Question 1

Managers of ________ businesses concentrate on achieving high manufacturing efficiency, low costs, and mass distribution.

Accepted Answer

Managers of production-oriented businesses prioritize efficiency and cost reduction in the manufacturing process, as well as wide distribution of the product. This approach emphasizes the importance of optimizing production processes and minimizing costs, often at the expense of other considerations such as marketing or consumer preferences.

Question 2

Which of the following categories of goods and services is most likely to require an aggressive use of the selling concept?

Accepted Answer

Unsought goods, such as funeral services or insurance, are goods or services that customers either do not know about or do not typically think of purchasing. Therefore, an aggressive use of the selling concept (promoting and hard selling) may be necessary to create awareness and generate demand for these types of goods or services.

Question 3

When eBay and Amazon.com cut out the majority of middlemen that normally would participate in the exchange process, it is an example of ________.

Accepted Answer

Disintermediation is the process of eliminating the middlemen involved in the exchange process between buyers and sellers. eBay and Amazon.com have largely cut out middlemen and directly connect buyers and sellers through their online platforms, making it an example of disintermediation.

Question 4

Each of the following is true about the Internet's impact on the way business is conducted today, EXCEPT one. Identify the exception.

Accepted Answer

The statement "It has facilitated mass marketing but not the sale of customized products" is not entirely true. The Internet has enabled businesses to offer customized products and services to customers by leveraging technologies like artificial intelligence and machine learning, which use customer data to personalize offerings. Therefore, the exception is option D.

Question 5

The Internet has given today's companies a new set of capabilities. Among those capabilities is the ability to operate a new information channel. Describe how information can be used by the marketer in this new channel.

Accepted Answer

The answer of The Internet has given today's companies a...

Question 6

Digital technology is fueling massive reintermediation, like when Apple, Sony, and Samsung released a stream of entertainment devices from smart phones to LED TVs and tablets.

Accepted Answer

Reintermediation refers to the reintroduction of an intermediary between consumers and suppliers, while the example given illustrates technological innovation and product development, not the process of reintermediation.

Question 7

The marketplace isn't what it used to be. List and briefly discuss the new behaviors, opportunities, and challenges that await the marketer in the 21st century.

Accepted Answer

The answer of The marketplace isn't what it used to...

Question 8

Which of the following holds that consumers prefer products that are widely available and inexpensive?

Accepted Answer

The production concept holds that consumers prefer products that are widely available and inexpensive. This concept focuses on maximizing production efficiency and reducing costs to offer products at lower prices than competitors.

Question 9

Which of the following is NOT a consumer touch point?

Accepted Answer

The answer of Which of the following is NOT a...

Question 10

The ________ concept holds that consumers will favor offerings with the best quality, performance, or innovative features.

Accepted Answer

The product concept emphasizes that consumers look for the products with the best features, quality, or performance. This concept believes that if the company produces good quality products, then customers will automatically choose those products over competitors' products. However, this concept may not always work as consumers want more than just the best quality.

Question 11

The digital revolution has placed a whole new set of capabilities in the hands of consumers and businesses. Describe the advantages that you as a consumer have today that your parents or grandparents didn't have.

Accepted Answer

The answer of The digital revolution has placed a whole...

Question 12

Showrooming is associated with which of the following new consumer capabilities?

Accepted Answer

Showrooming refers to the practice of examining merchandise in a traditional brick-and-mortar retail store and then buying it online for a lower price. This behavior is made possible by the new consumer capability of using the Internet as a powerful information and purchasing aid.

Question 13

As a major steel manufacturer, SteelMakers Inc. focuses on having the most efficient manufacturing processes in place. The company believes that its competitive edge lies in its ability to offer the best prices. They also maintain an excellent distribution network that ensures wide availability of their products. SteelMakers has a ________ orientation.

Accepted Answer

SteelMakers Inc. focuses on efficient manufacturing processes and offering the best prices, which indicates a production orientation. This orientation emphasizes the importance of production efficiency and scale to lower costs and improve product availability.

Question 14

Discuss how companies can use the Internet to build their brands. Give an example of a company that has done so.

Accepted Answer

The answer of Discuss how companies can use the Internet...

Question 15

The selling concept holds that consumers will favor those products that offer the most quality, performance, or innovative features.

Accepted Answer

The selling concept holds that consumers will not buy enough of a product unless it is promoted and made widely available. It focuses on aggressive sales techniques and assumes that consumers are primarily motivated by a desire for product availability and low prices, rather than quality or other features.

Question 16

Identify three specific ways globalization has affected the marketing environment.

Accepted Answer

The answer of Identify three specific ways globalization has affected...

Question 17

In response to threats from such companies as Amazon.com, E*TRADE, and dozens of others, established manufacturers and retailers became "brick-and-click" oriented by adding online services to their existing offerings. This is known as ________.

Accepted Answer

Reintermediation refers to the addition of online services by existing manufacturers and retailers to counter the threat from online-only companies. This involves adding intermediaries (in this case, online platforms) back into the supply chain or distribution channels.

Question 18

The success of online purchasing resulted in ________ in the delivery of products and services by intervening in the traditional flow of goods through distribution channels.

Accepted Answer

The term "disintermediation" refers to the elimination of intermediaries in the distribution channel due to the success of online purchasing. This means that traditional middlemen, such as wholesalers and retailers, are bypassed as products and services can be purchased directly from the manufacturer or service provider through online channels.

Question 19

The drugstore chain CVS uses loyalty-card data to better understand what consumers purchase, the frequency of store visits, and other buying preferences, which is associated with which technology-enhanced company capability?

Accepted Answer

By using loyalty-card data, CVS is collecting fuller and richer information about their customers, which is an example of the technology-enhanced capability that allows companies to do the same. This capability enables companies to have a better understanding of their market, customers, prospects and competitors.

Question 20

Discuss the concept of disintermediation and provide an example.

Accepted Answer

The answer of Discuss the concept of disintermediation and provide...

Quiz 1: Defining Marketing for the New Realities