Deck 1: What Is Marketing?

Question 1

Which element of the marketing mix would include advertising and sales?

A) Profit
B) Product
C) Price
D) Place
E) Promotion

Answer 1

E

Question 2

The marketing concept requires that marketers seek to satisfy customer wants and needs.

Answer 2

True

Question 3

The value of an offering is determined by the company marketing it.

Answer 3

False

Question 4

Value is what the customer gets out of the purchase and consumption of the company's offering.

Question 5

Exchanging involves getting offerings to the consumer in a way that optimizes value.

Question 6

Which of the following describes the personal value equation of a customer?

A) Value = Benefits offered + [Price − Hassle]
B) Value = [Price + Hassle] + Benefits received
C) Value = Price − [Benefits offered + Hassle]
D) Value = Benefits received − [Price + Hassle]
E) Value = [Price − Hassle] + Benefits received

Question 7

The four Ps fail to capture all the activities of marketing.

Question 8

The Elliott Corporation decides to exhibit its products in an industry trade show.Which marketing activity is the company performing?

A) Creating offerings
B) Communicating offerings
C) Delivering offerings
D) Exchanging offerings
E) Providing offerings

Question 9

Market-oriented firms seek to satisfy customers' needs at the expense of making a profit.

Question 10

The determination of value will vary for each customer.

Question 11

The focus of marketing has changed from a mix of product,price,place,and promotion to an emphasis on creating,communicating,delivering,and exchanging value.

Question 12

Marketing is defined by the American Marketing Association as 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.

Question 13

According to the AMA's definition of marketing,_____ is a component of marketing which involves describing offerings and learning from customers.

A) delivering
B) creating
C) exchanging
D) innovating
E) communicating

Question 14

Which element of the marketing mix would involve delivering offering to a retail store where they may be purchased?

A) Profit
B) Product
C) Price
D) Place
E) Promotion

Question 15

Successful communication in today's marketplace assumes dialog in which consumers can interact directly with the company.

Question 16

Which is the correct association between the AMA's definition of marketing and the corresponding element of the marketing mix?

A) Creating offerings → Product
B) Communicating offerings → Product
C) Delivering offerings → Price
D) Exchanging offerings → Place
E) Providing offerings → Profit

Question 17

One of the components of marketing involves the process of collaborating with suppliers and customers to create offerings that have value.

Question 18

In marketing,_____ involves collaboration with suppliers and customers in order to generate offerings of value to customers.

A) creating
B) exchanging
C) promoting
D) communicating
E) delivering

Question 19

According to the American Marketing Association,marketing consists of five components.

Question 20

Tom goes to the department store and buys some detergent.Which component of marketing does this describe?

A) Delivering
B) Promoting
C) Communicating
D) Exchanging
E) Creating

Question 21

_____ refers to a philosophy that products must be pushed through selling and advertising in order for a firm to compete successfully.

A) Production orientation
B) Product orientation
C) Market-oriented
D) Selling orientation
E) Service-dominant logic

Question 22

_____ refers to a belief that the way to compete is a function of product innovation and reducing production costs,as good products appropriately priced sell themselves.

A) Product orientation
B) Selling orientation
C) Market-oriented
D) Masrketing concept
E) Production oriented

Question 23

A _____era refers to an approach to business that recognizes that consumers want value no matter how it is delivered,whether it's via a product,a service,or a combination of the two.

A) service-dominant logic
B) one-to-one
C) price-driven
D) selling
E) demand-based

Question 24

_____ is at the center of all marketing activities.

Question 25

Bill lives on a farm.If Bill wants to buy an iPad,he would have to drive six hours to the nearest city that has an Apple Store.According to the personal value equation,which of the following statements would be true,if Bill were to buy an iPad?

A) The benefits received from purchasing the iPad would decrease.
B) The value of the iPad, as determined by Bill, would increase.
C) The price of the iPad would increase.
D) The value of the iPad, as determined by Bill, would decrease.
E) The hassle for purchasing the iPad would be low.

Question 26

Tom and Jim go to the same sushi bar and order the same entrée.Tom feels that the sushi is terrible and over-priced.Jim enjoys the sushi and decides to regularly patronize the restaurant.Which of the following statements about Tom and Jim is true?

A) Jim is not a good judge of sushi.
B) Tom and Jim derived different values from the same entrée.
C) Tom likes sushi more than Jim.
D) Tom and Jim derived the same value from the entrée.
E) Tom was incorrect in judging the value of the entrée.

Question 27

_____ refers to describing the value of offerings to customers.

Question 28

According to the personal value equation,which of the following would cause the value of an offering to decrease?

A) An increase in benefits received and a decrease in hassle.
B) A decrease in price and an increase in benefits received
C) An increase in price and a decrease in the benefits received
D) A decrease in both price and hassle
E) An increase in hassle and a decrease in benefits received

Question 29

_____ refers to a philosophy that focuses on competing through product innovation.

A) Market orientation
B) Product development
C) Product orientation
D) Product differentiation
E) Selling orientation

Question 30

According to the personal value equation,value is equal to _____ minus the sum of price and hassle.

Question 31

How might a marketer increase a consumer's personal value equation?

A) Decrease the benefits offered and associated with the exchange
B) Increase the price associated with the exchange
C) Reduce the hassle and increase the benefits associated with the exchange
D) Increase the hassle and the price associated with the exchange
E) Decrease the hassle and the benefits offered with the exchange

Question 32

According to the concept of the four Ps,_____ refers to goods and services.

Question 33

Which activity would be considered part of the communicating component of marketing?

A) An online ordering form
B) A salesperson trying to sell products door-to-door
C) Moving the product from the distribution center to a retail location
D) Working with suppliers
E) Providing a warranty

Question 34

Which of the following examples best illustrates the marketing concept?

A) A mail-order company begins using less expensive packing material to increase profits per sale.
B) A manufacturing firm opens a new distribution facility closer to the factory.
C) A catering firm decides to expand its hours of operations to better serve working mothers.
D) An automobile manufacturer installs a new assembly chain that increases output by 20 percent.
E) A food company puts nutritional information on its packages in accordance with government regulations.

Question 35

_____ refers to the actual transportation and storage of materials and products.

A) Logistics
B) Product orientation
C) Product placement
D) Value
E) Direct marketing

Question 36

_____ is a component of the marketing that corresponds to the price element of the marketing mix.

Question 37

According to the concept of the four Ps,_____ refers to the process of getting the product to a point at which the customer can purchase it.

Question 38

Firms operating under the philosophy that marketers must seek to satisfy customer wants and needs are called _____.

Question 39

Organizations and functions that mine,make,assemble,or deliver materials and products from manufacturer to consumer are referred to as _____.

A) the supply chain
B) the marketing planners
C) the value equation
D) the marketing environment
E) the logistics channel

Question 40

_____ refers to a period running from the 1920s to until after World War II in which the selling orientation dominated the way firms competed.

Question 41

_____ is a primary component of supply chain management.

Question 42

How are the elements of the marketing mix (the four Ps)connected to the key components or activities of marketing?

Question 43

If the U.S.Department of Homeland Security mails free packaging guidelines to airline travelers,it is:

A) engaged in marketing as a for-profit company.
B) not engaged in marketing because they are a government agency.
C) not engaged in marketing because travelers are not charged for the guidelines.
D) engaged in marketing to specific individuals but do not offer value.
E) engaged in marketing as a non-profit organization.

Question 44

Using the personal value equation,provide an example of how value is achieved for a consumer.

Question 45

_____ is conducted in an effort to achieve social change.

Question 46

Nonprofit organizations,such as the American Heart Association,do not directly benefit monetarily from their marketing endeavors.Explain what (if any)exchange exists for nonprofit organizations.

Question 47

Provide examples of how for-profit,nonprofit,and individuals utilize marketing.

Question 48

Marketing benefits society by promoting a higher quality of life in two ways: through job creation and through consumers' ability to make more informed decisions.

Question 49

Government agencies engage in marketing activities.

Question 50

The entire bundle of tangible goods,intangible services,and the price is the company's _____.

Question 51

When non-profit organizations try to convince people that global warming is a real threat,it is an example of _____.

A) logistics marketing
B) event marketing
C) production orientation marketing
D) value marketing
E) social marketing

Question 52

_____ refers to marketing activities conducted to meet the goals of nonprofit organizations.

Question 53

In the _____ era companies compete by building relationships with customers one at a time.

Question 54

Good marketing focuses primarily on making a profit for the corporation.

Question 55

Because their activities do not generate monetary benefits for the organization,non-profit organizations do not employ marketing.

Question 56

What are the key components of marketing as defined by the American Marketing Association?

Question 57

What are some methods marketers can use to communicate value to customers?

Question 58

For-profit companies can be categorized by the nature of their customers.

Question 59

Which of the following represents good marketing?

A) Focusing on production because increased supply will drive up demand.
B) Making an offering that encourages poor choices so consumers will buy again.
C) Yielding a positive value for the consumer and a profitable transaction for the company.
D) Offering value to customers at the expense of profit for the company.
E) Trying to sell goods or services which do not offer any value to customers.

Question 60

Value is delivered through the _____,which includes organizations and functions that mine,make,assemble,or deliver materials and products from a manufacturer to consumers.

Question 61

Professionals in _____ communicate directly with customers about a company's product offerings via channels such as e-mail,chat lines,telephone,or direct mail.

Question 62

Opponents argue that marketing costs do not benefit society.Marketers counter this by stating these costs result in the creation of _____.

A) better products
B) lower prices
C) better informed consumers
D) less government supervision
E) more competition

Question 63

Telemarketers call consumers at their homes to sell their products.This is an example of _____.

A) product development
B) advertising
C) direct marketing
D) event marketing
E) non-profit marketing

Question 64

Personnel involved in _____ are responsible for developing strategies regarding what products wholesalers should carry to sell to retailers.

Question 65

Personnel in _____ are responsible for studying markets and customers in order to understand what strategies or tactics might work best for firms.

A) marketing research
B) merchandising
C) advertising
D) direct marketing
E) sales

Question 66

Personnel in marketing research are responsible for studying markets in order to understand what strategies or tactics might work best.

Question 67

Marketing professionals who plan concerts,expositions,and trade shows are involved in _____.

Question 68

_____ professionals combine advertising,direct marketing,and other areas of marketing to communicate directly with customers via social media,the web,and mobile media.

Question 69

Name three examples of positions available to someone interested in a career in marketing.

Question 70

Marketing careers in product development involve meeting with customers,determining value,proposing offerings,and making sure that the customer is satisfied.

Question 71

Marketing is the interface between producers and distributors.

Question 72

As part of an organization that works to raise awareness about the environment,Beth's work involves creating flyers and pamphlets that provide information about global warming and climate change.Which of the following areas of marketing is Beth engaged in?

A) Sales
B) Non-profit marketing
C) Product development
D) Merchandising
E) Direct marketing

Question 73

Martin has incorporated several features customers have suggested into a new model of his company's vacuum cleaners.Martin is involved in which of the following areas of the marketing profession?

A) Product development
B) Marketing research
C) Event marketing
D) Direct marketing
E) Sales

Question 74

People in _____ are responsible for identifying and creating features that meet the needs of a firm's customers.

Question 75

Good social marketing induces consumers to buy products so that companies can increase their profit.

Question 76

Marketing activities,such as developing a marketing strategy,do not occur separately from the rest of the company.

Question 77

Describe the type of marketing that is involved in digital media.

Question 78

How does this marketing course or text provide value to you as a consumer?

Question 79

Which marketing career involves meeting with customers,determining value,proposing offerings,and making sure that the customer is satisfied?

A) Marketing research
B) Merchandising
C) Advertising
D) Direct marketing
E) Sales

Question 80

Tony's work involves meeting with potential customers,determining their needs,and offering products that may meet those needs.He also keeps tabs on those customers to ascertain their level of satisfaction and obtain feedback.In which of the following areas of marketing does Tony work?

A) Merchandising
B) Marketing research
C) Digital media
D) Sales
E) Non-profit marketing