Question 1

Industry boundaries are blurring at an incredible rate as companies are recognizing that new opportunities lie at the intersection of two or more industries.

Accepted Answer

With the rise of technology and innovation, companies are increasingly exploring new business models that cut across traditional industry boundaries to find new sources of growth and value creation. This is leading to the emergence of new industry ecosystems and the blurring of traditional industry boundaries.

Question 2

The proliferation of targeted media and communication channels has allowed marketers to become much more aware of their target consumers' preferences and to customize both products and messages for individual consumers.

Accepted Answer

The statement accurately describes the impact of targeted media and communication channels on marketing.

Question 3

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

Accepted Answer

The answer of Which of the following reflects the "people"...

Question 4

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.

Accepted Answer

The task environment of a firm typically includes suppliers, distributors, customers, and competitors, rather than the broader environments mentioned.

Question 5

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

Accepted Answer

Deregulating industries removes government regulations that may impede competition and growth opportunities. Increasing trade barriers or protecting industries can actually limit competition by reducing imports or shielding certain industries from competition. Encouraging intermediation or reducing privatization may not necessarily address competition and growth opportunities.

Question 6

Distinguish between the concepts of value and satisfaction.

Accepted Answer

The answer of Distinguish between the concepts of value and...

Question 7

Ford Motor Company knows that to reach its target markets three kinds of marketing channels may be used. What are these three marketing channels and how might Ford use each of them?

Accepted Answer

The answer of Ford Motor Company knows that to reach...

Question 8

The overabundance of information available on the Internet has made it more difficult for consumers to compare product features and prices.

Accepted Answer

The answer of The overabundance of information available on the...

Question 9

Tracy's is a chain of hair dressing salons for women. They use television, magazines, radio, and newspapers to advertise their services. The owners ensure that all communication channels deliver a common message to prospective customers. Tracy's believes in ________ marketing.

Accepted Answer

Tracy's believes in integrated marketing, which involves the coordination and integration of all communication channels to deliver a consistent and effective message to target customers.

Question 10

Which of the three transformative forces mentioned in the chapter is associated with the number of mobile phones in India recently exceeding 500 million and Boston Consulting Group believing brand marketers must enhance their "digital balance sheets"?

Accepted Answer

The correct answer is technology because the increase in mobile phones and the emphasis on enhancing digital balance sheets directly relate to technological advancements and their impact on marketing and consumer engagement.

Question 11

By 2025, annual consumption in emerging markets will total $30 trillion and contribute more than ________ percent of global GDP growth.

Accepted Answer

Emerging markets are projected to contribute more than 70 percent of global GDP growth by 2025, driven by increased consumption and economic development.

Question 12

Which of the following is NOT one of the 4 As customers most value?

Accepted Answer

The 4 As that customers most value are acceptability, affordability, accessibility, and awareness. Affability, although important in customer service, is not one of the 4 As.

Question 13

In the statement, "Volvo develops its cars for buyers to whom safety is a major concern, positioning the vehicles as the safest a customer can buy," buyers to whom safety is a major concern is the target market.

Accepted Answer

The statement mentions that Volvo develops its cars for buyers who prioritize safety and positions its vehicles as the safest option available, indicating that the target market is those concerned with safety.

Question 14

The Body Shop, Timberland, and Patagonia incorporate ________ as a way to differentiate themselves from competitors, build consumer preference, and achieve notable sales and profit gains.

Accepted Answer

The mention of social responsibility as a key factor in differentiating themselves, building consumer preference, and achieving sales and profit gains indicates that these companies are utilizing ethical and sustainable practices in order to appeal to increasingly socially-conscious consumers.

Question 15

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

Accepted Answer

Regulation of industries typically involves government intervention to control or limit certain aspects of business operations, which can restrict competition and growth opportunities rather than leveling the playing field.

Question 16

The desire to eat a Philly cheesesteak, whether or not you are in the position to buy one, is an example of a demand.

Accepted Answer

The desire to eat a Philly cheesesteak without the ability or willingness to purchase it does not constitute demand in economic terms. Demand specifically refers to a consumer's desire to purchase goods and services at given prices, backed by the ability and willingness to pay.

Question 17

Which of the new four 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?

Accepted Answer

Programs encompass the traditional four Ps (Product, Price, Place, Promotion) and extend to include a broader range of marketing activities, reflecting a more holistic approach to marketing strategy.

Question 18

The three central trends in Marketing 3.0 are collaborative marketing, globalization, and ________.

Accepted Answer

The answer of The three central trends in Marketing 3.0...

Question 19

Consumers often have many needs that are not readily obvious. Just observing their behavior inside a retail store is not enough to get a true understanding of their "needs." List and briefly describe the five types of needs that most consumers have.

Accepted Answer

The answer of Consumers often have many needs that are...

Question 20

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

Accepted Answer

The term used to describe the unique company asset resulting from relationship marketing is the marketing network, which encompasses the company and all its supporting stakeholders who have a vested interest in the success of the company's marketing efforts. This includes customers, suppliers, employees, and even competitors who support the company through referrals, recommendations, and positive word-of-mouth.

Quiz 1: Defining Marketing for the New Realities