four new Ps encompasses the old four Ps as well as a range of other marketing activities that might not fit well into the old view of marketing?

A) programs
B) processes
C) promotion
D) people
E) performance

Question 62

The competing concepts under which organizations have conducted marketing activities include: the production concept, product concept, selling concept, marketing concept, and holistic marketing concept. Evaluate the advantages and disadvantages of each concept. Which concept do you believe is the most effective? Why?

Question 63

What are the basic elements of the marketing mix for a bank? What does the holistic marketing concept broaden these elements to include?

Question 64

Relationship marketing aims to build mutually satisfying long-term relationships with key parties.

Question 65

Building strong brands is the marketing task where the marketer is using a reliable marketing information system to monitor the marketing environment so s/he can assess market potential and forecast demand.

Question 66

Which of the following statements is most consistent with the integrated marketing approach?

A) A good product will sell itself.
B) If left alone, consumers are inclined to purchase only inexpensive products.
C) All communication to consumers must deliver a consistent message irrespective of the medium.
D) In order to succeed, the main focus should be on having an efficient production process in place.
E) Online marketing is less important than traditional marketing efforts.

Question 67

A firm's tangible offering to the market includes product quality, design, features, and packaging.

Question 68

________ activities include those the company undertakes to make the product accessible and available to target customers.

A) Line extension
B) Segmentation
C) Marketing research
D) Channel
E) New-product development

Question 69

Define internal marketing and its role in the company. Outline how various departments within the company can demonstrate a customer focus.

Question 70

Proponents of holistic marketing consider internal marketing to be as important as marketing to consumers.

Question 71

The production concept is one of the newest concepts in business.

Question 72

At the heart of any marketing program is the firm's ________, its tangible offering to the market.

A) strategy
B) product
C) brand
D) value
E) people

Question 73

What would be the marketing network elements for a motorcycle company such as Harley-Davidson?

Question 74

Increasingly, a key goal of marketing is to develop deep, enduring relationships with all entities that directly or indirectly affect the success of the firm. Discuss the merits of relationship marketing. From your experience as a consumer, describe the relationship marketing efforts undertaken by a company of your choice.

Question 75

The selling concept holds that consumers will favor those products that offer the most quality, performance, or innovative features.

Question 76

Identify and define the traditional four Ps. Also identify the new four Ps and the reason for developing the new interpretation.

Question 77

The selling concept holds that consumers will prefer products that are ethical, environmentally responsible, legal, and social in the context of marketing activities and programs.

Question 78

Arthur Jones has decided to start a business. He wants to manufacture lawn mowers and believes in the production concept. If this approach is taken, what will be Mr. Jones' primary areas of concentration as he builds his business?

Question 79

Which of the following reflects the "people" component of the marketing mix?

A) the creativity, discipline, and structure brought to marketing management
B) the development of new products by the marketers
C) the firm's consumer-directed activities
D) the right set of processes to guide activities and programs within the firm
E) the internal marketing of the firm

Question 80

Atlas camera division produces a range of professional quality 35mm and consumer-friendly digital cameras. The 35mm market is rapidly declining and the faster-growing digital camera segment is saturated with competition, so Atlas is struggling with sales. Identify the marketing tasks the management team would need to address to make Atlas competitive in the digital camera space.