Deck 1: Defining Marketing for the 21st Century

Question 1

When companies measure the number of people who are willing and able to buy their products,they are measuring ________.

A) demand
B) price elasticity
C) real needs
D) standard of living
E) disposable income

Answer 1

A

Question 2

Car rental firms,hair dressers,and management consultants provide ________.

A) goods
B) experiences
C) events
D) services
E) information

Answer 2

D

Question 3

The Soccer World Cup is promoted aggressively to both companies and fans.This is an example of marketing a(n)________.

A) idea
B) place
C) luxury item
D) event
E) service

Answer 3

D

Question 4

The ________ is the channel stretching from raw materials to components to final products that are carried to final buyers.

A) communication channel
B) distribution channel
C) supply chain
D) service chain
E) marketing chain

Question 5

Companies address needs by putting forth a ________,a set of benefits that they offer to customers to satisfy their needs.

A) brand
B) value proposition
C) deal
D) marketing plan
E) demand

Question 6

A(n)________ need is one that the consumer is reluctant or unwilling to explicitly verbalize.

A) secondary
B) unstated
C) delight
D) secret
E) stated

Question 7

________ reflects a customer's judgment of a product's performance in relation to his or her expectations.

A) Brand equity
B) Satisfaction
C) Value
D) Perception
E) Brand image

Question 8

When Frank buys his own house,he would like to have a home theater system and a jacuzzi.He plans to save enough money in the next three years so that he can fulfill his wish.Frank's desire for the home theater and the jacuzzi is an example of a(n)________.

A) need
B) want
C) demand
D) unstated need
E) latent demand

Question 9

In Walt Disney's Magic Kingdom,customers can visit a fairy kingdom,a pirate ship,or even a haunted house.Disney is marketing a(n)________.

A) experience
B) service
C) event
D) organization
E) good

Question 10

A(n)________ need is a need that the consumer explicitly verbalizes.

A) stated
B) affirmative
C) unsought
D) delight
E) secret

Question 11

The actual and potential rival offerings and substitutes that a buyer might consider are referred to as the ________.

A) supply chain
B) global market
C) value proposition
D) competition
E) marketing environment

Question 12

If a marketer uses warehouses,transportation companies,banks,and insurance companies to facilitate transactions with potential buyers,the marketer is using a ________.

A) service channel
B) distribution channel
C) communication channel
D) relationship channel
E) standardized channel

Question 13

During market segmentation analysis,the marketer identifies which segments present the greatest opportunity.These segments are called ________.

A) target markets
B) capital markets
C) tertiary markets
D) demographic markets
E) developing markets

Question 14

The "Malaysia,Truly Asia" ad campaign that showcased Malaysia's beautiful landscape and its multicultural society in order to attract tourists is an example of ________ marketing.

A) event
B) property
C) service
D) place
E) idea

Question 15

Which of the following statements about marketing is true?

A) It is of little importance when products are standardized.
B) It can help create jobs in the economy by increasing demand for goods and services.
C) It helps to build a loyal customer base but has no impact on a firm's intangible assets.
D) It is more important for bigger organizations than smaller ones.
E) It is seldom used by nonprofit organizations.

Question 16

The value of an offering is described as ________.

A) the price consumers are charged for a product
B) the cost of manufacturing a product
C) the degree to which consumer demand for a product is positive
D) the sum of the tangible and intangible benefits and costs to customers
E) the intangible benefits gained from a product

Question 17

________ goods constitute the bulk of most countries' production and marketing efforts.

A) Durable
B) Impulse
C) Physical
D) Luxury
E) Intangible

Question 18

The ________ includes the actors involved in producing,distributing,and promoting an offering.The main actors are the company,suppliers,distributors,dealers,and the target customers.

A) economic environment
B) management environment
C) strategic environment
D) task environment
E) tactical environment

Question 19

________ are basic human requirements,while ________ are the ways in which those requirements are satisfied.

A) Wants; needs
B) Demands; wants
C) Needs; wants
D) Needs; demands
E) Demands; needs

Question 20

When Volvo runs ads suggesting that its cars are the safest that money can buy,it is trying to ________.

A) segment the market
B) provide a service
C) enter into a new market
D) develop brand loyalty
E) position its product

Question 21

Industry boundaries are blurring rapidly as companies identify new opportunities at the intersection of two or more industries.This is called ________.

A) globalization
B) customization
C) industry convergence
D) disintermediation
E) privatization

Question 22

What are customer touch points?

A) all aspects of the offering that directly affect consumer preferences
B) all needs and wants of customers
C) all direct or indirect interactions between the customer and the company
D) all interactions between customers and competitors
E) all factors that affect buying behavior

Question 23

Which of the following holds that consumers prefer products that are widely available and inexpensive?

A) the product concept
B) the production concept
C) the selling concept
D) the performance concept
E) the marketing concept

Question 24

________ is based on the development,design,and implementation of marketing programs,processes,and activities that recognize their breadth and interdependencies.

A) Niche marketing
B) Holistic marketing
C) Relationship marketing
D) Supply chain marketing
E) Demand-centered marketing

Question 25

In an attempt to create greater competition and growth opportunities,countries often ________.

A) increase trade barriers
B) protect industries
C) deregulate industries
D) encourage intermediation
E) reduce privatization

Question 26

Each of the following is true about the Internet's impact on the way business is conducted today,EXCEPT one.Identify the exception.

A) It has facilitated high-speed communication among employees.
B) It has empowered consumers with easy access to information.
C) It can be used as a powerful sales channel.
D) It has facilitated mass marketing but not the sale of customized products.
E) It enables marketers to use social media to advertise their products.

Question 27

Marketers at Johnny Inc.believe in putting their customers ahead of everything else.Their products are carefully designed to meet customer requirements and the entire focus is on achieving customer satisfaction.Johnny Inc.follows the ________ concept in doing business.

A) production
B) product
C) selling
D) marketing
E) social responsibility

Question 28

Disintermediation via the Internet has resulted in ________.

A) higher prices
B) stronger brand loyalty
C) greater emphasis on personal selling
D) well-established brand names
E) greater consumer buying power

Question 29

Which of the following categories of goods and services is most likely to require an aggressive use of the selling concept?

A) shopping goods
B) unsought goods
C) necessary goods
D) luxury goods
E) complementary goods

Question 30

Webmax Inc.produced and marketed cameras.After considerable research and development,they developed a new digital camera that had an array of new features.Webmax was so sure about the new offering that they even reduced their marketing budget.What sort of orientation does Webmax have toward the marketplace?

A) production orientation
B) product orientation
C) selling orientation
D) marketing orientation
E) holistic marketing orientation

Question 31

As a major steel manufacturer,SteelMakers Inc.focuses on having the most efficient manufacturing processes in place.The company believes that its competitive edge lies in its ability to offer the best prices.They also maintain an excellent distribution network that ensures wide availability of their products.SteelMakers has a ________.

A) selling orientation
B) production orientation
C) product orientation
D) marketing orientation
E) social orientation

Question 32

Kotler and Casoline suggested eight factors that marketers must keep in mind in order to deal with risk and uncertainty.Which of the following statements are they most likely to agree with when the environment is uncertain?

A) Companies should be prepared to implement ad hoc strategies whenever required.
B) Companies should push aggressively for the market share of their competitors.
C) Companies should focus less on their core segments, and more on new target markets.
D) Companies should not increase marketing budgets in times of uncertainty.
E) Companies should focus and improve their marginal brands.

Question 33

The marketing concept holds that ________.

A) a firm should find the right products for its customers, and not the right customers for its products
B) customers who are coaxed into buying a product will most likely buy it again
C) a new product will not be successful unless it is priced, distributed, and sold properly
D) consumers and businesses, if left alone, won't buy enough of the organization's products
E) a better product will by itself lead people to buy it without much effort from the sellers

Question 34

The ________ concept holds that consumers and businesses,if left alone,will ordinarily not buy enough of the organization's products.

A) production
B) selling
C) marketing
D) product
E) holistic marketing

Question 35

Rick Johnson trains his company's sales force to go after the consumer.He repeatedly asks his team to bear in mind the essential fact that it is the sales team's responsibility to rouse the consumer's interest and make him feel that he needs the product.A true salesman is one who can convert an indifferent consumer walking into the store into a new customer.Johnson believes in the ________ concept.

A) product
B) production
C) selling
D) marketing
E) social responsibility

Question 36

When eBay and Amazon.com cut out the majority of middlemen that normally would participate in the exchange process,it is an example of ________.

A) deregulation
B) reverse auctioning
C) reintermediation
D) disintermediation
E) diversification

Question 37

Rising promotion costs and shrinking profit margins are the result of ________.

A) new and improved technology
B) disintermediation
C) industry convergence
D) privatization
E) heightened competition

Question 38

The success of online purchasing resulted in ________ in the delivery of products and services by intervening in the traditional flow of goods through distribution channels.

A) disintermediation
B) diversification
C) reduced competition
D) deregulation
E) privatization

Question 39

In response to threats from such companies as AOL,Amazon.com,Yahoo!,eBay,E*TRADE,and dozens of others,established manufacturers and retailers became "brick-and-click" oriented by adding online services to their existing offerings.This process is known as ________.

A) reintermediation
B) disintermediation
C) retail transformation
D) e-collaboration
E) new-market synchronization

Question 40

The ________ concept holds that consumers will favor offerings with the best quality,performance,or innovative features.

A) product
B) marketing
C) production
D) selling
E) holistic marketing

Question 41

________ activities include those the company undertakes to make the product accessible and available to target customers.

A) Line extension
B) Segmentation
C) Marketing research
D) Channel
E) New-product development

Question 42

________ marketing aims to build mutually satisfying long-term collaboration with key constituents,such as customers,employees,suppliers,distributors,and other marketing partners,in order to earn and retain their business.

A) Integrated
B) Demand-based
C) Direct
D) Relationship
E) Internal

Question 43

Which aspect of holistic marketing motivates employees and ensures that everyone in the organization embraces appropriate marketing principles,especially senior management?

A) relationship marketing
B) integrated marketing
C) internal marketing
D) network marketing
E) performance marketing

Question 44

The ultimate outcome of relationship marketing is a unique company asset called the ________,consisting of the company and its supporting stakeholders.

A) brand
B) supply chain
C) marketing network
D) value proposition
E) service channel

Question 45

The U.S.economy today consists of a 70-30 services-to-goods mix.

Question 46

What are the four broad components of holistic marketing?

A) relationship, internal, position, and performance marketing
B) integrated, internal, position, and performance marketing
C) relationship, integrated, internal, and performance marketing
D) integrated, relationship, social responsibility, and position marketing
E) relationship, social responsibility, internal, and performance marketing

Question 47

Shops and stores have a physical existence and as such are examples of marketspace.

Question 48

A short definition of marketing is "meeting needs profitably."

Question 49

Joanna owns a chain of fast-food joints.As the chain became more and more successful,she decided to contribute a share of her profits each year to support cancer research.This is an example of ________.

A) corporate community involvement
B) environmental marketing
C) cause-related marketing
D) benefit marketing
E) responsible marketing

Question 50

"Friends Don't Let Friends Drive Drunk," is an example of marketing information to an interested audience.

Question 51

Companies are recognizing that much of their market value comes from ________,particularly their brands,customer base,employees,distributor and supplier relations,and intellectual capital.

A) variable assets
B) value propositions
C) intangible assets
D) market offerings
E) industry convergence

Question 52

Which of the following reflects the "people" component of the marketing mix?

A) the creativity, discipline, and structure brought to marketing management
B) the development of new products by the marketers
C) the firm's consumer-directed activities
D) the right set of processes to guide activities and programs within the firm
E) the internal marketing of the firm

Question 53

At the heart of any marketing program is the firm's ________,its tangible offering to the market.

A) strategy
B) product
C) brand
D) value
E) people

Question 54

Which of the four new Ps encompasses the old four Ps as well as a range of other marketing activities that might not fit well into the old view of marketing?

A) programs
B) processes
C) promotion
D) people
E) performance

Question 55

The ________ holds that the organization's task is to determine the needs,wants,and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer's and the society's well-being.

A) selling concept
B) integrated marketing concept
C) social responsibility marketing concept
D) production concept
E) relationship marketing concept

Question 56

Which of the following is most consistent with the integrated marketing approach?

A) A good product will sell itself.
B) If left alone, consumers are inclined to purchase only inexpensive products.
C) All communication to consumers must deliver a consistent message irrespective of the medium.
D) In order to succeed, the main focus should be on having an efficient production process in place.
E) Online marketing is less important than traditional marketing efforts.

Question 57

Properties are tangible rights of ownership to either real property (real estate)or financial property (stocks and bonds).

Question 58

Incorporating the holistic view of marketing,the four Ps of the marketing mix can be updated to ________.

A) product, positioning, people, and price
B) people, processes, place, and promotion
C) product, processes, price, and people
D) people, processes, programs, and performance
E) product, price, promotion, and people

Question 59

Financial accountability and social responsibility marketing are elements of ________.

A) performance marketing
B) relationship marketing
C) internal marketing
D) social marketing
E) mass marketing

Question 60

McCarthy classified marketing activities into the four Ps of the marketing mix.These four Ps stand for ________.

A) product, positioning, place, and price
B) product, production, price, and place
C) promotion, place, positioning, and price
D) place, promotion, production, and positioning
E) product, price, promotion, and place

Question 61

Discuss the concept of disintermediation and provide an example.

Question 62

Marketers are involved in marketing 10 types of entities.List and briefly characterize these entities.

Question 63

Identify and define the traditional four Ps.Also identify the new four Ps and the reason for developing the new interpretation.

Question 64

One of the key themes of integrated marketing is that there are very few marketing activities that can effectively communicate and deliver value.

Question 65

According to Starbucks Chairman Howard Schultz,"Consumers now commonly engage in a cultural audit of [product and service] providers.People want to know your value and ethics demonstrated by how you treat employees,the community in which you operate." Discuss the concept of social responsibility marketing and how it impacts both companies and consumers.

Question 66

Performance marketing involves reviewing metrics assessing market share,customer loss rate,customer satisfaction,and product quality in the evaluation of the effectiveness of marketing activities.

Question 67

Relationship marketing aims to build mutually satisfying long-term relationships with key parties.

Question 68

Making gifts of money,goods,or time to help nonprofit organizations,groups,or individuals is known as corporate philanthropy.

Question 69

The customer value triad consists of a combination of quality,durability,and price.

Question 70

A distribution channel includes distributors,wholesalers,retailers,and agents that display,sell,or deliver the physical product or service(s)to the buyer or user.

Question 71

The selling concept holds that consumers will favor those products that offer the most quality,performance,or innovative features.

Question 72

Cause-related marketing involves donating a percentage of revenues to a specific cause based on the revenue occurring during the announced period of support.

Question 73

Proponents of holistic marketing consider internal marketing to be as important as marketing to consumers.

Question 74

Demands are wants for specific products backed by an ability to pay.

Question 75

Integrated marketing is the task of hiring,training,and motivating able employees who want to serve customers well.

Question 76

The task environment of a firm consists of demographic,economic,natural,and technological environments,as well as the political-legal system and the social-cultural arena.

Question 77

You have been given the assignment of justifying cause-related marketing to your board of directors.What would be your primary argument in favor of such a proposal?

Question 78

Regulation of industries has created greater competition and growth opportunities because the playing field has been leveled.

Question 79

Wants are basic human requirements,such as food and shelter.

Question 80

Companies can facilitate and speed external communication among customers by creating online and offline "buzz" through brand advocates and user communities.