Marketing Midterm

The fundamental goal of marketers when creating goods, services, or combinations of both, is to
Select one:
a. serve all consumers.
b. defeat the competition.
c. stimulate short-term sales.
d. operate according to government regulations.
e. create value.
create value

Janine was tired of her winter coat, so she sold it to her friend, Marissa. This is an example of ________ marketing.
Select one:
a. B2C
b. C2C
c. C2B
d. B2B
e. BBC
C2C

Value-driven firms constantly measure the __________ that customers perceive, compared to the prices of their offerings.
Select one:
a. information
b. rebates
c. merchandise
d. relationships
e. benefits
benefits

Marketing provides the critical function of __________ when companies expand globally.
Select one:
a. managing personnel
b. evaluating government stability
c. understanding customers
d. forecasting economic growth
e. managing production efficiency
understanding customers

The process of value __________, in which customers collaborate in product design, often provides additional value to the firm’s customers.
Select one:
a. based marketing
b. delivery
c. positioning
d. co-creation
e. chain management
co-creation

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 __________ orientation with their customers.
Select one:
a. internal
b. external
c. transactional
d. divisional
e. relational
relational

During the __________ era, manufacturers and retailers recognized they needed to give their customers greater value than their competitors did.
Select one:
a. value-based marketing
b. retailing-oriented
c. market-oriented
d. sales-oriented
e. production-oriented
value-based marketing

Greenbelt Construction has been a successful small home-building firm for years. The owner pays subcontractors slightly more than the usual rate for different tasks, reducing the company’s gross margin. Greenbelt rarely changes subcontractors, has relatively few complaints from home buyers, and is able to get quick responses from subcontractors when buyers do have problems. Greenbelt is engaged in
Select one:
a. C2C value-driven marketing.
b. value cocreation.
c. a traditional transactional orientation.
d. a virtual monopoly.
e. effective supply chain management.
effective supply chain management

The Got Milk advertising campaign, designed to increase consumption of milk, was intended to help market a…
Select one:
a. individual.
b. industry.
c. firm.
d. organization.
e. specific product.
industry

Internet sites, physical stores, and kiosks are most closely associated with which element of the marketing mix?
Select one:
a. place
b. price
c. product
d. promotion
e. proximity
place

If a radio station holds an online contest in which you must log in to its website and submit personal details such as name, phone number, and email to participate, the radio station is
Select one:
a. offering an exchange.
b. behaving unethically.
c. hoping to receive feedback.
d. overstepping its role.
e. implementing a CRM program
offering an exchange

Which of the following is a core aspect of marketing?
Select one:
a. setting prices lower than all competitors
b. satisfying as many needs as possible
c. increasing the company’s profit
d. creating a product that everyone will want to buy
e. making product, place, promotion, and price decisions
making product, place, promotion, and price decisions

Jeff is going to sell sporting apparel, which he has already purchased from manufacturers, and has signed a deal agreeing to the volume he will sell monthly. He has researched his competition, talked to some customers, and 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?
Select one:
a. product
b. planning
c. price
d. promotion
e. place
place

A friend of yours comments, “I’m starting my own business. I have a perfect product that no one else can touch, but I have no use for marketing. That’s just for the mega-corporations.” Which of the following arguments would you NOT use in talking about marketing?
Select one:
a. Marketing helps new ventures organize, operate, and assess risk.
b. Marketers help address unmet customer needs, regardless of the size of the firm.
c. Marketers are skilled at communicating the value of the product to potential customers.
d. Marketing focuses on the product, but only as one element. Three other areas are Promotion, Price, and Place.
e. Marketing isn’t essential now, but it will be in a year or two when the product takes off.
Marketing isn’t essential now, but it will be in a year or two when the product takes off.

Supply chain management is also referred to as
Select one:
a. marketing channel management.
b. delivery management.
c. production management.
d. retail management.
e. value proposition management.
marketing channel management

Marketers must determine the price of a product carefully, based on potential buyers’ beliefs about
Select one:
a. the environment.
b. its value.
c. the economic outlook.
d. the cost to manufacture the product.
e. the product’s new advertising campaign.
it’s value

Serena studies her customer profiles, market research data, complaints, and other information, attempting to better understand what her customers want. Serena operates in the __________ era of marketing.
Select one:
a. retailing-oriented
b. value-based
c. production-oriented
d. sales-oriented
e. market-oriented
value-based

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
Select one:
a. if they raised prices they would be in violation of Commerce Department regulations.
b. a transactional orientation is the key to long-term profitability.
c. lifetime profitability of relationships matters more than profits from a particular transaction.
d. they can make more money from government contracts than from sales to customers.
e. none of their competitors would be raising prices.
lifetime profitability of relationships matters more than profits from a particular transaction.

Jeff opened a sporting apparel store and signed a lease on the property. He 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?
Select one:
a. product
b. promotion
c. prototype
d. place
e. price
price

The marketing goal of getting the right quantities to the right locations at the right time relates to
Select one:
a. service marketing.
b. communicating the value proposition.
c. capturing value.
d. price and performance management.
e. supply chain management
supply chain management

Whenever Valerie has a new massage therapy customer, she invites the person to be on her e-mail distribution list. In the process, in addition to exchanging her massage therapy service for payment, Valerie is gathering
Select one:
a. promotional capital.
b. information.
c. pricing data.
d. value cocreation.
e. feedback
information

The basic difference between a good and a service is that a good
Select one:
a. is always less expensive than a corresponding service.
b. provides intangible benefits.
c. is more quickly forgotten by consumers.
d. can be physically touched.
e. generates greater interest among consumers
can be physically touched.

Julia is considering a career in marketing. She is concerned about the image of marketers as fast-talking, high-pressure people who only care about making a sale. When reading about the core aspects of marketing, Julia is relieved to see that in marketing
Select one:
a. promotion is the most important consideration, followed by pricing decisions.
b. all parties to an exchange should be satisfied.
c. customers are not considered until the product is ready for sale.
d. decisions are made regarding how a product is designed.
e. distribution is controlled by customers.
all parties to an exchange should be satisfied.

The importance of supply chain management is often overlooked in the study of marketing because
Select one:
a. marketing has no responsibility for supply chain management.
b. supply chain management is already transparent.
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 doesn’t add much value for customers
many of the activities take place behind the scenes.

By promoting perfume based on youth, style, and sex appeal, Calvin Klein is attempting to
Select one:
a. demonstrate social responsibility.
b. stimulate supply chain management cooperation.
c. increase the perceived value of its products.
d. influence social norms regarding sexuality.
e. encourage consumers to participate in product redesign
increase the perceived value of its products