BMGT 350 Ch 1 Quiz

Julie's Jump Rope Emporium is a new company. From a marketing standpoint, what is the FIRST thing Julie's Jump Rope Emporium needs to do?

A. Develop the best jump rope possible.

B. Advertise the company as a location in which to purchase jump ropes.

C.Develop relationships with the customers who come to purchase jump ropes.

D. Determine who in the community wants or needs a jump rope.

E. Develop a plan to sell as many jump ropes as possible.

D. Determine who in the community wants or needs a jump rope.

Which of the following is NOT one of the four Ps of the marketing mix?

A.Product

B.Promotion

C.Production

D.Price

E.Place

C.Production

________ is the fastest-growing digital marketing platform.

A.Social media marketing

B.E-commerce

C.Event marketing

D.Product website marketing

E.Mobile marketing

E.Mobile marketing

The ultimate goal of the marketing process is which of the following?

A.

Receiving value from customers

B.

Evaluating customer needs

C.

Determining a target market

D.

Developing relationships with customers

E.

Creating a quality product

A

Ethel and Jan have just started a new company, Jantel, Inc., and are having trouble deciding which marketing path to take to drive sales. Ethel believes they should follow a make-and-sell philosophy that focuses on improving their product, whereas Jan believes they should be more customer-oriented and find the right products for their customers. Which of the following BEST describes what Ethel and Jan are considering?

A.

Should Jantel, Inc., follow a societal marketing or production concept?

B.

Should Jantel, Inc., follow a production or selling concept?

C.

Should Jantel, Inc., follow a product or marketing concept?

D.

Should Jantel, Inc., follow a product or selling concept?

E.

Should Jantel, Inc., follow a marketing concept or a societal marketing concept?

C

Which of the following questions do marketers need to answer in order to design a winning marketing strategy?

A.

What products will we sell?

B.

What is our value proposition?

C.

How should we allocate our resources?

D.

How much will we spend on advertising?

E.

Should we engage in mass marketing?

B

Which of the following is the second step in the five-step model of the marketing process?

A.

Construct an integrated marketing mix the delivers value.

B.

Conduct a feasibility study of consumer needs.

C.

Design a customer value-driven marketing strategy.

D.

Understand the marketplace and customer needs and wants.

E.

Engage customers and build profitable relationships.

C

Which of the following scenarios BEST describes the societal marketing concept?

A.

Wanda's Wedding Wear frequently promotes itself to customers through commercials, fliers, and other forms of advertising.

B.

Amy's Apple Cart regularly asks its customers what kind of apples they want to buy.

C.

Robert's Rotors does everything to improve production and lower the cost of its rotors in order to gain customers.

D.

Tim's Tires constantly tries to improve on the tires it sells by placing all of its efforts into new design research.

E.

Edward's Earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term.

E

The profound effect of the COVID-19 pandemic is evidenced by ________.

A.

limiting the transition to digital in almost every area of human activity

B.

boosting brands' use of print and mailed media to reach consumers

C.

quickening the shift from digital-first consumer engagement strategies to in-store connections

D.

decreasing the amount of sales moving through online channels

E.

accelerating the shift to online shopping

E

How do market demands relate to needs and wants?

A.

Needs are satisfied by wants, and buying power converts wants into demand.

B.

Wants and demands are equivalent, and both satisfy needs at the same rate.

C.

Demands result in customers needing and wanting a particular product.

D.

Needs, wants, and demands all describe the same state in the customer.

E.

Needs and wants outweigh demands in the customer's mind.

A

Bertram's Beer structures its company in such a way as to encourage its most profitable older customers to remain loyal while also targeting a new generation of customers. What is Bertram's Beer attempting to build?

A.

Share of customer

B.

Partner relationships

C.

Customer equity

D.

Customer loyalty

E.

Customer lifetime value

C

________ depends on the product's perceived performance relative to a buyer's expectations.

A.

Customer satisfaction

B.

Customer-perceived value

C.

Customer brand advocacy

D.

Customer lifetime value

E.

Consumer-generated value

A

All of the following are ways that marketers are using artificial intelligences EXCEPT _________.

A.

marketing content creation

B.

streamlining human resources

C.

data gathering, analysis, and insights

D.

idea generation

E.

customer engagement and personalization

B

Which concept holds that customers want products that are available and affordable?

A.

The product concept

B.

The societal concept

C.

The selling concept

D.

The production concept

E.

The marketing concept

D

Which of the following refers to market offerings designed to create memorable customer journeys with several touch points?

A.

Services

B.

Intangible products

C.

Solutions

D.

Experiences

E.

Tangible products

D

Which of the following refers to the customer's assessment of the difference between the costs of the market offering and the benefits delivered by that market offering relative to other competing market offerings?

A.

Customer loyalty

B.

Customer-perceived value

C.

Customer relationship management

D.

Customer satisfaction

E.

Customer lifetime value

B

States of felt deprivation are known as ___________.

A.

goals

B.

individual desires

C.

product demands

D.

wants

E.

human needs

E

When a company chooses a group of customers to serve, it is engaging in which of the following?

A.

Societal marketing

B.

Market segmentation

C.

Differentiation

D.

Target marketing

E.

Demand management

D

Which of the following is a central focus of any marketing strategy?

A.

Employing the right advertising firm

B.

Developing a high-end product

C.

An effective advertising campaign

D.

Earning a short-term profit

E.

Creating value for customers

E

Scott Frost has been coming to Aldwin's Diner for five years but often eats at other places and might not come to Aldwin's for months. However, he typically buys the most expensive item on the menu. Joseph, the owner of Aldwin's, loves Scott's purchasing choices since they are the most profitable menu items. Scott would BEST be described as which of the following?

A.

Stranger

B.

Barnacle

C.

True friend

D.

True believer

E.

Butterfly

Wants are shaped by culture and individual personality. When backed with the ability to purchase, wants become ________.

A.

focal points

B.

demands

C.

goals

D.

needs

E.

desires

B

How does the new concept of marketing differ from the old concept of marketing ("telling and selling")?

A.

The new concept is more cost efficient.

B.

The new concept focuses on having a well-developed product.

C.

The new concept requires less work from marketing executives.

D.

The new concept focuses on customer needs.

E.

The new concept focuses on making money.

D

Amazon Echo's Alexa is an example of a(n) ________-powered application.

A.

artificial intelligence (AI)

B.

big data

C.

social media

D.

mobile marketing

E.

Internet of Things (IoT)

A

Which of the following refers to the overall process of building and maintaining profitable linkages with customers that keep customers happy and satisfied?

A.

Customer relationship management

B.

Social marketing

C.

Establishing customer equity

D.

Customer loyalty

E.

Customer lifetime value

A

Actions by which satisfied customers initiate favorable interactions with others about a brand are defined as ________.

A.

customer lifetime value

B.

customer equity

C.

share of customer

D.

partner relationship management

E.

customer brand advocacy

E