Deck 1: Overview of Marketing

Question 1

The group of firms that makes and delivers a given set of goods and / or services is called a supply chain.

Answer 1

True

Question 2

The power adapters Dell sells with its computers are built by small companies who specialize in power-related accessories.Dell and the power adapter manufacturers are engaging in B2B marketing.

Answer 2

True

Question 3

Entrereneurial companies are unable to control their marketing mixes.

Answer 3

False

Question 4

Understanding a customer's needs and wants is fundamental to marketing success.

Question 5

Garage sales and online classified ads are examples of C2C marketing.

Question 6

When a car manufacturer sells trucks,cars,and car parts to the government or military,this is an example of B2C marketing.

Question 7

Margo likes a brand of coffee that is only sold at Starbucks,so she plans her route to work to drive by Starbucks every morning.Margo is being influenced by the "place" element of the marketing mix.

Question 8

Marketers might wish to sell their products to everyone,but it is not practical to do so.

Question 9

When a good or service is promoted,the purpose of the promotion is to inform,persuade,or remind customers.

Question 10

Marketing is an activity that only large firms with specialized departments can execute.

Question 11

In value cocreation,the customer participates in the creation of a good or service,which provides additional value to the customer.

Question 12

The trade of things of value between the buyer and the seller so that each is better off as a result is known as an exchange.

Question 13

Value is what you get for what you give.

Question 14

Over the past decade or so,marketers have begun to realize that it is best to structure a firm's customer orientation in terms of transactions rather than relationships.

Question 15

When a tee shirt manufacturer states,"We only sell it in black because that way we can buy plenty of black fabric and run our plant efficiently," their statement reflects the views that were popular in which era of the evolution of marketing?

A) Production-oriented
B) Sales-oriented
C) Market-oriented
D) Value-based marketing
E) Economic-oriented

Question 16

Good marketing is not a random activity.

Question 17

Foursquare is an example of a location-based social media application.

Question 18

Marketing involves all of the following EXCEPT

A) conducting exchanges.
B) satisfying customer needs and wants.
C) creating value.
D) efforts by individuals and organizations.
E) production scheduling.

Question 19

The four Ps include product,promotion,planning,and place.

Question 20

Marketing's fundamental purpose is to create value by developing a variety of offerings that will earn income for the company.

Question 21

Julia is considering a career in marketing.She is concerned about the image of marketers as fast-talking,high-pressure people.When reading about the core aspects of marketing,Julia is relieved to see that in marketing

A) all parties to an exchange should be satisfied.
B) promotion is the most important consideration,followed by pricing decisions.
C) decisions are made regarding how a product is designed.
D) customers are not considered until the product is ready for sale.
E) distribution is controlled by customers.

Question 22

Whenever Valerie has a new massage therapy customer,she invites the person to be on her e-mail distribution list.In the process,in addition to exchanging her massage therapy service for payment,Valerie is gathering

A) information.
B) promotional capital.
C) pricing data.
D) value cocreation.
E) feedback.

Question 23

Which of the following is a core aspect of marketing?

A) Satisfying as many needs as possible
B) Creating a product that everyone will want to buy
C) Setting prices lower than all competitors
D) Making product,place,promotion,and price decisions
E) Increasing the company's profit

Question 24

Marketers must determine the price of a product carefully,based on potential buyers' beliefs about

A) its value.
B) the environment.
C) the cost to manufacture the product.
D) the economic outlook.
E) the product's new advertising campaign.

Question 25

Four Winds Art Gallery recently began offering appraisals of customers' art collections,in addition to continuing to sell paintings.Four Winds is

A) expanding from offering just services to also offering goods.
B) implementing a market segmentation strategy.
C) capturing value through multiple pricing strategies.
D) expanding from offering just goods to also offering services.
E) increasing customer value through inflated appraisal evaluations.

Question 26

When referring to "exchange," marketers are focusing on

A) the location where products and services are traded.
B) the price charged,adjusted for currency exchange rates.
C) location-based tactics for creating value.
D) promotional offers designed to stimulate barter.
E) the trading of things of value.

Question 27

The four Ps make up the marketing mix,which is the __________ set of activities that the firm uses to respond to the wants and needs of its target markets.

A) unpredictable
B) external
C) internal
D) controllable
E) global

Question 28

The basic difference between a good and a service is that a good

A) provides intangible benefits.
B) can be physically touched.
C) is always less expensive than a corresponding service.
D) generates greater interest among consumers.
E) is more quickly forgotten by consumers.

Question 29

Delivering the value proposition is also known as

A) endless chain marketing.
B) a transactional orientation.
C) wholesaling.
D) product design.
E) supply chain management.

Question 30

The marketing goal of getting the "right quantities to the right locations,at the right time" is:

A) communicating the value proposition.
B) supply chain management.
C) creating value.
D) capturing value.
E) price and performance management.

Question 31

Brian is struggling with the choice of publishing his new book,How to Cook Polish Barbeque,as an e-book or a paperback.Brian is addressing which core marketing aspect?

A) Developing a promotional plan
B) Managing the exchange function of marketing
C) Making product decisions
D) Deciding where and how to sell the product
E) Pricing the product

Question 32

Marketing has traditionally been divided into a set of four interrelated decisions known as the marketing mix,or four Ps,including all of the following EXCEPT

A) product.
B) place.
C) performance.
D) promotion.
E) price.

Question 33

Some discount stores put products in large bins and let consumers hunt and find bargains.The price these consumers pay includes

A) only the actual price they pay at the register.
B) the value of their time and energy.
C) the excitement they experience in finding an item they desire.
D) the savings to the store of not having to display the products neatly on shelves.
E) the time the product was full price and didn't sell.

Question 34

Marketing efforts designed to get the product or service to the right customer,when that customer wants it,are called

A) supply chain management.
B) a transactional orientation.
C) wholesaling.
D) value cocreation.
E) endless chain marketing.

Question 35

Xavier is analyzing potential market segments.He should carefully seek potential customers who have both an interest in his products and

A) a thorough knowledge of his brand messages.
B) the ability to buy them.
C) knowledge of competing products.
D) the ability to negotiate discounts.
E) are removed from traditional marketing alternatives.

Question 36

Yesenia,the new university course scheduling manager,is struggling with adjustments to the fall schedule.She is trying to determine how to offer the classes students need at the times when students need them.Yesenia is struggling with the marketing function of

A) communicating the value proposition.
B) supply chain management.
C) creating value.
D) capturing value.
E) value cocreation.

Question 37

Of primary interest to marketers are __________ buyers.

A) centrally controlled
B) unqualified and underserved
C) qualified potential
D) first-time
E) C2C

Question 38

Jami sells construction equipment.Whenever she calls on her building contractor customers,she asks if they are having any problems.In doing so,Jami is addressing which of the following core aspects of marketing?

A) Satisfying customer needs and wants
B) The exchange function of marketing
C) Product,place,promotion,and price decisions
D) Decisions about the setting in which marketing takes place
E) Creating value

Question 39

Henriette offers financial counseling and management on a fee-only basis.She has found that different customers are willing to pay different rates for her services.This shows that her pricing decisions should depend primarily on

A) choosing an average price that she will charge all her clients.
B) changes in technology allowing consumers to manage their own affairs.
C) how different customers perceive the value of her services.
D) changes in the economy.
E) how much her competitors charge for similar services.

Question 40

The fundamental goal of marketers when creating goods,services,or combinations of both,is to:

A) defeat the competition.
B) serve all consumers.
C) operate according to government regulations.
D) stimulate short-term sales.
E) create value.

Question 41

By promoting perfume based on youth,style,and sex appeal,Calvin Klein is attempting to

A) influence social norms regarding sexuality.
B) encourage consumers to participate in product redesign.
C) stimulate supply chain management cooperation.
D) increase the perceived value of their products.
E) none of these.

Question 42

The idea that a good product will sell itself is associated with the __________ era of marketing.

A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Question 43

During the __________ era,firms had excess capacity and used personal selling and advertising to generate customers.

A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Question 44

The "Got Milk" advertising campaign,designed to increase consumption of milk,was intended to help market a(n)

A) individual.
B) firm.
C) industry.
D) organization.
E) specific product.

Question 45

The evolution of marketing progressed along the following continuum:

A) sales,marketing,value-based marketing,production.
B) marketing,value-based marketing,production,sales.
C) value-based marketing,production,sales,marketing.
D) production,sales,marketing,value-based marketing.
E) sales,value-based marketing,marketing,production.

Question 46

The traditional marketing channel through which consumers most often find and purchase goods and services is known as

A) B2B.
B) C2C.
C) D2C.
D) C2D.
E) B2C.

Question 47

Marketers involved in supply chain management are constantly balancing

A) the goal of promotional effectiveness against ethical advertising standards.
B) the problem of price maximization against cost efficiency.
C) the goal of minimizing costs against satisfying the service levels customers expect.
D) the desire to achieve against the need for a stable source of supply.
E) the goal of efficiency against the price charged by competitors.

Question 48

Melanie works for a small computer software company.Her boss is constantly improving their products but neglecting customers,billing,and promoting the company.Her boss is probably stuck in the __________ era of marketing.

A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Question 49

The prevailing marketing strategy of the __________ era was to find customers for inventories that went unsold.

A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Question 50

When considering career choices in marketing,many students overlook supply chain management because

A) it is considered too quantitative.
B) marketing has no responsibility for supply chain management.
C) companies generally outsource these activities,and so there are rarely supply chain jobs available.
D) it only takes place in large,urban areas.
E) many of the activities take place behind the scenes.

Question 51

Auction sites like eBay have increased opportunities for __________ marketing.

A) B2B
B) C2C
C) D2C
D) C2D
E) B2G

Question 52

The importance of supply chain management is often overlooked in the study of marketing because

A) marketing has no responsibility for supply chain management.
B) supply chain management doesn't add much value for customers.
C) companies do not want customers to know anything about the supply chain.
D) many of the activities take place behind the scenes.
E) supply chain management is already transparent.

Question 53

__________ is communication by a marketer that informs,persuades,or reminds potential customers about a product.

A) Pricing
B) Promotion
C) Placement
D) A relational orientation
E) Value cocreation

Question 54

Effective promotion enhances a product or service's

A) supply chain management system.
B) wholesaling capabilities.
C) perceived value.
D) design features.
E) trialability.

Question 55

Retailers accumulate merchandise from producers in large amounts and sell to consumers in smaller amounts.Retailers function as

A) market intermediaries.
B) monopolists.
C) regulators of consumer demand.
D) wholesale specialists.
E) intermediate promoters.

Question 56

Which of the following is NOT true about marketing ideas?

A) Opinions,philosophies,intellectual concepts,and even thoughts can be effectively marketed.
B) The marketing of ideas does not involve true exchange of value.
C) Ideas can be "purchased" by convincing someone to change his or her behavior.
D) Marketing can be directed toward primary and secondary targets to increase knowledge and change behavior.
E) Value can be created through changing behaviors.

Question 57

Many universities provide physical or electronic bulletin boards to facilitate ride-sharing and exchange of used books among students.These bulletin boards increase __________ marketing.

A) B2C
B) C2B
C) B2B
D) C2C
E) underground

Question 58

As use of the Internet took off,car manufacturers were tempted to sell directly to consumers,but decided instead to continue to sell through their existing dealer networks.The car manufacturers considered switching from __________ to __________ marketing.

A) B2C; B2B
B) B2C; C2C
C) B2B; B2C
D) B2B; C2C
E) C2C; B2C

Question 59

Henry Ford's statement,"Customers can have any color they want so long as it's black," typified the __________ era of marketing.

A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Question 60

UPS,FedEx,DHL,and other shipping companies support other firms' __________ marketing goals.

A) supply chain management
B) value communication
C) value capture
D) retail management
E) none of these

Question 61

During the __________ era manufacturers and retailers began to focus on what consumers wanted and needed before they designed,made,or attempted to sell their products.

A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Question 62

Near the end of the model year,Move-Them-Out automobile dealership had an unusually high inventory level.The manager increased her advertising spending and gave extra incentives to its salespeople.Move-Them-Out operates as if it were in the __________ era.

A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Question 63

A buyer's representative in a real estate purchase was asked by her customer,"Is this a fair offer?" She responded,"You are only trying to buy one house.Do you want to offer more money than you have to?" The buyer's representative recognized that in most situations,home buyers are engaged in

A) relationships.
B) subterfuge.
C) collective bargaining.
D) prestige purchases.
E) transactions.

Question 64

In delivering value,marketing firms attempt to find the most desirable balance between

A) the need for value and the perception of value.
B) explicit versus implicit value.
C) providing benefits to customers and keeping costs down.
D) the desire to satisfy customers and the need to keep customers from running the company.
E) the need for product improvement and the need for advertising.

Question 65

During the market-oriented era

A) a good product would sell itself.
B) the customer was king.
C) marketing was more important than production.
D) advertising and personal selling were emphasized to make the sale.
E) firms focused on value.

Question 66

Many U.S.companies first discovered marketing during the __________ era.

A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Question 67

Serena studies her customer profiles,market research data,complaints,and other information,attempting to better understand what her customers want.Serena operates in the __________ era of marketing.

A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Question 68

One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in

A) higher prices than the market leader charges.
B) increased competition.
C) long-term relationships.
D) strong connections among competing firms in the marketplace.
E) lower prices.

Question 69

Christie has just started with a travel agency,and she has been offering clients and prospective clients a range of packaged tours.She is concerned,because the commissions she is earning on her sales are lower than she had hoped.Her colleague Peter,who has been with the agency for several years,is having a great deal of success by working closely with the clients,seeking their ideas,and building customized tour packages for each one based on their suggestions.Peter's approach is based on

A) transaction-oriented marketing.
B) premium pricing.
C) his seniority at the firm.
D) special incentives from tour operators.
E) value cocreation.

Question 70

During the __________ era manufacturers and retailers recognized they needed to give their customers greater value than their competitors did.

A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Question 71

Even though they operate from out-of-the-way airports and offer few extra services,discount airlines like Ryanair and EasyJet have been successful.Consumers obviously consider

A) the schedules these airlines offer to be the most convenient in the industry.
B) the long-term relationships established by these airlines to be a critical benefit.
C) the prices to be slightly lower,but not low enough to have much influence.
D) the benefit of lower prices to be greater than the cost of reduced services and less convenience.
E) the major airlines to be worthless.

Question 72

If you are involved in a buying or selling situation in which you do not expect to do business with the other party again,you are engaged in a

A) transaction.
B) negotiation.
C) relationship.
D) C2C channel.
E) marketing mix.

Question 73

A relational orientation is based on the philosophy that buyers and sellers develop

A) a complete understanding of each other's needs.
B) a long-term relationship.
C) a price-value comparison matrix.
D) supply chain synergy.
E) a marketing value transaction focus.

Question 74

Yolanda is the new restaurant manager in a major hotel.When considering changes in the restaurant to improve benefits to customers,Yolanda will likely attempt to either provide the same quality at a lower cost or

A) improve products and services at the same cost.
B) increase prices to increase revenue.
C) offset higher hotel rates with lower restaurant prices.
D) reduce customer expectations through reduced service.
E) any of these.

Question 75

In the past,manufacturer's representatives did not have up-to-minute data about the products they were selling.Today,manufacturer's representatives are often provided online access to inventory data for the companies they represent.These online inventory systems allow companies to become more value-driven through

A) sharing information across the organization.
B) balancing customers' benefits and costs.
C) evaluating strategic competitive partnerships.
D) building relationships with government regulators of marketing institutions.
E) keeping prices below those charged by competitors.

Question 76

As owner of a retail franchise food store,Mary Gray purchases supplies based on specials advertised nationally throughout the franchise system.One Monday,she was surprised to find customers asking for specials she hadn't been informed of in advance.The franchise company failed to live up to the value-driven principle of

A) sharing information across the organization.
B) balancing customers' benefits and costs.
C) evaluating strategic competitive partnerships.
D) building relationships with customers.
E) keeping prices below those charged by competitors.

Question 77

Value-driven firms constantly measure the __________ that customers perceive,compared to the prices of their offerings.

A) information
B) benefits
C) relationships
D) rebates
E) merchandise

Question 78

To become a more value-driven organization,Pokrah University is holding regular coffee-hour discussions with its students and is surveying its graduates regarding students' educational needs and desires.Pokrah University is becoming more value driven through

A) sharing information across the organization.
B) balancing its customers' benefits and costs.
C) evaluating strategic competitive partnerships.
D) building relationships with customers.
E) keeping the faculty members happy.

Question 79

Value is

A) the lowest cost option.
B) represented by brand names.
C) the highest priced alternative.
D) everyday low prices.
E) what you get for what you give.

Question 80

Trey sells consumer electronics.He knows his customers weigh the costs versus the benefits associated with the different options available.He decides which products to offer and what prices to charge based on the way his customers think.Trey operates in the __________ era.

A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented