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

Question 1

________ 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

Answer 1

C

Question 2

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

Answer 2

D

Question 3

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

Answer 3

A

Question 4

All of the following are forms of utility created by marketing processes except ________.

A)form utility
B)place utility
C)time utility
D)possession utility
E)price utility

Question 5

________ 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 6

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

Question 7

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 8

A firm that focuses on a ________ orientation is likely to view the market as a homogeneous group that will be satisfied with the basic function of a product.

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

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

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 11

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

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

Question 12

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

Question 13

In which kind of market would a production 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 demand is greater than supply
D)a market that sells only intangible products
E)no market

Question 14

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 15

Which of the following is a current business trend?

A)eliminating the marketing function
B)integrating marketing with other business functions
C)for-profit businesses becoming not-for-profit businesses
D)fewer CEOs having experience in marketing
E)isolating marketing from other business functions

Question 16

________ utility is the benefit marketing provides by transforming raw materials into finished products,as when a dress manufacturer combines silk,thread,and a zipper to create a bridesmaid's gown.

A)Form
B)Place
C)Time
D)Possession
E)Price

Question 17

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 18

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 19

Women who rent their wedding gowns instead of buying them and wearing them only once are taking advantage of a ________ utility.

A)form
B)place
C)time
D)possession
E)price

Question 20

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

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

Question 21

________ 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 22

The Total Quality Management (TQM)philosophy involves all employees in ________.

A)customer relationship management
B)continuous product quality improvement
C)market positioning
D)creating sustainability
E)increasing the lifetime value of customers

Question 23

Which of the following is the industry term for inventory and cash losses from shoplifting and employee theft?

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

Question 24

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 25

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 26

________ 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 27

________ 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 28

________ 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 29

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 30

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 31

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 32

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)sustainability
E)return on investment

Question 33

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 34

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 35

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 36

________ 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 37

________ 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 38

Ronald McDonald confounds the Hamburglar in the basic struggle of good versus evil as played out in a McDonald's commercial.This is an example of a marketing message communicated in the form of ________.

A)social marketing
B)e-commerce
C)value management
D)a myth
E)a distinctive competency

Question 39

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 40

A(n)________ only produces a product when it is ordered.

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

Question 41

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 42

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 43

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 44

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 45

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 46

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 47

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 48

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 49

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 50

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 51

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 52

________ 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 53

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 54

Product tampering and spray-painting graffiti on buildings are both examples of ________.

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

Question 55

Consumers who create consumer-generated content for the fun and challenge of it rather than for pay are referred to as ________.

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

Question 56

A ________ is a marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased.

A)product position
B)market segment
C)mass market
D)value proposition
E)target market

Question 57

Consumed consumers are people who ________.

A)have been "fired" as customers
B)are manipulated by social marketing techniques
C)experience consumer addiction
D)participate in social networking
E)become commodities themselves

Question 58

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 59

________ 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 60

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 value
D)socially responsible marketing
E)the marketing concept

Question 61

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 62

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 63

________ 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 64

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 65

A market position 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 66

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 67

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 68

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.

Question 69

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 70

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 71

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 72

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 73

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 74

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 75

________ is the process of thinking strategically about the big picture and where the firm and its products fit within it.

A)The marketing mix
B)Total Quality Management
C)Marketing planning
D)Customer relationship management
E)Value proposition creation

Question 76

A sign manufacturer who uses plastic,metal,and neon tubing to create a motel sign has performed the marketing benefit of creating ________ utility.

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

Question 77

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 78

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 79

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 80

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)promotion