MKT101 - FULL

c

All of the following are accurate descriptions of modern marketing EXCEPT which one?
a.Marketing is the creation of value for customers.
b.Marketing is managing profitable customer relationships.
c.Selling and advertising are synonymous with marketing.
d.Marketing involves satisfying customers' needs.
e.Marketing is used by for-profit and not-for-profit organizations.

d

According to the simple five-step model of the marketing process, a company needs to ________ before designing a customer-driven marketing strategy.
a.determine how to deliver superior value
b.build profitable relationships with customers
c.use customer relationship management to create full partnerships with key customers
d.understand the marketplace and customer needs and wants
e.construct key components of a marketing program

b

________ are human needs as shaped by individual personality and culture.
a.Needs
b.Wants
c.Demands
d.Values
e.Exchanges

b

When backed by buying power, wants become ________.
a.social needs
b.demands
c.physical needs
d.self-esteem needs
e.exchanges

a

A(n) ________ is some combination of products, services, information, or experiences offered to consumers to satisfy a need or want.
a.market offering
b.value proposition
c.demand satisfaction
d.need proposition
e.evoked set

d

Which of the following refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?
a.selling myopia
b.marketing management
c.value proposition
d.marketing myopia
e.the product concept

c

When marketers set low expectations for a market offering, the biggest risk they run is ________.
a.disappointing loyal customers
b.decreasing customer satisfaction
c.failing to attract enough customers
d.failing to understand their customers' needs
e.incorrectly identifying a target market

b

________ is the act of obtaining a desired object from someone by offering something in return.
a.Valuation
b.Exchange
c.Bribery
d.Value creation
e.Donation

a

QN= 9.Which of the following marketing management orientations focuses primarily on improving efficiencies along the supply chain?
a. production concept
b. product concept
c. selling concept
d. marketing concept
e. social marketing concept

e

QN=10 Which of the following marketing management concepts is most likely to lead to marketing myopia?
a. customer-driven marketing
b. customer-driving marketing
c. societal marketing
d. marketing
e. product

e

QN= 11 According to the production concept, consumers will favour products that are ________ and ________.
a. satisfying; quality focused
b. advertised; affordable
c. in high demand; hard to find
d. segmented; convenient
e. available; affordable

a

QN= 12 The ________ concept is aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer the most in quality, performance, and innovative features.
a. product
b. production
c. customer
d. marketing
e. promotion

d

QN= 13 The product concept says that a company should do which of the following?
a. improve marketing of its best products
b. market only those products with high customer appeal
c. focus on the target market and make products that meet those customers' demands
d. focus on making continuous product improvements
e. make promoting products the top priority

d

QN= 14 "Build a better mousetrap and the world will beat a path to your door" reflects the ________ concept.
a. production
b. marketing
c. selling
d. product
e. target marketing

c

QN=15 Which marketing orientation calls for aggressive promotional efforts and focuses on generating transactions to obtain profitable sales?
a. production concept
b. marketing concept
c. selling concept
d. product concept
e. societal marketing concept

b

QN=16 Which marketing orientation holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?
a. production concept
b. marketing concept
c. selling concept
d. product concept
e. societal marketing concept

c

QN=17 According to the authors of your text, the ________ concept is a "sense and respond" philosophy rather than a "make and sell" philosophy.
a. product
b. production
c. marketing
d. retailing
e. societal marketing

c

QN=18 A firm that uses the selling concept takes a(n) ________ approach.
a. outside-in
b. passive
c. inside-out
d. societal
e. customer service

d

QN=19 Though often criticized, the selling concept is particularly appropriate and effective with which of the following types of products?
a. convenient
b. shopping
c. specialty
d. unsought
e. demarketed

a

QN=20 Which of the following reflects the marketing concept philosophy?
a. "We don't have a marketing department; we have a customer department."
b. "We're in the business of making and selling superior products."
c. "We build them so you can buy them."
d. "When it's profits versus customers' needs, profits will always win out."
e. "You won't find a better deal anywhere."

d

QN=21 Customer-driven marketing usually works well when ________ and when customers ________.
a. a clear need exists; are difficult to identify
b. customers know what they want; are loyal to the brand
c. a firm can deliver the goods desired; are thoroughly researched
d. a clear need exists; know what they want
e. a need exists; don't know what they want

b

QN=22 When customers don't know what they want or don't even know what's possible, the most effective strategy is ________ marketing.
a. customer-driven
b. customer-driving
c. societal
d. production
e. product

c

QN=23 The societal marketing concept seeks to establish a balance between consumer short-run wants and consumer ________.
a. short-run costs and profits
b. short-run ethics
c. long-run welfare
d. immediate health
e. value propositions

d

QN=24 Which marketing orientation holds that firms must strive to deliver value to customers in a way that maintains or improves the consumer's and society's well-being?
a. marketing concept
b. selling concept
c. product concept
d. societal marketing concept
e. equity concept

c

QN=25 The three areas of consideration that should be balanced in the societal marketing concept are consumer wants, society's interests, and ________.
a. human welfare
b. want satisfaction
c. company profits
d. short-run wants
e. long-term needs

c

QN=26 The set of marketing tools a firm uses to implement its marketing strategy is called the ________.
a. promotion mix
b. product mix
c. marketing mix
d. TQM
e. marketing effort

c

QN=27 Building, keeping, and growing profitable relationships by delivering customer value and satisfaction is called ________.
a. customer lifetime value
b. customer perceived value
c. customer relationship management
d. database marketing
e. societal marketing

e

QN=28 You have just taken a new position in an organization and you're learning about the job functions of your new colleagues. You observe that your marketing manager is heavily involved in the process of building and maintaining profitable customer relationships. Your marketing manager frequently speaks about the need to acquire, keep, and grow customers. Your manager is concerned with which one of the following?
a. customer divestment
b. customer-managed relationships
c. the societal marketing concept
d. partner relationship management
e. customer relationship management

a

QN=29 Customer-perceived value is determined by a customer's ________ of the benefits and costs of a market offering relative to those of competing offers.
a. personal assessment
b. rational expectations
c. accurate assessment
d. objective evaluation
e. emotional understanding

b

QN=30 It is most accurate to say that customers buy from stores and firms that offer which of the following?
a. the highest value for the dollar
b. the highest customer-perceived value
c. the highest level of customer satisfaction
d. the most attractive company image
e. the most concern for society's interests

e

QN=31 The key to delivering customer satisfaction is to match ________ with ________.
a. company performance; the competition's performance
b. company performance; competitive prices
c. relationship building; performance tools
d. company performance; unique products
e. customer expectations; product performance

c

QN=32 Which of the following strategies would a company most likely use to increase customer satisfaction?
a. decreasing the variety of offered services
b. divesting
c. lowering prices
d. "firing" unprofitable customers
e. limiting customer experiences with a brand

b

QN=33 You are an assistant marketing director for a firm in a market with many low-margin customers. What type of relationship would be most profitable for you to develop with these customers?
a. full partnerships
b. basic relationships
c. basic partnerships
d. club programs
e. selective relationships

e

QN=34 Which of the following best explains why consumers have greater power and control in today's marketplace?
a. The production concept and competition have lowered prices.
b. Implementation of the product concept has resulted in continually improving products.
c. Customer-driven marketing creates products and services that meet customers' future needs.
d. More companies are implementing societal marketing and weighing long-term costs and benefits.
e. Through new communication technologies, customers have more access to information and more methods of sharing their opinions with other customers.

c

QN=35 Which of the following is an example of consumer-generated marketing?
a. Toyota's presence in online communities
b. Nike's Nike Plus running Web site
c. MasterCard's use of "Priceless" commercials shot by customers
d. Neiman Marcus's InCircle Rewards program for its best customers
e. The Lexus Covenant aimed at creating customer delight

a

QN=36 The final step in the marketing process is ________.
a. capturing value from customers
b. creating customer loyalty
c. creating customer lifetime value
d. understanding the marketplace
e. designing a customer-driven marketing strategy

d

QN=37 Stew Leonard, the owner of a highly successful regional supermarket chain, reacts adversely to losing a single customer sale. He feels that this amounts to losing the entire stream of future purchases that a customer is likely to make if she remains in the area. Stew Leonard's concern is an illustration of which of the following?
a. share of customer
b. market share
c. partner relationship management
d. customer lifetime value
e. market share maintenance

b

QN=38 When an airline goes after a "share of travel" from its customers, it is attempting to increase ________.
a. partner equity
b. share of customer
c. profit margins
d. customer-managed relationships
e. customer ownership

b

QN=39 Beyond simply retaining good customers, marketers want to constantly increase their "share of customer." What does this mean in marketing terms?
a. Marketers want to increase their market share.
b. Marketers want to increase the share they get of the customer's purchasing in their product categories.
c. Marketers want to increase the profit margin with this target market.
d. Marketers want to continuously increase their customers' levels of satisfaction.
e. Marketers want to turn satisfied customers into delighted customers.

c

QN=40 ________ is one of the best ways to increase share of customer.
a. Targeting new customers
b. Using bait and switch
c. Cross-selling
d. Divesting
e. Partnership marketing

b

QN=41 Amazon.com leverages relationships with its 35 million customers by offering them music, videos, gifts, toys, consumer electronics, and office products, among other items. Based on previous purchase history, the company recommends related CDs, books, videos, or other products that might interest a customer. This most directly helps Amazon.com capture a greater ________.
a. partner value
b. share of customer
c. profit margin
d. social network
e. customer loyalty

c

QN=42 Which of the following is the total combined customer lifetime values of all a company's current and potential customers?
a. share of customer
b. customer lifetime value
c. customer equity
d. profitability
e. share of market

a

QN=43 The ultimate aim of customer relationship management is to produce ________.
a. customer equity
b. market share
c. sales volume
d. a reliable database
e. higher profit margins

c

QN=44 Which of the following has been the most common consumer response to the economic downturn that began in 2008?
a. spending more on luxury items
b. discontinuing any spending on luxury items
c. spending less and choosing products more carefully
d. spending less but choosing products less carefully
e. saving more but spending more on credit cards

c

QN=45 Greg Williams now has the buying power to purchase the computer system he has wanted for the last six months. Greg's want now has become a(n) ________.
a. need
b. necessity
c. demand
d. exchange
e. transaction

c

QN=46 Jolene's firm provide services for funerals. She finds that most of her target market wants to avoid discussing their future funeral needs, and she must somehow first get their attention. Jolene's firm most likely practices the ________.
a. production concept
b. marketing concept
c. selling concept
d. social marketing concept
e. societal marketing concept

b

QN=47 Henry Ford's philosophy was to perfect the Model-T so that its cost could be reduced further for increased consumer affordability. This reflects the ________ concept.
a. product
b. production
c. selling
d. marketing
e. societal marketing

a

QN=48 Railroads were once operated based on the thinking that users wanted trains rather than transportation, overlooking the challenge of other modes of transportation. This reflects the ________ concept.
a. product
b. production
c. selling
d. marketing
e. societal marketing

d

QN=49 Some fast-food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to a national obesity epidemic and environmental problems. These fast-food restaurants overlook the ________ philosophy.
a. marketing concept
b. product concept
c. production concept
d. societal marketing concept
e. selling concept

c

QN=50 FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with any other costs of using the service, they are acting upon ________.
a. loyalty
b. relationship marketing
c. customer-perceived value
d. social relationships
e. a societal marketing campaign

b

QN=51 Sally purchased Brand X lotion. In comparing her perception of how the lotion made her skin feel and look to her expectations for Brand X lotion, Sally was measuring her level of ________.
a. share of customers
b. customer satisfaction
c. customer equity
d. demand
e. customer lifetime value

a

QN=52 Elisandra, a marketing manager at a regional chain restaurant, has decided to sponsor a contest calling for customers to create commercials for the restaurant. Winning entries will be posted on the organization's home page. Elisandra's plan is an example of ________.
a. consumer-generated marketing
b. partner relationship management
c. customer lifetime value
d. community development around a brand
e. customer divestment

e

QN=53 Kao Corp., which makes Ban deodorant, invited teenage girls to make an ad that would encourage other girls to buy the product. This program is an example of ________.
a. societal marketing
b. the production concept
c. the selling orientation
d. partner relationship management
e. consumer-generated content

e

QN=55 At Gina's Nails, the posted policy is "Without our customers, we don't exist." Gina and her staff aim to delight each customer, and they are quick to offer discounts or extra services whenever a customer is anything less than satisfied. Gina and her staff strive to make every customer a repeat customer. It is most accurate to say that instead of focusing on each individual transaction, Gina and her staff put a priority on ________.
a. partner relationship management
b. enlisting customer evangelists
c. attracting "butterflies"
d. converting "strangers"
e. capturing customer lifetime value

b

QN=56 Ben & Jerry's challenges all stakeholders, including employees, top management, and even ice cream scoopers in their stores, to consider individual and community welfare in their day-to-day decisions. Actions such as this by companies seizing the opportunity to do well by doing good reflects ________.
a. environmentalism
b. social responsibility
c. profit marketing
d. partnership management
e. myopia

b

QN= 57 A church targeting different demographic groups to increase attendance is an example of ________.
a. for-profit marketing
b. not-for-profit marketing
c. societal marketing
d. customer evangelism
e. caring capitalism

d

QN=58 Which of the following is the most likely result of a marketing strategy that attempts to serve all potential customers?
a. All customers will be delighted.
b. Customer-perceived value will increase.
c. Customer evangelists will become unpaid salespersons for the service or product.
d. Not all customers will be satisfied.
e. The company will need to follow up with a service campaign.

c

QN=59 In which of the following situations has a company most actively embraced customer-managed relationships?
a. American Airlines awards frequent flyer points to returning customers.
b. Paige Premium Denim jeans provide a superior quality and a perfect fit.
c. iRobot invites enthusiastic Roomba owners to develop and share their own programs and uses for the company's robotic vacuum.
d. Best Buy distinguishes between its best customers, called angels, and its less profitable customers, called demons, stocking merchandise to appeal to separate groups of its angels.
e. Toyota develops a marketing presence on social networks and other online communities.

a

QN=60 When the economy tightens, customer loyalty and customer retention become ________ for marketers.
a. more important
b. less important
c. impossible
d. long-term but not short-term goals
e. short-term but not long-term goals

b

Tan Beng Seng is opening a new commercial children's play space and is studying the factors that are close to the company that affect its ability to serve its future customers—the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. What is Tan studying?
a. the macroenvironment
b. the microenvironment
c. the marketing environment
d. the demographic environment
e. the global environment

a

Mark Fernandez is starting a new skateboard sales business and is researching the factors and forces outside marketing that affect his ability to build and maintain successful relationships with target customers. What is Mark researching?
a. the marketing environment
b. the cultural environment
c. strategic planning
d. target markets
e. the marketing mix

a

You are directed to study the demographic, economic, natural, technological, political, and cultural factors that are larger societal forces affecting your company. What are you studying?
a. the macroenvironment
b. the microenvironment
c. the internal environment
d. the marketing mix
e. the global environment

d

Which of the following is NOT a type of factor in a company's macroenvironment?
a. demographic
b. economic
c. technological
d. competitive
e. political

c

All of the groups within a company are called the ________.
a. cultural environment
b. local public
c. internal environment
d. corporate culture
e. general public

b

Which type of organization helps companies to stock and move goods from their points of origin to their destination?
a. financial intermediaries
b. physical distribution firms
c. marketing service agency
d. resellers
e. suppliers

a

Banks, credit companies, insurance companies, and other businesses that help finance transactions or insure against the risks associated with the buying and selling of goods and services are referred to as ________.
a. financial intermediaries
b. physical distribution firms
c. marketing services agencies
d. resellers
e. wholesalers

c

Currently, Diego Calabresa is employed by a firm that conducts marketing research and creates ads for other companies that target and promote their products to the right markets. Who is Diego's employer?
a. financial intermediaries
b. physical distribution firms
c. marketing service agency
d. resellers
e. a green marketer

d

A(n) ________ is defined as any group that has an actual or potential interest in, or impact on, an organization's ability to achieve its objectives.
a. team
b. competitor
c. market
d. public
e. intermediary

e

Which of the following is NOT an example of the type of public that is part of a company's marketing environment?
a. financial
b. media
c. government
d. citizen-action
e. marketing department

b

A radio station that carries news, features, and editorial opinions about your area is which type of public?
a. financial
b. media
c. citizen-action
d. general
e. government

c

A consumer organization, environmental group, or minority group has challenged your firm's stand on a local issue. Your firm is being challenged by a ________ public.
a. local
b. general
c. government
d. citizen-action
e. media

b

Workers, managers, and members of the board are all part of a company's ________ public.
a. general
b. internal
c. local
d. intermediary
e. market

d

Percy Original caters to a market of individuals and households that buys goods and services for personal consumption. Percy Original caters to a ________ market.
a. business
b. reseller
c. government
d. consumer
e. marketing intermediary

a

Which type of market buys goods and services for further processing or for use in the production process?
a. business
b. reseller
c. wholesale
d. consumer
e. retail

a

Change in the ________ environment is most likely to reflect changes in education levels and diversity trends.
a. demographic
b. natural
c. economic
d. cultural
e. political

b

Rachel Patino works for a wholesale company called Distributors Unlimited. She is responsible for buying and selling goods at a profit to small retailers. What is her market?
a. business
b. reseller
c. wholesale
d. consumer
e. retail

a

Your marketing department is currently researching the size, density, location, age, and occupations of your target market. Which environment is being researched?
a. demographic
b. psychographic
c. economic
d. geographic
e. cultural

d

The ________ environment consists of factors that affect consumer purchasing power and spending patterns.
a. cultural
b. political
c. technological
d. economic
e. natural

b

As a response to the Great Recession, most consumers have ________.

a. amassed record levels of debt
b. adopted back-to-basics spending patterns
c. increased their investments in the stock market
d. seen their home values increase
e. abandoned value marketing

d

Value marketing is the strategy of offering consumers ________.
a. high quality at a high price
b. luxury quality at a high price
c. lesser quality at a low price
d. reasonable quality at a fair price
e. little quality at a low price

b

The natural resources that are needed as inputs by marketers or that are affected by marketing activities are referred to as the ________.
a. raw material market
b. natural environment
c. endangered environment
d. green movement
e. factors of production

c

Marketers should be aware of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society. This is most accurately described as the ________ environment.
a. socio-legal
b. cultural
c. political
d. legal-technological
e. economic

a

Business legislation has been created for three basic reasons: to protect companies from each other, to protect consumers, and to ________.
a. protect the interests of society
b. regulate prices
c. increase world trade
d. regulate monopolies
e. promote social responsibility

b

The recent rash of business scandals and increased concerns about the environment have created fresh interest in the issues of ________ and ________.
a. ethics; promotion responsibility
b. ethics; social responsibility
c. finances; employee discrimination
d. management ethics; insider trading
e. promotion; pricing

c

The primary concern for consumers with the boom in Internet marketing is ________.
a. accessibility
b. false advertising
c. privacy
d. sustainability
e. social responsibility

b

Cause-related marketing is a(n) ________.
a. response to customer needs
b. primary form of environmental awareness
c. primary form of corporate giving
d. lobbying response to corporate legislative problems
e. attempt to influence consumers' core beliefs

b

A society's basic values, perceptions, preferences, and behaviors are all part of its ________ environment.
a. social
b. cultural
c. political
d. cultural economic
e. natural

a

Marketers should understand that a society's core beliefs and values have a high degree of ________.
a. persistence
b. flexibility
c. similarity
d. ethnocentrism
e. conformity

b

Your company is making negotiations to enter a market in Lower Albania. You would most likely discover that ________ beliefs and values are open to change in this country.
a. inherited
b. secondary
c. primary
d. core
e. traditional

b

A society's ________ are expressed in how people view themselves, organizations, society, nature, and the universe.

a. social codes
b. culture values
c. demographics
d. public policies
e. economics

d

LandPort Transportation and Omega Warehousing move and store the products your company sells. The two businesses are examples of ________.
a. resellers
b. marketing services agencies
c. marketing intermediaries
d. physical distribution firms
e. geographic segments

a

Innovations is a producer of electronic circuits that power a variety of technological devices produced by other companies. Innovations sells its products to ________ markets.
a. business
b. government
c. consumer
d. internal
e. financial

d

ING, an international insurance and financial services company, is the primary sponsor of the annual New York City Marathon, which is attended by over one million fans and watched by approximately 300 million viewers worldwide. The ING logo and name appear throughout the race course. ING most likely sponsors the event in order to appeal to which type of public?
a. financial
b. citizen-action
c. government
d. general
e. internal

c

Chet Hoffman's chain of travel agencies has identified the lesbian, gay, bisexual, and transgender community (LGBT) as a growing market that spends an increasing percentage of its income on travel. Which of the following would be the LEAST effective component of a marketing plan for Chet to take advantage of this opportunity?
a. develop a presence on LGBT-oriented social networking sites
b. position his agency as focused on specialized experiences
c. implement a mass marketing campaign
d. place specially-targeted ads in gay-themed publications
e. advertise on LOGO

d

The green movement will likely spark the LEAST interest in which of the following?
a. recycling programs
b. environmentally sustainable strategies
c. social responsibility
d. Internet usage
e. biodegradability

b

Marketers can take a(n) ________ by taking aggressive action to affect the publics and forces in their marketing environments.
a. environmental stance
b. proactive stance
c. natural perspective
d. natural-management perspective
e. relationship-building perspective

a

A regional supermarket chain runs print, radio, and television advertisements announcing that 1% of each of its sales is donated to local after-school programs for underprivileged youth. This is an example of ________ marketing.
a. cause-related
b. generational
c. sustainable
d. tiered
e. cultural

a

Which of the following is an example of a core belief?
a. Marriage is important.
b. Americans should display their patriotism.
c. The comforts of home are more important than entertainment outside of the home.
d. Extended warranties are never worth the money consumers pay for them.
e. Professionals should wear business clothes to work.

b

Assume that you are a manager at a firm that has hired lobbyists to influence legislation affecting your firm's industry to its advantage. Your firm takes a(n) ________ approach to the marketing environment.
a. reactive
b. proactive
c. adversarial
d. passive
e. team work

d

Which of the following forces would marketers be MOST likely able to influence?
a. geographic population shifts
b. core cultural values
c. increasing ethnic diversity
d. media publics
e. income distribution