Question 1

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

Accepted Answer

A marketing program integrates the marke...

Question 2

The element of the marketing mix that describes what is exchanged for a product is known as

Accepted Answer

A)   a product.
B)   the price.
C)   promotion.
D)   the place or distribution.
E)   profit.F) All of the above
G) A) and B)

Question 3

To avoid new-product failure, new-product expert Robert M. McMath suggests

Accepted Answer

A)   implementing a regional rather than a nationwide rollout of a new product.
B)   building a hierarchical organizational structure so that more people have a chance to spot product problems.
C)   focusing on customer benefits and learning from the past.
D)   increasing the marketing budget, since "success comes to those who can outspend the competition."
E)   releasing several different versions of a new product at the same time to see which one is most successful.F) All of the above
G) A) and D)

Question 4

Which product is an example of possession utility?

Accepted Answer

A)   a smartphone with a large selection of new apps
B)   the local dairy that offers to deliver bottles of milk to a customer's doorstep
C)   disposable diapers that come equipped with resealable tabs
D)   a gourmet food store that carries a line of ready-made salads
E)   a mobile phone company that offers six-month financing, same as cashF) B) and E)
G) A) and B)

Question 5

One or more specific groups of potential consumers toward which an organization directs its marketing program is referred to as a ________ market.

Accepted Answer

A)   mass
B)   base
C)   potential
D)   target
E)   promotionalF) A) and B)
G) B) and E)

Question 6

In marketing, the idea of exchange refers to the

Accepted Answer

A)   negotiation phase between the manufacturer and the seller.
B)   financial remuneration (monetary payment)  for a product or service.
C)   trade of things of value between buyer and seller so that each is better off after the trade.
D)   bartering of products and services between nongovernmental organizations or individuals.
E)   practice of swapping products and services for other products and services rather than for money.F) D) and E)
G) B) and D)

Question 7

According to the text, Starbucks provides its customers with the best

Accepted Answer

A)   branding.
B)   products.
C)   price.
D)   customer service.
E)   availability.F) B) and C)
G) D) and E)

Question 8

Why do some marketers feel that environmental forces are not entirely outside their influence?

Accepted Answer

Traditionally, many marketing executives...

Question 9

Lou has a medical condition that interferes with restful sleep. Though he has been to the doctor frequently about the issue, no treatments or medications are available that would be helpful to him. Here, no marketing occurs because

Accepted Answer

A)   the doctor does not have unsatisfied needs.
B)   the doctor cannot offer a viable product for exchange.
C)   marketing is illegal in the pharmaceutical industry.
D)   the doctor and patient are unable to communicate.
E)   Lou is unable to afford his medications.F) C) and D)
G) A) and E)

Question 10

The founder of Chobani, winner of the Ernst & Young World Entrepreneur of the Year award, is

Accepted Answer

A)   Mark Zuckerberg.
B)   "Trader" Joe Demapolis.
C)   Hamdi Ulukaya.
D)   Robert M. McMath.
E)   David Windorski.F) B) and D)
G) A) and B)

Question 11

Which person is an example of an ultimate consumer?

Accepted Answer

A)   a newspaper reporter who books a plane ticket to Washington, D.C., to cover the presidential inauguration
B)   a schoolteacher who got her hair cut at a salon prior to classes starting in the fall
C)   an office receptionist who renews the subscriptions for magazines that are found in the office waiting room
D)   a retailer who buys banners for an upcoming store sale
E)   a landscaping firm employee who buys a new wheelbarrow to haul mulchF) C) and D)
G) C) and E)

Question 12

In the movie Tin Men, two rival salesmen engaged in a variety of dishonest and unethical practices in order to sell aluminum siding to homeowners in 1963. Their job was difficult, in part, because the supply of aluminum siding surpassed the demand for the product and competition was intense. This situation is indicative of the ________ era of U.S. business history.

Accepted Answer

A)   goods
B)   sales
C)   production
D)   market orientation
E)   societal marketingF) A) and D)
G) A) and E)

Question 13

Which people would most likely be the best target market for tickets to the home games of the Indianapolis Colts professional football team?

Accepted Answer

A)   all people with an interest in professional football
B)   all people in the Midwest who have an interest in sports
C)   all men who played on a varsity football team in high school
D)   all people in the Indianapolis and surrounding areas interested in football
E)   all people in Indiana who watch football on TVF) A) and D)
G) C) and D)

Question 14

Which statement best distinguishes between consumer needs and wants?

Accepted Answer

A)   Needs are far more influential than wants with respect to marketing decision making.
B)   Wants affect marketing decisions primarily for planned purchases while needs affect marketing decisions primarily for impulse purchases.
C)   Wants occur when a person feels deprived of luxury items while needs are solely possessions required to maintain relationships.
D)   Needs and wants are psychologically the same, but needs are those that a consumer can be guaranteed to satisfy.
E)   Needs occur when a person feels deprived of basic necessities such as food, clothing, and shelter while wants are determined by a person's knowledge, culture, or personality.F) B) and D)
G) A) and B)

Question 15

To serve both buyers and sellers, marketing seeks to __________ and satisfy the needs and wants of prospective customers.

Accepted Answer

A)   change
B)   circumvent
C)   deny
D)   discover
E)   measureF) A) and E)
G) B) and E)

Question 16

Which statement about relationship marketing is most accurate?

Accepted Answer

A)   Relationship marketing has a short-term focus: increasing profits for the firm.
B)   Relationship marketing prevents the need to offer unique value to customers.
C)   Relationship marketing provides benefits for both customers and the organization.
D)   Very few companies today are engaged in relationship marketing.
E)   The Internet almost always has a negative impact on a firm's personal relationships with customers.F) A) and C)
G) B) and D)

Question 17

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, lending 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

To answer this question, students will n...

Question 18

All of the following are factors required for marketing to occur except which?

Accepted Answer

A)   a desire and ability on the part of two or more parties (individuals or organizations)  to be satisfied
B)   something to exchange between two or more parties (individuals or organizations) 
C)   two or more parties (individuals or organizations)  with the same wants
D)   two or more parties (individuals or organizations)  with unsatisfied needs
E)   a way for the parties (individuals or organizations)  to communicateF) C) and E)
G) A) and B)

Question 19

An organization that focuses its efforts on continuously collecting information about customers' needs, sharing this information across departments, and using it to create customer value is said to have a

Accepted Answer

A)   product orientation.
B)   macroeconomic orientation.
C)   market orientation.
D)   flexible orientation.
E)   societal marketing orientation.F) C) and D)
G) B) and D)

Question 20

A student wants to buy a smartphone so she can share pictures with her friends. An insurance claims adjuster wants to buy a smartphone to document accidents (take pictures, write a report, etc.) . If they both purchase the same model smartphone, such as an Apple iPhone, which statement is most accurate?

Accepted Answer

A)   The adjuster is a prospective customer because the smartphone will be used for work; the student is only a secondary user since the purpose of the smartphone is just for entertainment.
B)   Both the adjuster and the student are prospective customers because, in their own way, they both benefit from the smartphone.
C)   Neither the adjuster nor the student is a prospective customer since the company will pay for the adjuster's smartphone and the student's parents will pay for hers.
D)   The student is the prospective customer since there are more students buying smartphones for personal use than there are insurance adjusters buying smartphones for business use.
E)   Only a person who has bought a smartphone previously is a prospective customer because only previous owners of smartphones benefit from buying new ones.F) D) and E)
G) A) and B)

Exam 1: Creating Customer Relationships and Value Through Marketing

Correct Answer
verified

One or more specific groups of potential consumers toward which an organization directs its marketing program is referred to as a ________ market.

Correct Answer
verified

According to the text, Starbucks provides its customers with the best

Correct Answer
verified

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

Correct Answer
verified
A marketing program integrates the marke...
View Answer

In marketing, the idea of exchange refers to the

Correct Answer
verified

Correct Answer
verified
To answer this question, students will n...
View Answer

An organization that focuses its efforts on continuously collecting information about customers' needs, sharing this information across departments, and using it to create customer value is said to have a

Correct Answer
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Which product is an example of possession utility?

Correct Answer
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Correct Answer
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To avoid new-product failure, new-product expert Robert M. McMath suggests

Correct Answer
verified

The element of the marketing mix that describes what is exchanged for a product is known as

Correct Answer
verified

Which person is an example of an ultimate consumer?

Correct Answer
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Which statement about relationship marketing is most accurate?

Correct Answer
verified

The founder of Chobani, winner of the Ernst & Young World Entrepreneur of the Year award, is

Correct Answer
verified

Which people would most likely be the best target market for tickets to the home games of the Indianapolis Colts professional football team?

Correct Answer
verified

All of the following are factors required for marketing to occur except which?

Correct Answer
verified

Which statement best distinguishes between consumer needs and wants?

Correct Answer
verified

Lou has a medical condition that interferes with restful sleep. Though he has been to the doctor frequently about the issue, no treatments or medications are available that would be helpful to him. Here, no marketing occurs because

Correct Answer
verified

To serve both buyers and sellers, marketing seeks to __________ and satisfy the needs and wants of prospective customers.

Correct Answer
verified

Why do some marketers feel that environmental forces are not entirely outside their influence?

Correct Answer
verified
Traditionally, many marketing executives...
View Answer

Exam 1: Creating Customer Relationships and Value Through Marketing

Correct AnswerverifiedShow Answer

One or more specific groups of potential consumers toward which an organization directs its marketing program is referred to as a ________ market.

Correct AnswerverifiedShow Answer

According to the text, Starbucks provides its customers with the best

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedA marketing program integrates the marke...View AnswerShow Answer

In marketing, the idea of exchange refers to the

Correct AnswerverifiedShow Answer

Correct AnswerverifiedTo answer this question, students will n...View AnswerShow Answer

An organization that focuses its efforts on continuously collecting information about customers' needs, sharing this information across departments, and using it to create customer value is said to have a

Correct AnswerverifiedShow Answer

Which product is an example of possession utility?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

To avoid new-product failure, new-product expert Robert M. McMath suggests

Correct AnswerverifiedShow Answer

The element of the marketing mix that describes what is exchanged for a product is known as

Correct AnswerverifiedShow Answer

Which person is an example of an ultimate consumer?

Correct AnswerverifiedShow Answer

Which statement about relationship marketing is most accurate?

Correct AnswerverifiedShow Answer

The founder of Chobani, winner of the Ernst & Young World Entrepreneur of the Year award, is

Correct AnswerverifiedShow Answer

Which people would most likely be the best target market for tickets to the home games of the Indianapolis Colts professional football team?

Correct AnswerverifiedShow Answer

All of the following are factors required for marketing to occur except which?

Correct AnswerverifiedShow Answer

Which statement best distinguishes between consumer needs and wants?

Correct AnswerverifiedShow Answer

Lou has a medical condition that interferes with restful sleep. Though he has been to the doctor frequently about the issue, no treatments or medications are available that would be helpful to him. Here, no marketing occurs because

Correct AnswerverifiedShow Answer

To serve both buyers and sellers, marketing seeks to __________ and satisfy the needs and wants of prospective customers.

Correct AnswerverifiedShow Answer

Why do some marketers feel that environmental forces are not entirely outside their influence?

Correct AnswerverifiedTraditionally, many marketing executives...View AnswerShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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A marketing program integrates the marke...
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Correct Answer
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Correct Answer
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To answer this question, students will n...
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Traditionally, many marketing executives...
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