Deck 1: Welcome to the World of Marketing: Create and Deliver Value

Question 1

A consumer paying for their purchases at a retail store with a credit card illustrates which of the following marketing concepts?

A)Exchange of Value
B)Want
C)Demand
D)Need
E)Drive

Answer 1

A

Question 2

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

Answer 2

E

Question 3

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

Answer 3

E

Question 4

________ 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

Question 5

As described in the opening vignette of Chapter 1, customers return to the Yellow Point Lodge each year because it offers comfort and wonderful memories of years past.This is an example of ________.

A)marketing mix
B)Customer Value
C)Marketing Position
D)Marketing Integration
E)Desired Attributes

Question 6

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

Question 7

From a marketing perspective, when one student eats trail mix for lunch while another eats a cheeseburger and french fries, they are demonstrating differences in ________.

A)Benefit
B)Wants
C)Demand
D)Need
E)Drive

Question 8

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

Question 9

A(n) ________ is the ultimate user of a good or service.

A)stakeholder
B)market
C)target market
D)marketer
E)consumer

Question 10

A firm that focuses on a ________ orientation is likely to learn an important lesson the hard way - consumers do not buy products,they buy benefits.

A)product
B)consumer
C)sustainability
D)CRM
E)TQM

Question 11

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

Question 12

Carrie is shopping for a new watch.She is looking at a Timex and at a Rolex.The fact that either watch will give her the correct time is an example of a ________.

A)Benefit
B)Want
C)Demand
D)Need
E)Drive

Question 13

Which of the following is NOT a marketing field?

A)supply-channel management
B)accounting
C)brand management
D)advertising
E)new product planning

Question 14

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

Question 15

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

Question 16

________ 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

Question 17

________ refers to the benefits a customer receives from purchasing a good or service.

A)Satisfaction
B)Demand
C)Want
D)Promotion
E)Customer Value

Question 18

In which kind of market would a product 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 the seller focusses on production and distribution of the product
D)a market that sells only intangible products
E)no market

Question 19

A ________ is the outcome that motivates a customer's buying behavior.

A)benefit
B)demand
C)value
D)need
E)want

Question 20

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

Question 21

________ 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

Question 22

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

Question 23

A perspective that consumer spending, and hence the economy, is driven by psychological attachment to brands, the relevance ofinformation, and solutions is called

A)customer relationship management
B)Attention Economy
C)market positioning
D)creating sustainability
E)increasing the lifetime value of customers

Question 24

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

Question 25

________ 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

Question 26

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)Sustainable Development
E)return on investment

Question 27

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

Question 28

The relationship between marketing and ___________is a two-way street.Marketers influence what is popular, but products and the communication of those products also reflect the key social beliefs and values of the times.

A)myths
B)social services
C)consumer goods
D)Popular culture
E)value propositions

Question 29

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

Question 30

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

Question 31

______________looks at how much profit they expect to make from a particular customer, including each and every purchase he or she will make from them now and in the future.

A)bait-and-switch
B)anticonsumption
C)demarketing
D)shrinkage
E)lifetime value of a customer

Question 32

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

Question 33

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

Question 34

________ 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

Question 35

________ 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

Question 36

________ 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

Question 37

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

Question 38

Marketing of goods and services from one organization to the other is called ________

A)social marketer
B)business-to-business marketing
C)e-commerce marketer
D)marketing planner
E)instapreneur

Question 39

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

Question 40

________ 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

Question 41

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.

Question 42

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 content
D)socially responsible marketing
E)the marketing concept

Question 43

A social movement directed at protecting consumers from harmful business practices is called____________.

A)demarketing
B)exploitative consumption
C)addictive consumption
D)shrinkage
E)Consumerism

Question 44

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

Question 45

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

Question 46

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

Question 47

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

Question 48

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

Question 49

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

Question 50

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

Question 51

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

Question 52

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

Question 53

A ________ is a group of people that have different needs, wants, or preferences from other groups of people and would seek a different value
Proposition (solution).a.product position
B)market segment
C)mass market
D)value proposition
E)target market

Question 54

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

Question 55

________ 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

Question 56

_________ is outsourcing tasks to an undefined, large group of people or community by posting an open call for assistance on the Internet.

A)microcelebrities
B)Crowdsourcing
C)folksonomists
D)open sourcers
E)instapreneurs

Question 57

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

Question 58

________ 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

Question 59

__________is a physiological or psychological dependency on goods or services.

A)Being a customer
B)social marketing techniques
C)consumer addiction
D)social networking
E)commodity

Question 60

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

Question 61

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

Question 62

________ is the first step in the process of decision making process in Marketing.

A)The marketing mix
B)Total Quality Management
C)Understand the Opportunity
D)Customer relationship management
E)Value proposition creation

Question 63

A sign manufacturer who uses plastic, metal, and neon tubing to create a motel sign has provided___________ of choice that people look forutility.

A)benefit
B)place
C)possession
D)time
E)creation

Question 64

A market positioning 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

Question 65

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

Question 66

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

Question 67

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

Question 68

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

Question 69

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

Question 70

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

Question 71

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

Question 72

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

Question 73

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)Communication (promotion)

Question 74

________ 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

Question 75

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.

Question 76

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

Question 77

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

Question 78

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

Question 79

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

Question 80

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.