Deck 11: Customer Driven Marketing

Question 1

What is marketing?

Answer 1

Marketing is a group of activities designed to expedite transactions by creating,distributing,promoting,and pricing goods,services,and ideas.These activities ensure that the products consumers want to purchase are available at a price they are willing to pay and provide consumers with information about product features and availability.

Question 2

Marketing creates value by

A)increasing the price of goods.
B)helping people obtain what they need and want.
C)spending large amounts on advertising.
D)informing people of new products.
E)manipulating people into buying products they don't want.

Answer 2

B
Explanation: Marketing activities create value by allowing individuals and organizations to obtain what they need and want.

Question 3

When a customer hands the cashier $1 and receives a loaf of bread,which of the following has occurred?

A)Discounting
B)Facilitating
C)Utility
D)Exchange
E)Advertising

Answer 3

D
Explanation: At the heart of all business is the exchange,the act of giving up one thing (money,credit,labor,goods)in return for something else (goods,services,or ideas).

Question 4

Marketing is the facilitation of exchanges through

A)creating,pricing,promoting,and distributing goods.
B)market segmentation.
C)multi-segment marketing.
D)place and form utility.
E)product advertising and promotion.

Question 5

Marketing is not manipulating customers into buying things they do not really want,it is

A)a systematic approach to satisfying customers.
B)advertising.
C)targeting a market.
D)pushing what is produced.
E)manipulating customers.

Question 6

What most consumers want is not a product,but

A)a service.
B)an idea.
C)a way to get a job done,solve a problem,or gain some enjoyment.
D)prestige.
E)low prices.

Question 7

As long as both a buyer and seller have something of value to exchange,an exchange will take place.

Question 8

An exchange is

A)always made with cash.
B)always made with credit.
C)seldom satisfactory to all parties involved.
D)giving up something in return for something else.
E)made within 24 hours.

Question 9

The financing function expedites purchases through making credit available.

Question 10

Marketing is just selling and advertising.

Question 11

The exchange process is

A)value added to products.
B)at the heart of all business.
C)the price of a product.
D)satisfaction of the seller's needs.
E)the source of credit.

Question 12

A marketer must understand buyers' needs and desires to determine what products to make available.

Question 13

Transporting includes warehousing goods.

Question 14

Marketing occurs only in large business organizations.

Question 15

Marketing creates value by allowing individuals and organizations to obtain what they want and need.

Question 16

Spending money to hire a sales force or to conduct marketing research does not involve risks.

Question 17

Buying expedites the exchange process and marketers view it as a persuasive activity that is accomplished through promotion.

Question 18

Rick Richardson developed a new product and has found a retail store willing to sell it.He has also agreed to help promote the product's sale.He is engaging in

A)retailing.
B)marketing.
C)researching.
D)discounting.
E)exchanging.

Question 19

If an exchange is to occur,each participant must be willing to give up something of value to receive something the other has.

Question 20

Describe the exchange process.What does it involve and what conditions are required?

Question 21

To implement the marketing concept,a company must do all of the following except.

A)have good information about what consumers want.
B)adopt a consumer orientation.
C)coordinate its efforts throughout the entire organization.
D)adopt a competitor orientation.
E)achieve its own goals.

Question 22

Why is marketing inherently risky? What kinds of risks are involved in engaging in marketing?

Question 23

When a worker in the deli department of a grocery store designates a steak with little or no fat as an "AA" and another steak with more fat as a "B," the worker is participating in the marketing function of

A)pricing.
B)trading.
C)grading.
D)marking.
E)ranking.

Question 24

When an organization hauls canned goods from the manufacturer to grocery stores,it is involved with which marketing function?

A)Buying
B)Selling
C)Transporting
D)Storing
E)Grading

Question 25

The marketing concept is the basic philosophy that guides all marketing activities.

Question 26

When a grocery store maintains refrigerators to hold ice cream until customers buy it,the store is engaged in the marketing function of

A)selling.
B)transporting.
C)storing.
D)marketing research.
E)risk taking.

Question 27

Richard has acquired a supply of canned fruits and vegetables.He does not yet have a buyer for them but he's using promotion and other activities to find a buyer.He is performing the marketing function of

A)marketing research.
B)purchasing.
C)market segmentation.
D)grading.
E)selling.

Question 28

To effectively implement the marketing concept,an organization must

A)balance meeting its own objectives and satisfying customer needs.
B)make a large profit.
C)meet consumer needs and wants.
D)perform all of the marketing functions.
E)produce quality products.

Question 29

What are the functions of marketing?

Question 30

Customer satisfaction is a goal of the marketing concept.

Question 31

Acme Inc.is surveying customers as to what kinds of services they would like the company to add.It is involved in the marketing function of

A)buying.
B)storing.
C)financing.
D)marketing research.
E)risk taking.

Question 32

Among the marketing functions are

A)production,distribution,and consumption.
B)financing,market researching,buying,and selling.
C)comparing performance to standards and correcting performance.
D)directing,controlling,and planning.
E)all of the above.

Question 33

During the Industrial Revolution,new technologies fueled strong ________ for products and a product orientation held sway.

A)marketing research
B)advertising
C)marketing concept
D)supply
E)demand

Question 34

Marketers needs to expend much effort understanding which of the following functions of marketing to determine what products to market?

A)Buying
B)Selling
C)Storing
D)Grading
E)Financing

Question 35

Everyone in the organization who interacts with customers must know what customers want.

Question 36

When a pharmaceutical company devotes a large proportion of its overall budget to researching and developing a drug that has potential to be a blockbuster but whose efficacy and safety remains unproven,the company is engaging in

A)transporting.
B)storing.
C)financing.
D)risk taking.
E)inventory analysis.

Question 37

When a computer manufacturer provides stores with credit to encourage them to carry their computers in stores,the manufacturer is involved in the marketing function of

A)discounting.
B)profiteering.
C)banking.
D)buying.
E)financing.

Question 38

The goal of the marketing concept is

A)new product development.
B)customer satisfaction.
C)form,place,and time utility.
D)objective goal setting.
E)reduced costs.

Question 39

If you build a better mousetrap,consumers will beat a path to your door.

Question 40

Trying to determine buyers' needs and wants is easy because marketers fully understand what motivates people to buy things.

Question 41

If a company develops an advertising campaign that targets a segment of consumers with a certain income and education,the company is using the following segmentation variable:

A)behavioristic.
B)demographic.
C)psychographic.
D)geographic.
E)topographic.

Question 42

In the 21^st century,________ remains an essential element of any marketing strategy to develop and manage long-term customer relationships.

A)Distribution
B)Pricing
C)Researching and developing
D)Communication
E)Grading

Question 43

The marketing mix is a combination of

A)product,price,promotion,and distribution.
B)compensation,regulation,segmentation,and ethics.
C)sales,advertising,and publicity.
D)product,price,advertising,and distribution.
E)none of the above.

Question 44

The first major step of a marketing strategy is to

A)determine the price.
B)select a target market.
C)develop an appropriate marketing mix.
D)add on a warranty feature.
E)put the product on sale.

Question 45

A marketing strategy is a plan of action for developing,pricing,distributing,and promoting products that meet the needs of specific customers.

Question 46

If a company markets to a segment of people who have a certain lifestyle,the type of segmentation being used is

A)behavioristic.
B)geographic.
C)topographic.
D)psychographic.
E)demographic.

Question 47

The textbook refers to building 'mousetraps.' What does this have to do with the marketing concept?

Question 48

The marketing concept states that an organization

A)must coordinate its efforts.
B)should coordinate activities to fill customer needs.
C)should try to satisfy customer needs while also achieving its own goals.
D)should emulate the competition.
E)achieve its own goals.

Question 49

In the multi-segment approach,the marketer directs one marketing strategy toward a single market segment.

Question 50

A marketing strategy consists of

A)developing a marketing mix.
B)selecting a target market.
C)selecting a target market and developing a marketing mix to satisfy it.
D)choosing a product to distribute.
E)none of the above.

Question 51

A target market is a group of people who have a need,purchasing power,and the desire and authority to spend money on goods,services,and ideas.

Question 52

Psychographic characteristics of segmentation include personality characteristics,motives,and lifestyles.

Question 53

After the product orientation came the sales orientation of the mid-20^th century.Supply exceeded demand and businesspeople and ________ and _________ became the most important marketing activities.

A)advertising;selling
B)product development;distribution
C)product development;promotion
D)pricing;promotion
E)pricing;distribution

Question 54

After analyzing its own resources and unique abilities,a company is now trying to determine what group of customers it can satisfy with a good or service.It is in the process of choosing a

A)production strategy.
B)target market.
C)sales plan.
D)geographical region.
E)product line.

Question 55

Salt,sugar,and many agricultural products are sold using which of the following approaches?

A)Concentration
B)Total-market
C)Multi-segment
D)Universal
E)Focused

Question 56

Which of the following requires organizations to gather information about customer needs,share that information throughout the entire firm,and use that information to help build long-term relationships with customers?

A)Customer relationship marketing
B)Customer relationship management
C)Marketing concept
D)Market orientation
E)Sales orientation

Question 57

Which of the following can be changed quickly to stimulate demand or respond to competitors' actions?

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

Question 58

Distribution is sometimes referred to as

A)giving away.
B)selling.
C)place.
D)buying.
E)handing out.

Question 59

Briefly describe the evolution of the marketing concept from the Industrial Revolution to the 21^st century.

Question 60

Products usually have both favorable and unfavorable attributes.

Question 61

What is market segmentation? Why is it important for companies to do?

Question 62

Buying behavior is the decision processes and actions of people who buy and use products.

Question 63

Technological forces do not influence marketing strategy.

Question 64

When Bill Wilson became a father he became increasingly interested in health and began to look for household items that were safe for use around young children.His new perspective is related to his

A)over-protectiveness.
B)motivation.
C)social class.
D)reference groups.
E)time utility.

Question 65

If a company is studying the decision processes and actions of people who purchase and use products,the company is focusing on

A)purchase transactions.
B)customer profiles.
C)discounting.
D)its management information system.
E)buying behavior.

Question 66

A person's buying behavior may be affected by his or her social roles.

Question 67

A marketing information system is a framework for accessing information about customers.

Question 68

Secondary data are information observed and recorded or collected regularly from sources inside and outside the organization.

Question 69

A marketing research representative who interviews shoppers in a mall is collecting the following type of information:

A)secondary data.
B)basic information.
C)primary data.
D)nondirect information.
E)intermediate data.

Question 70

Social concerns have led marketers to design and market safer toys for children,prescription drugs,and safer and healthier food products.

Question 71

Marketing research is

A)seldom worth the high cost.
B)used to guide marketing decisions.
C)not as important as it used to be.
D)the cause of most product failures.
E)all of the above.

Question 72

Which type of data is probably least expensive to collect?

A)Primary data
B)Secondary data
C)Subjective research
D)Expensive research
E)External research

Question 73

Which of the following is a psychological variable of buyer behavior?

A)Roles
B)Personality
C)Reference groups
D)Social classes
E)Culture

Question 74

Attitude is a social variable of buying behavior.

Question 75

The forces in the marketing environment are totally uncontrollable.

Question 76

When High Tech Stereo Company wanted to alter its product,its managers began their research by referring to sales figures.This is an example of

A)primary data gathering.
B)secondary data gathering.
C)subjective research.
D)expensive research.
E)external research.

Question 77

What is the marketing mix? Briefly describe its elements.

Question 78

How can new Internet technologies on online social networking be used in marketing research?

Question 79

Anna is active in recycling and tree-planting programs in her community and she refuses to buy products that have excessive packaging.This illustrates which of the following factors of buyer behavior?

A)Attitude
B)Personality
C)Social class
D)Motivation
E)Reference group

Question 80

Social forces influence marketing strategy.