Question 1

Which of the following is an example of an environmental force?

Accepted Answer

A contraction of the economy nationwide

Question 2

Which of the following statements about marketing is TRUE?

Accepted Answer

It isn\'t always easy; thousands of new products fail each year.

Question 3

Which of the following are reasons to learn about marketing?

Accepted Answer

To become a better consumer and to help in your career planning

Question 4

When a consumer gives money or something else of value for something he or she values, a marketer would describe this as a(n) _____.

Accepted Answer

exchange

Question 5

After a consumer makes a purchase in the grocery store, the firm is better off because it has more money in the register and the consumer is better off because he has more food in his pantry. This is an example of which of the core aspects of marketing, as discussed in the chapter?

Accepted Answer

Marketing entails exchange between buyer and seller

Question 6

Marketing typically impacts which of the following groups in society?

Accepted Answer

Suppliers, customers, and owners

Question 7

Marketing directly supports _____ by helping to provide customer-satisfying products required for the organization\'s survival and prosperity.

Accepted Answer

management goals

Question 8

Which of the following is true of the relationship between society and marketing activities?

Accepted Answer

Society affects marketing and sometimes marketing has an important impact on society

Question 9

Often there are differing interests among groups internal and external to an organization. How should these be handled?

Accepted Answer

The organization should seek a balance among differing interests

Question 10

True or false: Marketing can only be performed by a retailer interacting with a consumer.

Accepted Answer

False

Question 11

For marketing to occur, there must be two or more parties with

Accepted Answer

unsatisfied needs

Question 12

In order for marketing to occur, both parties involved must have which of the following regarding their needs?

Accepted Answer

The ability to satisfy a need, and the desire to satisfy a need

Question 13

Which of the following represents a way buyers and sellers communicate so that marketing can occur for a magazine?

Accepted Answer

Seeing the magazine on display in the bookstore

Question 14

You are purchasing a magazine. For marketing to occur, there will be an exchange which must include

Accepted Answer

both the magazine and the money

Question 15

A(n) _____ is a good, service, or idea consisting of a bundle of tangible and intangible attribute that satisfies consumers\' needs and is received in exchange for money or something else of value.

Accepted Answer

product

Question 16

Form Place Time Possession

Accepted Answer

The production of the good or service Having the product available where consumers need it Having the product available when needed Making an item easy to purchase

Question 17

Put the following business orientations in the correct historical order, with the oldest on the top and the newest on the bottom

Accepted Answer

Production era Sales era Marketing concept era Customer relationship era

Question 18

Marketing is the activity that does which of the following with offerings that benefit the organizations, its stakeholders, and society at large?

Accepted Answer

Creating, communicating, and delivering

Question 19

Customer _____ is the unique combination of benefits received by targeted buyers at a specific price.

Accepted Answer

value

Question 20

Product Price Place Promotion

Accepted Answer

A good, service, or idea to satisfy needs What is exchanged for the product A means of getting the product to the consumer A means of communication between seller and buyer

Question 21

The marketing department shapes and is shaped by many external people, organizations, and forces. Which of the following are external and influential but would not be considered environmental forces?

Accepted Answer

Suppliers and shareholders

Question 22

Which two of the following are true of environmental forces?

Accepted Answer

Social and economic forces are examples, and they are largely beyond the control of the marketer

Question 23

Marketing attempts to satisfy consumer needs but clearly also shapes a person\'s _____, because it may impact knowledge or even culture.

Accepted Answer

wants

Question 24

In marketing, a market is made up of

Accepted Answer

people with a desire and ability to buy a product

Question 25

When a firm has transcended a production or selling orientation, and attempts to discover and satisfy its customer\'s needs and wants, the firm is

Accepted Answer

market-oriented

Question 26

_____ marketing links the organization to its customers, employees, suppliers, and other partners for mutual long-term benefits.

Accepted Answer

Relationship

Question 27

A market orientation requires firmed to create customer value through

Accepted Answer

collecting information about customer needs

Question 28

Shareholders Customers Suppliers Other organizations

Accepted Answer

Ownership Relationships Partnerships Alliances

Question 29

Listening to your customers in order to develop a better product is an example of

Accepted Answer

effective marketing research

Question 30

Which two of the following are required of effective market segments?

Accepted Answer

Buyers will respond similarly to marketing action, and buyers have common needs

Question 31

Product Price Place Promotion

Accepted Answer

A soft drink company releases a new diet soda A bank offers fewer monthly fees for its checking accounts A restaurant offers takeout and home delivery A new hardware store uses flyers to announce its grand opening

Question 32

_____ consumers, in contrast with organizational buyers, are the people who use products and services purchased for a household

Accepted Answer

ultimate

Question 33

The marketing _____ is the idea that an organization should strive to satisfy customer needs while trying to achieve its goals.

Accepted Answer

concept

Question 34

For marketing to occur, parties must have which two of these?

Accepted Answer

A way to communicate, and both the desire and ability to satisfy their needs

Question 35

The hallmark of developing and maintaining effective customer relationships is called _____ marketing.

Accepted Answer

relationship

Question 36

When a firm implements the marketing concept to consider customer needs in its strategy, it then is said to have a _____ orientation.

Accepted Answer

market

Question 37

A(n) _____ market is a specific group of potential customers toward which an organization directs its marketing program.

Accepted Answer

target

Question 38

The unique combination of benefits received by target buyers at a specific price is known as

Accepted Answer

customer value

Question 39

A marketing mix that is _____ to provide a good, service or idea to prospective buyers is known as a marketing program.

Accepted Answer

integrated

Question 40

Wal-Mart Nike Home Depot

Accepted Answer

Best price Best product Best service

Question 41

To fulfill its objectives, marketing requires _____, which is the trade of things of value between a buyer and seller so that each is better off afterwards.

Accepted Answer

exchange

Question 42

The marketing manager\'s controllable factors that can be used to solve a marketing problem is known as the

Accepted Answer

marketing mix

Question 43

Which of the following might be given or received in an exchange when marketing occurs?

Accepted Answer

Money, intangible services, satisfaction, and information

Question 44

To be in an organization\'s market, it is not enough for a customer just to want a product because it would satisfy unmet needs; a customer must also have

Accepted Answer

the ability to buy, financially, and otherwise

Question 45

A brief statement that sums up how a business satisfies customers needs is termed a

Accepted Answer

customer value proposition

Question 46

_____ is one of the elements of the four Ps that embodies all activities essential to get the product to the right customer when and where that customer wants it.

Accepted Answer

Place

Question 47

Who benefits from effective marketing?

Accepted Answer

Organizations who sell, society as a whole, and consumers who buy

Question 48

Customer _____ reflects the relationship of benefits to price, or what you get for what you give.

Accepted Answer

value

Question 49

Many business people believe that marketing should focus on factors other than financial goals, such as

Accepted Answer

ethics

Question 50

To serve both buyers and sellers, marketing fundamentally seeks to do which two of the following?

Accepted Answer

Discover the needs and wants of prospective customers, and satisfy the needs and wants of customers

Question 51

_____ is the component of the marketing mix that provides a means of communication between a seller and a buyer.

Accepted Answer

Promotion

Question 52

The societal marketing concept combines which two of the following principles?

Accepted Answer

Organizations should serve customers in a way that provides for society\'s well-being, and organizations should satisfy the needs of customers.

Question 53

Homemakers that make due with whatever type of pantry goods they could acquire is an example of which marketing orientation among businesses of that era?

Accepted Answer

production

Question 54

When manufacturers, wholesalers, retailers, and government agencies purchase goods and services they are known as

Accepted Answer

organizational buyers

Question 55

A company adopting social _____ is purposefully acknowledging its accountability to a larger society.

Accepted Answer

responsibility

Question 56

_____ is the part of the marketing mix that communicates the value of the product to the consumer in many ways, such as advertising, social media, and public relations.

Accepted Answer

Promotion

Question 57

In the context of customer value, which of the following are considered benefits?

Accepted Answer

convenience, quality, and after-sale service

Question 58

The essence of successful marketing is that firms provide unique value in order to gain

Accepted Answer

loyal customers

Question 59

A local library that promotes enhanced reading skills and an increased global perspective resulting from reading library books is an example of marketing

Accepted Answer

ideas

Question 60

Customer experience is

Accepted Answer

the internal response that customers have to all aspects of an organization and its offering

Question 61

Which two of the following are characteristic of the marketing concept era?

Accepted Answer

Marketing was integrated into each phase of business, and product design focused on consumers\' needs.

Question 62

Which of the following is NOT an example of marketing?

Accepted Answer

A student markets himself to his instructors to get better grades

Question 63

Customers that desire to own a Lexus, that can afford to do so, that have the time and ability to visit a dealership would be considered to be in Lexus\' _____.

Accepted Answer

market

Question 64

A marketing program _____ the marketing mix elements to provide a good, service, or idea to prospective buyers.

Accepted Answer

integrates

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