Marketing ch.1-7 – Flashcards
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________ refers to the benefits a customer receives from purchasing a good or service. A) Satisfaction B) Demand C) Want D) Promotion E) Value
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E) Value
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Which of the following is a current business trend? A) eliminating the marketing function B) integrating marketing with other business functions C) for-profit businesses becoming not-for-profit businesses D) fewer CEOs having experience in marketing E) isolating marketing from other business functions
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B) integrating marketing with other business functions
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Which of the following is NOT a marketing field? A) supply-channel management B) accounting C) brand management D) advertising E) new product planning
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B) accounting
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A(n) ________ is the ultimate user of a good or service. A) stakeholder B) market C) target market D) marketer E) consumer
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E) consumer
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________ is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. A) Demand satisfaction B) Competitive advantage building C) Marketing D) Total Quality Management E) Value chain management
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C) Marketing
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________ is about delivering value to everyone who is affected by a transaction. A) Demand B) Competitive advantage C) Marketing D) Exchange E) The value chain
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C) Marketing
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Buyers, sellers, investors, and community residents are all considered ________ in a company. A) stakeholders B) shareholders C) consumers D) value chain members E) social marketers
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A) stakeholders
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Marketers first identify consumer needs and then provide products that satisfy those needs. This practice is referred to as ________. A) the stakeholder orientation B) the marketing concept C) Total Quality Management D) the production orientation E) the marketing mix
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B) the marketing concept
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When a gap exists between a consumer's actual state and some ideal or desired state, the consumer has a ________. A) benefit B) demand C) need D) value E) utility
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C) need
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A ________ is a desire for a particular product a consumer uses to satisfy a need in a specific way that is culturally and socially influenced. A) benefit B) demand C) value D) utility E) want
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E) want
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A ________ is the outcome that motivates a customer's buying behavior. A) benefit B) demand C) value D) need E) want
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A) benefit
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A customer's desire for a product coupled with the buying power or resources to obtain that product is called a ________. A) benefit B) demand C) need D) stake E) service
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B) demand
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To be part of the ________ for a product, consumers must share a common need that can be satisfied by the product and have the resources, willingness, and authority to purchase the product. A) demand center B) audience C) value proposition D) marketplace E) market
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E) market
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A glitzy shopping mall, a mail-order catalog, a television shopping network, and an e-commerce Web site are all examples of ________. A) marketing concepts B) value chains C) monopolies D) marketplaces E) strategic business units
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D) marketplaces
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All of the following are forms of utility created by marketing processes EXCEPT ________. A) form utility B) place utility C) time utility D) possession utility E) price utility
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E) price utility
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________ utility is the benefit marketing provides by transforming raw materials into finished products, as when a dress manufacturer combines silk, thread, and a zipper to create a bridesmaid's gown. A) Form B) Place C) Time D) Possession E) Price
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A) Form
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17) Women who rent their wedding gowns instead of buying them and wearing them only once are taking advantage of a ________ utility. A) form B) place C) time D) possession E) price
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C) time
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For an exchange to occur, ________. A) at least two people or organizations must be willing to make a trade, and each must have something the other wants B) there must be one winner and one loser C) someone must make a financial profit D) the item must be tangible E) time utility must be created
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A) at least two people or organizations must be willing to make a trade, and each must have something the other wants
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In which kind of market would a production orientation be most successful? A) a buyer's market in which supply exceeds demand B) a market in which there are more sellers than buyers C) a seller's market in which demand is greater than supply D) a market that sells only intangible products E) no market
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C) a seller's market in which demand is greater than supply
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A firm that focuses on a ________ orientation is likely to view the market as a homogeneous group that will be satisfied with the basic function of a product. A) production B) consumer C) sustainability D) CRM E) TQM
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A) production
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Companies that have a ________ orientation tend to be more successful at making one-time sales than at building repeat business. A) consumer B) marketing C) selling D) societal E) relationship
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C) selling
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A ________ orientation is a management philosophy that focuses on ways to satisfy customers' needs and wants. A) consumer B) promotion C) selling D) production E) quality
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A) consumer
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The Total Quality Management (TQM) philosophy involves all employees in ________. A) customer relationship management B) continuous product quality improvement C) market positioning D) creating sustainability E) increasing the lifetime value of customers
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B) continuous product quality improvement
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A(n) ________ only produces a product when it is ordered. A) social marketer B) business-to-business marketer C) e-commerce marketer D) marketing planner E) instapreneur
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E) instapreneur
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In general, companies that focus on a triple bottom line are most likely to place a priority on which of the following? A) sustainability B) the production orientation C) the selling orientation D) manufacturing on demand E) instapreneurship
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A) sustainability
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Which of the following lists the three components of the triple bottom line orientation? A) the financial bottom line, the social bottom line, and the environmental bottom line B) the financial bottom line, the social bottom line, and the political bottom line C) the financial bottom line, the cultural bottom line, and the business bottom line D) the value bottom line, the service bottom line, and the business bottom line E) the product bottom line, the service bottom line, and the relationship bottom line
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Answer: A
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________ involves systematically tracking consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual's unique wants and needs. A) Value propositioning B) Customer relationship management (CRM) C) Differential benefit development D) Sales orientation E) Value chain management
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Answer: B
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The Internet has created a paradigm shift for businesses, moving us toward an attention economy in which a company's success will be measured by its ________. A) sustainability B) social responsibility C) consumer-generated value D) social network E) share of mind
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Answer: E
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________ maintains that marketers must satisfy customers' needs in ways that also benefit society and are profitable to the firm. A) Value propositioning B) Customer relationship management (CRM) C) The social marketing concept D) A sales orientation E) Value chain management
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Answer: C
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A company that focuses on ________ is concerned with meeting present consumer needs without compromising the ability of future generations to meet their needs. A) the selling orientation B) the production orientation C) Total Quality Management D) sustainability E) return on investment
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Answer: D
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31) Which of the following refers to marketing strategies that support environmental stewardship by establishing an environmentally founded differential benefit in the minds of consumers? A) greenwashing B) green marketing C) triple bottom line orientation D) social marketing E) social networking
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Answer: B
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The direct financial impact of a firm's expenditure on marketing activities is called the ________. A) value chain B) value proposition C) differential benefit D) return on investment (ROI) E) utility function
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Answer: D
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It is most accurate to say that popular culture consists of the ________ that the mass market consumes. A) myths B) social services C) consumer goods D) forms of entertainment E) value propositions
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Answer: D
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Ronald McDonald confounds the Hamburglar in the basic struggle of good versus evil as played out in a McDonald's commercial. This is an example of a marketing message communicated in the form of ________. A) social marketing B) e-commerce C) value management D) a myth E) a distinctive competency
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Answer: D
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________ are intangible products that we pay for and use but never own. A) Consumer goods B) Services C) Industrial goods D) E-commerce products E) Value products
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Answer: B
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________ are the tangible products that individuals purchase for personal or family use. A) Consumer services B) Consumer goods C) E-services D) E-products E) Industrial goods
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Answer: B
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More goods and services are sold in the ________ market than in the ________ market. A) domestic; international B) business-to-business; consumer C) consumer; producer D) industrial; business-to-business E) e-commerce; Internet
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Answer: B
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________ marketing is the marketing of goods and services from one organization to another. A) Distributive B) Consumer C) Customer D) Business-to-business E) Target
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Answer: D
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________ is the buying and selling of products over the Internet. A) Consumer-generated marketing B) Consumer relationship management C) E-commerce D) Social marketing E) Social networking
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Answer: C
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Which of the following is the industry term for inventory and cash losses from shoplifting and employee theft? A) bait-and-switch B) anticonsumption C) demarketing D) shrinkage E) lifetime cost of a customer
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Answer: D
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Product tampering and spray-painting graffiti on buildings are both examples of ________. A) demarketing B) exploitative consumption C) addictive consumption D) shrinkage E) anticonsumption
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Answer: E
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A ________ is a marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased. A) product position B) market segment C) mass market D) value proposition E) target market
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Answer: D
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When companies calculate the lifetime value of a customer they look at ________. A) how much profit they expect to make from a particular customer, including each and every purchase she will make from them now and in the future B) the positive word of mouth about the product that the customer can spread among her family, friends, and acquaintances C) the lifetime expectancy of the product the customer purchased D) the age of the customer to see whether she is likely to live long enough to utilize the product being sold E) the career path of the customer to see if she may move to a different geographic area and no longer purchase from the company
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Answer: A
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Coca-Cola's unique and skillful marketing communications represent the company's ________. A) consumer-generated value B) production orientation C) distinctive competency D) return on investments E) lifetime value
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Answer: C
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A firm's capability that is superior to that of its competition is referred to as a(n) ________. A) distinctive competency B) added value C) value proposition D) value chain E) social benefit
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Answer: A
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The second step in developing a competitive advantage is to turn a distinctive competency into a ________ that is important to customers. A) target market B) service C) marketing mix D) market position E) differential benefit
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Answer: E
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________ provides reasons for customers to pay a premium for a firm's products and exhibit a strong brand preference. A) An exchange B) A differential benefit C) An industrial good D) A promotion position E) A customer lifetime value
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Answer: B
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Apple relied on its inventive product designers to create a ________, a futuristic looking computer in a multitude of colors. A) promotion B) value chain C) service D) differential benefit E) market segment
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Answer: D
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A ________ is a series of activities involved in designing, producing, marketing, delivering, and supporting any product. A) value proposition B) production orientation C) value chain D) marketing concept E) market position
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Answer: C
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In addition to marketing activities, the ________ includes business functions such as human resource management and technology development. A) value chain B) marketing mix C) utility function D) customer relationship management process E) market position
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Answer: A
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The main activities of value chain members include all of the following EXCEPT ________. A) bringing in materials to make the product B) converting the materials into the final product C) providing unbiased information about the product to consumers D) shipping out the final product E) servicing the product after purchase
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Answer: C
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The phenomenon of ________ includes consumers creating their own ads and buying and selling products on eBay. A) production orientation B) the triple bottom line orientation C) consumer-generated value D) socially responsible marketing E) the marketing concept
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Answer: C
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Social networking is an integral part of which of the following? A) the triple bottom line orientation B) lifetime value of a customer C) the value chain D) Web 2.0 E) Web 1.0
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Answer: D
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Which of the following is true of Web 2.0? A) It categorizes entries according to a strict taxonomy. B) It gets updated constantly. C) It is based on the open source model. D) It is based on the wisdom of crowds model. E) It improves as the number of users decreases.
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Answer: B
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According to the theory of the wisdom of crowds, under the right circumstances ________. A) a mass market approach is favorable to a target market approach B) a target market approach is favorable to a mass market approach C) groups are smarter than the smartest people in them D) companies can make money by giving their products away for free E) consumers can generate value
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Answer: C
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Consumers who create consumer-generated content for the fun and challenge of it rather than for pay are referred to as ________. A) microcelebrities B) amafessionals C) folksonomists D) open sourcers E) instapreneurs
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Answer: B
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Alcoholism and cigarette smoking are both examples of ________. A) anticonsumption behaviors B) "bait-and-switch" behaviors C) consumer addictions D) shrinkage E) consumed consumer behaviors
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Answer: C
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Consumed consumers are people who ________. A) have been "fired" as customers B) are manipulated by social marketing techniques C) experience consumer addiction D) participate in social networking E) become commodities themselves
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Answer: E
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________ is a decision process in which marketing managers determine the strategies that will help the firm meet its long-term objectives and then execute those strategies using the tools they have at their disposal. A) Total Quality Management B) Sustainability C) Return on investment D) Marketing E) The open source model
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Answer: B
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The ________ is a document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy. A) marketing mix B) marketing plan C) value proposition D) value chain E) open source model
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Answer: B
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Which of the following is a major marketing decision for most companies? A) the type of metrics used to calculate ROI B) how many people to employ C) the geographic layout of the factory making the product D) which products to market to which consumers without turning off other consumers E) the accounting method used to report earnings
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Answer: D
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________ is the process of thinking strategically about the big picture and where the firm and its products fit within it. A) The marketing mix B) Total Quality Management C) Marketing planning D) Customer relationship management E) Value proposition creation
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Answer: C
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A ________ consists of all possible customers in a market regardless of the differences in their specific needs and wants. A) popular culture B) value chain C) marketing mix D) marketing concept E) mass market
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Answer: E
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Which of these statements about mass marketing is true? A) A mass marketing strategy is always preferable to a target marketing strategy. B) The success of any organization's marketing efforts depends on its ability to engage in mass marketing. C) Mass marketing can be cost effective. D) Mass marketing allows marketers to develop products to satisfy the specific needs and wants of specific groups of customers. E) Automakers typically use a mass marketing strategy.
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Answer: C
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A ________ is a distinctive group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market. A) market segment B) popular culture C) mass market D) market mix E) market position
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Answer: A
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A ________ is defined as a market segment on which an organization focuses its marketing plan and toward which it directs its marketing efforts. A) social network B) market convergence C) subculture D) value chain E) target market
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Answer: E
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A market position refers to ________. A) the organization's decision to use no more than two elements of the marketing mix B) the location where the organization sells its products C) the specific means the organization uses to distribute its products D) how the target market perceives a product in relation to competitors' products E) the strategic planning and execution of the marketing mix
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Answer: D
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The ________ consists of the tools an organization uses to create a desired response among a set of predefined consumers. A) distinctive competency B) market position C) value proposition D) differential benefit E) marketing mix
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Answer: E
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The Four Ps are ________. A) price, product, place, and promotion B) price, profit, production, and possession C) product, production, possession, and promotion D) product, promotion, price, and profit E) place, production, process, and profit
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Answer: A
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Which of the following is a true statement about the Four Ps of the marketing mix? A) A decision about one of the Ps affects every other marketing-mix decision. B) Product is always the most important of the Four Ps. C) Place is typically the least important of the Four Ps. D) The Four Ps have little effect on a product's market position. E) The Four Ps are used to determine a product's target market.
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Answer: A
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Which of the following is part of the product element of the marketing mix? A) a quality discount B) a store coupon C) a newspaper advertisement D) the packaging E) publicity releases
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Answer: D
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A ________ is a good, service, idea, place, or person--whatever is offered for sale in the exchange. A) product B) place C) utility D) benefit E) demand
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Answer: A
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________ is the assignment of a product's value, or the amount the consumer must exchange to receive the offering. A) Promotion B) Price C) Benefit D) Need E) Utility
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Answer: B
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The ________ element of the marketing mix communicates the value proposition using forms such as personal selling, advertising, coupons, and publicity. A) production B) place C) price D) distribution E) promotion
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Answer: E
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Which element of the marketing mix is most closely associated with a company's supply chain? A) production B) place C) price D) profit E) promotion
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Answer: B
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When Tony rented a loft apartment where he would live for the summer, he acted as a(n) ________. A) consumer B) shareholder C) producer D) marketer E) retailer
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Answer: A
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Chris just landed her dream job but realizes that her college wardrobe is not going to work for her new professional position. In this situation, Chris has a(n) ________. A) benefit B) exchange C) value D) need E) utility
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Answer: D
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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
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Answer: C
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Ruth Terry is a realtor. In her ads, Terry offers the free use of a moving truck to every customer she helps either buy or sell a house. This free use of a moving truck is an example of a(n) ________. A) benefit B) demand C) social marketing concept D) need E) production orientation
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Answer: A
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A sign manufacturer who uses plastic, metal, and neon tubing to create a motel sign has performed the marketing benefit of creating ________ utility. A) form B) place C) possession D) time E) creation
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Answer: A
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Shane pulled her car into the gas station just as the fuel gauge dropped below empty. In this example, Shane benefited from the ________ utility offered by the gas station. A) creation B) place C) value D) marketing E) quality
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Answer: B
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Seth's mother didn't want to have a climbing wall as a permanent feature in her backyard, but it was certainly convenient to rent one from the company that catered Seth's twelfth birthday party. The catering company created both ________ utility when it rented her the climbing wall. A) form and place B) place and creation C) possession and price D) time and place E) creation and possession
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Answer: D
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A(n) ________ occurs when Rhonda Albers trades Max Lynch three hours of babysitting his three-year-old daughter for fixing the hole in her porch roof. A) differential benefit B) promotion C) exchange D) reciprocal loss E) virtual trade
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Answer: C
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A flour producer that identifies its mission as "the milling of fine flour in the most efficient manner possible" most likely has a ________ orientation. A) customer B) marketing C) selling D) production E) new era
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Answer: D
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Jolene's firm markets preplanning services for a mortician. She finds that most of her target market wants to avoid discussing future funeral needs, so she must somehow first get their attention. Jolene's firm most likely uses the ________. A) production orientation B) sustainability concept C) selling orientation D) consumer orientation E) social marketing concept
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Answer: C
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IBM manager Celia Moore coordinates IBM's long-standing "Reinventing Education" program that involves intensive research into how educational institutions can use the fruits of new technologies to transform what they do. In the process, the program is actually helping to shape a market of significant interest to IBM. "We see the program very much as an investment, rather than handing out money," says Moore. The existence of this program indicates that IBM has a(n) ________ orientation. A) environmental B) financial bottom line C) selling D) production E) triple bottom line
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Answer: E
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Which of the following is the best example of a consumer good? A) the riding lawn mower purchased by the landscaping company B) the disposable diapers purchased by the new mother for her baby C) the paint purchased by the contractor D) the cookies purchased for the daycare center E) the art supplies purchased for the elementary school art center
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Answer: B
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Which of the following is the best example of a service? A) the medical examination Jonathon had yesterday B) the sheet music purchased by the piano teacher C) the software Monica purchased from the Web site D) the cleaning supplies purchased for the veterinarian's office E) the t-shirt you got for running in a 5K race
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Answer: A
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Alex paid for a(n) ________ when he took his car to the carwash to be washed and waxed. A) service B) industrial product C) consumer good D) commercial E) business product
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Answer: A
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Which of the following is an example of a transaction that might occur in business-to-business marketing? A) Maurice buys a new razor on his way home from work. B) The amateur gardener buys a new wheelbarrow. C) The retail outlet buys athletic shoes to sell in its store. D) The professional chef bakes a birthday cake for her son. E) Robyn's mother hires a math tutor to help Robyn pass algebra.
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Answer: C
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Jack provides heating and air conditioning equipment for office buildings. He sells ________. A) distributive goods B) consumer services C) consumer goods D) industrial goods E) intangible goods
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Answer: D
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Which of the following is an example of a not-for-profit organization that would use marketing principles? A) a fast-food restaurant B) a manufacturer of bicycles C) a software developer D) an amusement park E) the Red Cross
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Answer: E
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A new shampoo advertisement on television tells all of the wonderful benefits the consumer will enjoy when using one company's shampoo as opposed to another shampoo. What is this company seeking to convey in this television commercial? A) the product's time utility B) the product's distinctive competency C) the company's production orientation D) the company's marketing segmentation process E) the product's differential benefits
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Answer: E
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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) the wisdom of crowds B) the production concept C) the selling orientation D) open source modeling E) consumer-generated content
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Answer: E
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A catalog retailer has identified African-American professionals between the ages of thirty-five and forty-five as the group of customers within the larger market that is a potential market for its products. The retailer plans to direct its marketing efforts toward this group of consumers. The retailer has identified a ________. A) target market B) marketing mix C) product mix D) mass market E) market aggregation
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Answer: A
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An organic farmer has identified three distinct groups who might be interested in his products: vegetarians, people who are concerned about chemicals in their foods, and people who consider themselves innovators and trendsetters. These three groups are examples of ________. A) marketing mixes B) market segments C) product mixes D) mass markets E) market positions
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Answer: B
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There are several different sports watches for cyclists. When compared to its competitors, the Bike Nashbar watch is the least expensive. The Acumen Basic is the only one designed for older cyclists who prefer a larger display. Sports Instrument is the most comfortable of all the available watches. This describes the ________ of the three sports watches. A) marketing mixes B) mass marketing strategies C) market positions D) consumer orientations E) selling orientations
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Answer: C
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When comparing itself to its competitors, Hidden Valley describes its Ranch dressing as the original. This is the ________ the manufacturer has selected for the product. A) marketing mix B) market segment C) market position D) marketing concept E) value chain
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Answer: C
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Two teachers purchased art supplies for their classes. One paid $103.45 for eight large boxes of crayons. The other teacher purchased ten identical boxes for $105.55. The second teacher got more for her money because she took advantage of a quantity discount, a reduced price for buying ten or more boxes. Which element of the marketing mix most directly relates to these purchases? A) production B) profit C) price D) place E) possession
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Answer: C
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Conveniently located vending machines around your college or university campus make it easy for you to buy a soda and a snack between classes. This is an example of the ________ element of the marketing mix. A) production B) place C) price D) profit E) promotion
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Answer: B
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The principles of marketing can apply to people, just as they apply to goods and services.
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Answer: TRUE
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The term "marketing" is synonymous with the term "advertising."
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Answer: FALSE
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Marketers define a need as the difference between a consumer's actual state and some ideal or desired state.
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Answer: TRUE
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Although having something to eat or drink may be a want, the desire for a specific brand name is referred to as a need.
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Answer: FALSE
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With the advent of the Internet, a CRM approach became much easier to implement.
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Answer: TRUE
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The customer relationship management concept maintains that marketers must satisfy customers' needs in ways that also benefit society.
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Answer: FALSE
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The marketing acronym ROI stands for rely on instinct.
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Answer: FALSE
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Very little of the online action in e-commerce is in business-to-business marketing.
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Answer: FALSE
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Many not-for-profit organizations practice the marketing concept.
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Answer: TRUE
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To calculate lifetime value, a company would estimate the amount of money a person would spend with the company over a lifetime and then subtract what it will cost the company to maintain this relationship.
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Answer: TRUE
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A firm has a competitive advantage when it is able to outperform the competition, providing customers with a desired benefit the competition does not.
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Answer: TRUE
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Differential benefits set products apart from competitors' products by providing something unique that customers want.
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Answer: TRUE
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Providing service to the customer after a purchase is not an activity associated with the value chain.
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Answer: FALSE
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According to the theory of the wisdom of crowds, companies that make some of their products available for free are actually able to generate more revenue than companies that charge for all of their products.
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Answer: FALSE
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The first phase of marketing planning is the development of a market position.
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Answer: FALSE
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The marketing mix is the marketer's strategic toolbox. Answer: TRUE
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Answer: TRUE
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The elements of the marketing mix are the four Ps.
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Answer: TRUE
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The pricing element of the marketing mix always involves monetary exchanges.
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Answer: FALSE
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The promotion element of the marketing mix includes the design of the product.
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Answer: FALSE
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Within the context of the marketing mix, place refers to the availability of the product to the customer at the desired time and location.
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Answer: TRUE
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Automobiles, haircuts, tutoring, and lighting fixtures are all examples of consumer goods.
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Answer: FALSE
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Ria, a college sophomore, writes a daily blog that typically has over 50,000 readers each week. Ria is an example of a microcelebrity.
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Answer: TRUE
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A value proposition includes the whole bundle of benefits the firm promises to deliver, not just the benefits of the product itself.
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Answer: TRUE
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A marketer who wants to achieve a competitive advantage over her rivals cannot use the marketing mix to achieve this goal.
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Answer: FALSE
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An entertainer such as Garth Brooks, a television show, and a magazine subscription are all examples of products.
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Answer: TRUE
