Marketing Ch 1 Quiz Questions – Flashcards
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In the past, manufacturer's representatives did not have up-to-minute data about the products they were selling. Today, manufacturer's representatives are often provided online access to inventory data for the companies they represent. These online inventory systems allow companies to become more value-driven through: A) sharing information across the organization. B) balancing customers' benefits and costs. C) evaluating strategic competitive partnerships. D) building relationships with government regulators of marketing institutions. E) keeping prices below those charged by competitors.
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A) sharing information across the organization
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By promoting perfume based on youth, style, and sex appeal, Calvin Klein is attempting to: A) influence social norms regarding sexuality. B) encourage consumers to participate in product redesign. C) stimulate supply chain management cooperation. D) increase the perceived value of their products. E) none of these.
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D) increase the perceived value of their products.
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Near the end of the model year, Move-Them-Out automobile dealership had an unusually high inventory level. The manager increased her advertising spending and gave extra incentives to its salespeople. Move-Them-Out operates as if it were in the __________ era. A) production-oriented B) sales-oriented C) market-oriented D) value-based marketing E) retailing-oriented
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B) sales-oriented
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Marketing has traditionally been divided into a set of four interrelated decisions known as the marketing mix, or four Ps, including all of the following EXCEPT: A) product. B) place. C) performance. D) promotion. E) price.
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C) performance.
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Jeff is going to sell sporting apparel, which he has already purchased from manufacturers, and has signed a deal agreeing to the volume he would sell monthly. He has researched his competition and talked to some customers and has decided on prices he will charge. Jeff has also developed a plan for promoting his business. Based on this description, which element of the marketing mix does Jeff still need to work on? A) Place B) Product C) Price D) Promotion E) Planning
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A) Place
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Auction sites like eBay have increased opportunities for __________ marketing. A) B2B B) C2C C) D2C D) C2D E) B2G
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B) C2C
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Value-driven firms constantly measure the __________ that customers perceive, compared to the prices of their offerings. A) information B) benefits C) relationships D) rebates E) merchandise
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B) benefits
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Even though they operate from out-of-the-way airports and offer few extra services, discount airlines like Ryanair and EasyJet have been successful. Consumers obviously consider: A) the schedules these airlines offer to be the most convenient in the industry. B) the long-term relationships established by these airlines to be a critical benefit. C) the prices to be slightly lower, but not low enough to have much influence. D) the benefit of lower prices to be greater than the cost of reduced services and less convenience. E) the major airlines to be worthless.
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D) the benefit of lower prices to be greater than the cost of reduced services and less convenience
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Yolanda is the new restaurant manager in a major hotel. When considering changes in the restaurant to improve benefits to customers, Yolanda will likely attempt to either provide the same quality at a lower cost or A) improve products and services at the same cost. B) increase prices to increase revenue. C) offset higher hotel rates with lower restaurant prices. D) reduce customer expectations through reduced service. E) any of these.
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A) improve products and services at the same cost.
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Jeff opened a sporting apparel store and has signed a lease on the property. He has also signed an agreement with the manufacturer on the amount of merchandise he will sell and the promotions he will conduct. Based on this description, which aspect of the marketing mix does he still need to work on? A) Price B) Place C) Promotion D) Product E) Prototype
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A) Price
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Many firms with complex products have "missionary" salespeople who assist customers with problems and implementation programs. These salespeople rarely sell products but often become involved in and knowledgeable about specific customers' needs and wants. These salespeople focus on a(n) __________ orientation with their customers. A transactional B external C relational D internal E divisional
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C relational
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Internet sites, physical stores, and kiosks are most closely associated with which element of the marketing mix? A Place B Price C Product D Promotion E Proximity
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A Place
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The importance of supply chain management is often overlooked in the study of marketing because: A marketing has no responsibility for supply chain management. B supply chain management doesn't add much value for customers. C companies do not want customers to know anything about the supply chain. D many of the activities take place behind the scenes. E supply chain management is already transparent.
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D many of the activities take place behind the scenes.
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Brian is struggling with the choice of publishing his new book, How to Cook Polish Barbeque, as an e-book or a paperback. Brian is addressing which core marketing aspect? A Developing a promotional plan B Managing the exchange function of marketing C Making product decisions D Deciding where and how to sell the product E Pricing the product
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C Making product decisions
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During the __________ era, firms had excess capacity and used personal selling and advertising to generate customers. A production-oriented B sales-oriented C market-oriented D value-based marketing E retailing-oriented
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B sales-oriented
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The basic difference between a good and a service is that a good A provides intangible benefits. B can be physically touched. C is always less expensive than a corresponding service. D generates greater interest among consumers. E is more quickly forgotten by consumers.
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B can be physically touched.
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When referring to "exchange," marketers are focusing on A the location where products and services are traded. B the price charged, adjusted for currency exchange rates. C location-based tactics for creating value. D promotional offers designed to stimulate barter. E the trading of things of value.
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E the trading of things of value.
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The traditional marketing channel through which consumers most often find and purchase goods and services is known as A B2B. B C2C. C D2C. D C2D. E B2C.
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E B2C.
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When a tee shirt manufacturer states, "We only sell it in black because that way we can buy plenty of black fabric and run our plant efficiently," their statement reflects the views that were popular in which era of the evolution of marketing? A Production-oriented B Sales-oriented C Market-oriented D Value-based marketing E Economic-oriented
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A Production-oriented
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Effective promotion enhances a product or service's A supply chain management system. B wholesaling capabilities. C perceived value. D design features. E trialability.
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C perceived value.
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After major hurricanes like Katrina, many ethical home repair and building supply businesses continue to charge pre-hurricane prices to their customers, even though due to the huge increase in demand they could charge much more. These firms probably recognize that A they can make more money from government contracts than from sales to customers. B a transactional orientation is the key to long-term profitability. C none of their competitors would be raising prices. D lifetime profitability of relationships matters more than profits from a particular transaction. E if they raised prices they would be in violation of Commerce Department regulations.
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D lifetime profitability of relationships matters more than profits from a particular transaction.
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Marketing channel management is related to which of the four Ps? B Price C Place D Promotion E Production
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C Place
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Many universities provide physical or electronic bulletin boards to facilitate ride-sharing and exchange of used books among students. These bulletin boards increase __________ marketing. A B2C B C2B C B2B D C2C E underground
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D C2C
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Traditionally, marketing activities have been divided into product, price, place, and promotion. Select the term that best describes the four Ps. A Marketing mix B Marketing channel C Marketing plan D Marketing era E Marketing implementation
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A Marketing mix
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The fundamental goal of marketers when creating goods, services, or combinations of both, is to: A defeat the competition. B serve all consumers. C operate according to government regulations. D stimulate short-term sales. E create value.
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E create value.
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One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in A higher prices than the market leader charges. B increased competition. C long-term relationships. D strong connections among competing firms in the marketplace. E lower prices.
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C long-term relationships
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Value is A the lowest cost option B represented by brand names. C the highest priced alternative. D everyday low prices. E what you get for what you give.
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E what you get for what you give.
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As use of the Internet took off, car manufacturers were tempted to sell directly to consumers, but decided instead to continue to sell through their existing dealer networks. The car manufacturers considered switching from __________ to __________ marketing. A B2C; B2B B B2C; C2C C B2B; B2C D B2B; C2C E C2C; B2C
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C B2B; B2C
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Of primary interest to marketers are __________ buyers. A centrally controlled B unqualified and underserved C qualified potential D first-time E C2C
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C qualified potential
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__________ is communication by a marketer that informs, persuades, or reminds potential customers about a product. A Pricing B Promotion C Placement D A relational orientation E Value cocreation
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B Promotion
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The activity, set of institutions, and process for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is called A marketing. B marketing research. C market share analysis. D market segmentation. E market positioning.
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A marketing.
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UPS, FedEx, DHL, and other shipping companies support other firms' __________ marketing goals. A supply chain management B value communication C value capture D retail management E none of these
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A supply chain management
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The process of value __________, in which customers collaborate in product design, often provides additional value to the firm's customers. A cocreation B positioning C delivery D chain management E based marketing
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A cocreation
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Henriette offers financial counseling and management on a fee-only basis. She has found that different customers are willing to pay different rates for her services. This shows that her pricing decisions should depend primarily on A choosing an average price that she will charge all her clients. B changes in technology allowing consumers to manage their own affairs. C how different customers perceive the value of her services. D changes in the economy. E how much her competitors charge for similar services.
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C how different customers perceive the value of her services
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Some discount stores put products in large bins and let consumers hunt and find bargains. The price these consumers pay includes A only the actual price they pay at the register. B the value of their time and energy. C the excitement they experience in finding an item they desire. D the savings to the store of not having to display the products neatly on shelves. E the time the product was full price and didn't sell.
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B the value of their time and energy.
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Henry Ford's statement, "Customers can have any color they want so long as it's black," typified the __________ era of marketing. A production-oriented B sales-oriented C market-oriented D value-based marketing E retailing-oriented
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A production-oriented
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Marketers involved in supply chain management are constantly balancing A the goal of promotional effectiveness against ethical advertising standards. B the problem of price maximization against cost efficiency. C the goal of minimizing costs against satisfying the service levels customers expect. D the desire to achieve against the need for a stable source of supply. E the goal of efficiency against the price charged by competitors.
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C the goal of minimizing costs against satisfying the service levels customers expect.
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Four Winds Art Gallery recently began offering appraisals of customers' art collections, in addition to continuing to sell paintings. Four Winds is A expanding from offering just services to also offering goods. B implementing a market segmentation strategy. C capturing value through multiple pricing strategies. D expanding from offering just goods to also offering services. E increasing customer value through inflated appraisal evaluations.
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D expanding from offering just goods to also offering services.
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Marketing efforts designed to get the product or service to the right customer, when that customer wants it, are called A supply chain management. B a transactional orientation. C wholesaling. D value cocreation. E endless chain marketing.
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A supply chain management.
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Christie has just started with a travel agency, and she has been offering clients and prospective clients a range of packaged tours. She is concerned, because the commissions she is earning on her sales are lower than she had hoped. Her colleague Peter, who has been with the agency for several years, is having a great deal of success by working closely with the clients, seeking their ideas, and building customized tour packages for each one based on their suggestions. Peter's approach is based on A transaction-oriented marketing. B premium pricing. C his seniority at the firm. D special incentives from tour operators. E value cocreation.
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E value cocreation
