question

Marketing is the process of

answer

creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment.

question

The focal point of all marketing activities is

answer

customers

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Organizations should define themselves not according to to the products they produce but according to

answer

how they satisfy customers

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The definition of marketing implies that

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both customers and business should receive benefits from exchange relationships

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The primary value that a marketer expects to receive from a customer in an exchange relationship is

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the price charged for the product

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A target market is

answer

a specific group of customers on whom a company focuses its marketing efforts

question

Kashi heart to heart cereal is aimed at people who are concerned about their heart health. These people represent the

answer

Kashi target market

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Sunnyd is aimed at mothers with children under 12. These mothers are

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SunnyDs target market

question

Distribution, price, promotion, and product are all elements of

answer

the marketing mix

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A marketing manager decides what combination of variables is needed to satisfy customers needs for a general type of product. What are essential variables that the marketing manager combines

answer

Distribution, price, product, promotion variables

question

The marketing mix is built around the

answer

customer

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Marketing managers strive to develop a marketing mix that

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matches the needs of the target market

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The product variable includes all of the following (brand names, product packaging, warranty, repair) but not

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consumer perception of the product price

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The three basic forms that a product can take are

answer

services, ideas, goods

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A physical product you can touch is

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good

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The application of mechanical and human efforts to either people or objects to provide "intangible" benefits to customers is known as

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Service

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Best example of a "service" marketer

answer

FedEx

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MADD is a group that works to change attitudes and laws about driving under the influence of alcohol. Primarily marketing

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ideas (madd)

question

The church of the latter day saints has used advertising for years to market its

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ideas (church)

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What is most likely to be an idea marketer

answer

orthodontist

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Deciding to add gel insoles to its running shoes would would be a change in the __________ element of the marketing mix for nike

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product (nike)

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Marketing modifications to packaging or brand names involves the

answer

product component of the marketing mix

question

issues of inventory levels and storage costs are both concerns relating to the __________ variable of the marketing mix

answer

distribution (inv)

question

Rob Donaldson runs a successful wholesale business that sells equipment to restaurants throughout the Midwest. He is considering purchasing his own fleet of trucks to deliver the equipment instead of relying on a shipper as he is currently doing. This most closely represents a decision about

answer

the best way to distribute his products

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consumers buying products online have dramatically affected the ________ variable of the marketing mix

answer

distribution (onl)

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Changing the hours of operation for a service business involves the __________ component of marketing mix

answer

distribution

question

This scenario involves the distribution element of the marketing mix

answer

Deciding whether or not to have retail outlets in addition to a website

question

element of marketing mix used to increase awareness of a product or company

answer

promotion

question

When DuPont develops new carpet fibers that are highly stain-resistant and durable, it must educate consumers about the product's benefits. This calls for activity in which of the following marketing mix variables?

answer

promotion

question

Boca Burger's website features information about products, recipes, and nutritional values, but customers cannot actually purchase products from the website. This website is most likely used primarily as a ______ marketing tool.

answer

promotional

question

When Burger King offers 99-cent Whoppers to increase store traffic, it is altering which aspect of the marketing mix?

answer

price

question

When DataComp Corp., a producer of computer software, delayed the introduction of its new spreadsheet program to modify the package, its scheduled magazine advertisements announcing the new product needed to be revised. In this case, a change in the ___________ variable caused changes in the ___________ variable of the marketing mix.

answer

product; promotion

question

The concept of exchange is is fundamental to the definition of marketing. What is the best description of exchange

answer

provision or transfer of goods, services, or ideas, in return for something of value

question

For an exchange to occur, four conditions must exist: first, two or more individuals, groups, or organizations must participate, and each must possess "something of value" that the other desires; second, the exchange must provide a benefit or satisfaction to both parties; third, each must have confidence in the promise of the "something of value" held by the other; and fourth,

answer

to build trust, parties to the exchange must meet expectations

question

Mark goes to the vending machine, gives a dollar, receives a sprite

answer

example of an exchange

question

Marketing facilitates exchange relationships between buyers and sellers. What is marketing's intended outcome for this relationship

answer

Satisfaction for both the buyer and seller

question

what is true about marketing environment forces

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They influence customers by affecting their lifestyles, standards of living, and preferences and needs for products.

question

Forces of the marketing environment include

answer

political, legal and regulatory, sociocultural, technological, economic, and competitive.

question

A marketing manager for a small computer manufacturer is analyzing the potential effects of political, legal, sociocultural, and economic forces on the firm's operations. The marketing manager is examining the ___________ that influence(s) the firm's strategy.

answer

Marketing environment

question

Best characterizes the forces of marketing environments

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The forces change dramatically and quickly, and a change in one force is likely to affect the other forces

question

A change in the minimum drinking age in any given state illustrates a change in the

answer

marketing environment for miller brewing

question

StarKist Tuna announced a dolphin-safe policy and stopped buying tuna from fishing vessels that net dolphins. This decision indicates a response to concerns about

answer

the marketing environment (tun)

question

What is an uncontrollable factor in developing marketing mix

answer

Government regulations

question

The forces of the marketing environment primarily affect marketers in three ways: They influence customers by affecting their lifestyles and preferences for products; they determine whether or how a marketing manager can perform certain marketing activities; and they

answer

affect a marketing manager's decisions and actions by influencing buyers' reactions to the firm's marketing mix.

question

The marketing environment is best described as being

answer

dynamic and changing

question

Marketing concept best defined as

answer

a philosophy stating that an organization should try to satisfy customers' needs through a coordinated set of activities that allows the organization to achieve its goals.

question

The marketing concept is a management philosophy that affects

answer

all efforts of the organization

question

Marketing concept focuses on

answer

satisfying customers' needs in a way that helps to achieve organizational objectives

question

Which one of the following statements by a company president best reflects the marketing concept?

answer

We have organized our business to make certain that customers get what they want.

question

Marketing concept affects

answer

all organizational activities

question

When Campbell's introduced a line of low-sodium soups in response to customer demand, it was following which one of the following philosophies?

answer

marketing concept

question

The Jackson Hewitt company wants to adopt the marketing concept as a business philosophy. To be consistent with this decision, it should adopt which of the following philosophies?

answer

the customer is always right

question

The marketing concept is

answer

a management philosophy

question

As the Industrial Revolution came to the United States, most firms operated in a(n) ___________ orientation.

answer

production

question

During the Industrial Revolution demand for manufactured goods was

answer

strong

question

From the 1920s to the 1950s, demand for manufactured goods decreased, leading to the ______ orientation.

answer

sales

question

U.S. Electric, the maker of a highly innovative xenon light bulb, finds that it has excess inventory. The firm increases its advertising budget by 50 percent and doubles its sales staff. This company is operating as if it were in which of the following orientations?

answer

sales

question

American Express implements a program of calling its current cardholders to find out what changes they would like to see in the services provided. The firm is exhibiting characteristics associated with which of the following orientations?

answer

market

question

A market orientation is an organization-wide effort that includes all of the following activities except

answer

focusing on the marketing department only

question

Which of the following best describes the acceptance of the marketing concept by American organizations?

answer

The marketing concept has yet to be fully accepted by all organizations

question

Which of the following is not an example of the implementation of the marketing concept?

answer

Burger King reduces the labor costs to produce its sausage-egg biscuits.

question

Health Care Systems, Inc. rolls out an innovative nurse-on-call information system available online. The product is not widely accepted because patients don't see the need for such a service. This situation represents a failure in which aspect of implementing the marketing concept?

answer

An information system to determine customer needs

question

When Wonder introduced a new bread made with white whole wheat in response to customer demand, it was following which of the following philosophies?

answer

marketing concept

question

Today, establishing long-term, mutually beneficial arrangements in which both the buyer and seller focus on value enhancement through the creation of more satisfying exchanges is known as

answer

relationship marketing

question

A junior marketing executive at MegaGrain Cereals suggests increasing the package size and price of its best-selling brand without increasing the amount of cereal inside the box. Her superior warns that this might be a bad idea because MegaGrain's long-term survival, like most companies, depends on

answer

creating and maintaining satisfying exchange relationships

question

In managing customer relationships, the three primary ways profits can be obtained are by

answer

enhancing the profitability of existing customers, extending the duration of relationships with customers, and obtaining new customers

question

Customer relationship management (CRM) begins its focus on customers with

answer

information

question

Long-term relationships with profitable customers is the key objective of

answer

customer relationship management

question

Managing customer relationships requires identifying patterns of ___________ and then using that information to focus on the most promising and profitable customers.

answer

buying behavior

question

_____is a customer's subjective assessment of benefits relative to costs in determining the worth of a product.

answer

value

question

The equation a buyer applies to assess a product's value is

answer

value = customer benefits - customer costs

question

Customer costs include anything the buyer must give up in order to obtain the benefits the product provides. The most obvious customer cost is

answer

monetary price

question

Which of the following would not be a customer cost considered in determination of product value?

answer

Benefits received in the exchange for the products

question

Scott, a buyer for a medium-sized company, is assessing the value of competing software products for use in his firm. Which of the following would not be a customer benefit considered in his determination of this product's value?

answer

monetary price

question

Taco Bell is introducing some of its products into supermarkets, vending machines, college campuses, and other locations to increase its product availability and convenience. One reason Taco Bell is doing so is to

answer

increase customer value

question

Marketing management is defined as a process of

answer

planning, organizing, implementing, and controlling marketing activities.

question

_____is the degree to which an exchange helps achieve an organization's objectives

answer

effectiveness

question

refers to minimizing the resources an organization must spend to achieve a specific level of desired exchanges.

answer

cost cutting

question

A systematic process of assessing opportunities and resources, determining marketing objectives, and developing a marketing strategy and plans for implementation and control describes which of the following marketing management activities?

answer

planning

question

The marketing unit can be organized by

answer

functions, products, regions, types of customers, or a combination of all four.

question

______of marketing plans hinges on coordination of marketing activities, motivation of marketing personnel, and effective communication within the marketing unit.

answer

implementation

question

If McDonald's runs a promotion advertising Big Macs for $1.50, it must ensure that each of the company's restaurants has sufficient staff and product on hand to handle expected demand. This relates to which of the following marketing management activities?

answer

implementation

question

is the process of establishing performance standards, comparing actual performance with established standards, and reducing the difference between desired and actual performance.

answer

marketing control

question

Which of the following statements describes the best use of the Internet by a marketer?

answer

gain info

question

Initiatives intended to improve an organization's positive impact on society and the natural environment are called

answer

green marketing

question

If a family spends $2,000 a month on goods and services, how much of that $2,000 goes for marketing activities?

answer

$1000

question

For most firms, the costs of marketing activities consume approximately what portion of the consumer's dollar?

answer

one-halfth

question

In today's market environment, you might pay $15 for a CD by your favorite musical artist. Approximately how much of that price goes to activities related to marketing (promotion, distribution, profit margins)?

answer

7.50

question

Marketing activities are

answer

used by all sizes of organizations including for-profit, nonprofit, and government agencies.

question

Marketing activities

answer

help sell an organization's products and generate financial resources for the firm.

question

Marketing knowledge and skills

answer

enhance consumer awareness and help provide people with satisfying goods and services.

question

The public is becoming more aware of how marketers' activities affect the welfare of consumers and society. As a result, more firms are working to

answer

create a responsible approach to developing long-term relationships with customers and society

question

Approximately what percentage of civilian workers in the United States performs marketing activities?

answer

25 to 33%

question

T F Marketing consists primarily of selling and advertising

answer

F

question

T F The broadest and simplest definition of marketing states that it is the development and efficient distribution of products for consumer segments.

answer

F

question

T F Customers are the focal point of all marketing activities.

answer

T

question

T F A family that organizes and advertises a garage sale is performing marketing activities.

answer

T

question

T F A target market is a specific group of customers on whom an organization focuses its marketing efforts.

answer

T

question

T F A target market is always defined by demographics.

answer

F

question

T F Target markets can be people who buy the product but do not necessarily use the product.

answer

T

question

T F The marketing mix consists of three major variables: product, price, and distribution.

answer

F

question

T F In marketing, a product can be a good or a service but not an idea.

answer

F

question

T F Marketing efforts do not involve the design and development of products

answer

F

question

T F Products can be goods, services, or ideas.

answer

T

question

T F Services are provided by applying human and mechanical efforts to people or objects.

answer

T

question

T F The actual physical production of goods is a marketing activity.

answer

F

question

T F Promotion can help sustain interest in established products that have long been available.

answer

T

question

T F The distribution variable in a marketing mix is directed toward making products available in the quantities desired to as many target market customers as possible and keeping the total inventory, transportation, and storage costs as low as possible.

answer

T

question

T F Customers are interested in a product's price because they are concerned about the value obtained in an exchange.

answer

T

question

T F Price is seldom used as a competitive tool.

answer

F

question

T F For an exchange situation to arise, only one condition must exist: two or more individuals, groups, or organizations must each possess something that they value and are willing to give up to receive the "something of value" held by the other individual, group, or organization

answer

F

question

T F For an exchange to occur, at least one of the parties must be willing to give up his or her "something of value."

answer

F

question

T F Marketing activities do not always result in exchanges.

answer

T

question

T F The outcomes of a marketer's decisions and actions may be affected by the variables in the marketing environment.

answer

T

question

T F Changes in the marketing environment always hurt marketing efforts.

answer

F

question

T F The marketing environment is a set of static, unchanging surroundings.

answer

F

question

T F The marketing concept stresses that a business organization can best achieve its goal by providing customer satisfaction through coordinated activities.

answer

T

question

T F Achievement of the firm's overall goals is part of the marketing concept.

answer

T

question

T F The marketing concept is a philosophy that a business organization should employ to satisfy customers' needs while achieving the overall goals of the organization.

answer

T

question

T F The marketing concept is a philanthropic philosophy aimed at helping customers at the expense of the business organization.

answer

F

question

T F The marketing concept is a management philosophy, not a second definition of marketing.

answer

T

question

T F The marketing concept deals only with marketing activities.

answer

F

question

T F Profit, even at the expense of customers' satisfaction, is the major thrust of the marketing concept.

answer

F

question

T F The marketing concept directly affects marketing activities but should have negligible impact on other organizational activities.

answer

F

question

T F The market concept stresses that an organization can best achieve its objectives by being customer-oriented.

answer

T

question

T F The market concept developed out of a sequence of three eras: the production orientation, the marketing orientation, and the industrial orientation.

answer

F

question

T F During the market orientation, businesspeople realized that if they could produce products efficiently, customers would buy them.

answer

F

question

T F During the market orientation, businesspeople realized that products, which by this time could be made relatively efficiently, would have to be promoted through much personal selling and advertising.

answer

F

question

T F A market orientation requires the organization-wide generation of market intelligence pertaining to current and future customer needs, dissemination of the intelligence across departments, and organization-wide responsiveness to it.

answer

T

question

T F To implement the marketing concept, an organization must first establish an information system to discover customers' real needs and then use the information to create products to satisfy those needs

answer

T

question

T F To satisfy customers' objectives as well as its own, a company must coordinate all its activities.

answer

T

question

T F At the most basic level, profits can be obtained through relationships by acquiring new customers, enhancing the profitability of existing customers, and extending the duration of customer relationships

answer

T

question

T F Relationship marketing is short-term, mutually beneficial arrangements in which the buyer and seller focus on the creation of satisfying exchanges.

answer

F

question

T F Customer relationship management is the use of information about customers to create marketing strategies that develop and sustain desirable customer relationships.

answer

T

question

T F In general, when marketers focus on customers chosen for their lifetime value, they earn lower profits in future periods than when they focus on customers selected for other reasons.

answer

F

question

T F Value = customer costs - customer benefits.

answer

F

question

T F Basic and extended warranties can reduce risk, a major customer cost.

answer

T

question

T F Customer benefits include time and effort.

answer

F

question

T F The process people use to determine the value of a product is not highly scientific.

answer

T

question

T F Marketing management is the process of planning, organizing, implementing, and controlling marketing activities to facilitate and expedite exchanges effectively and efficiently.

answer

T

question

T F In marketing management, planning is a systematic process of assessing opportunities and resources, determining marketing objectives, and developing a marketing strategy and plans for implementation and control.

answer

T

question

T F Organizing marketing activities hinges on coordination of marketing activities, motivation of marketing personnel, and effective communication within the unit.

answer

F

question

T F Implementation of marketing plans requires motivating marketing personnel, coordinating their activities, and integrating their activities both with those in other areas of the company and with the marketing efforts of personnel in external organizations.

answer

T

question

T F Marketing costs consume about one-quarter of a buyer's dollar

answer

F

question

T F Marketing costs consume about one-half of a buyer's dollar.

answer

T

question

T F For a business organization to remain healthy and to survive, it must sell products and make profits.

answer

T

question

T F Knowing about marketing can help you evaluate the types of corrective measures needed to stop questionable marketing practices.

answer

T

question

T F Approximately 20 percent of civilian employees in this country perform marketing activities.

answer

F

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