Question 1

________ marketing aims to build mutually satisfying long-term collaboration with key constituents,such as customers,employees,suppliers,distributors,and other marketing partners,in order to earn and retain their business.

Accepted Answer

Relationship marketing is focused on creating long-term relationships with important stakeholders, in order to gain their trust and loyalty. This approach emphasizes building mutual value and benefits for both the company and its partners, rather than trying to maximize short-term profits. By fostering strong relationships with customers, employees, suppliers, and other key players in the marketing environment, companies can leverage their resources and capabilities more effectively, identify new opportunities for growth, and enhance their competitive advantage over time.

Question 2

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 3

Services constitute the bulk of most countries' production and marketing efforts.

Accepted Answer

The answer of Services constitute the bulk of most countries'...

Question 4

The ________ holds that the organization's task is to determine the needs,wants,and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer's and the society's well-being.

Accepted Answer

The definition given aligns with the societal marketing concept, which emphasizes delivering customer satisfaction in a way that also benefits society as a whole. The selling concept focuses on aggressive selling to maximize profits, the production concept on efficient production to reduce costs, and the relationship marketing concept on building long-term customer relationships. The integrated marketing concept is a broader approach that incorporates all aspects of marketing into a unified strategy.

Question 5

Financial accountability and social responsibility marketing are elements of ________.

Accepted Answer

The answer of Financial accountability and social responsibility marketing are...

Question 6

A short definition of marketing is "meeting needs profitably."

Accepted Answer

This is a commonly accepted definition of marketing.

Question 7

Holistic marketing incorporates ________ where marketers must carefully consider their role in broader terms,and the ethical,environmental,legal,and social context of their activities.

Accepted Answer

Holistic marketing includes social responsibility, where marketers must address ethical, environmental, legal, and social considerations in their activities. This approach emphasizes the importance of balancing business objectives with the well-being of society and the environment.

Question 8

________ activities include those the company undertakes to make the product accessible and available to target customers.

Accepted Answer

Channel activities involve making the product accessible and available to target customers. This includes selecting and managing distribution channels, as well as establishing relationships with wholesalers, retailers, and other intermediaries.

Question 9

Companies are recognizing that much of their market value comes from ________,particularly their brands,customer base,employees,distributor and supplier relations,and intellectual capital.

Accepted Answer

The question mentions "market value" coming from "brands, customer base, employees, distributor and supplier relations, and intellectual capital", which are all examples of intangible assets. Therefore, the best choice is C) intangible assets.

Question 10

Which of the following is most consistent with the integrated marketing approach?

Accepted Answer

The integrated marketing approach emphasizes the importance of delivering a consistent brand message across all channels of communication, which includes traditional and digital marketing efforts. Option C best reflects this approach. Option A suggests a reliance on the product itself to generate sales, which ignores the role of marketing in shaping consumer perceptions and preferences. Option B makes a generalization about consumer behavior that may not necessarily be true in all cases. Option D focuses on internal processes rather than external communication with consumers. Option E undermines the importance of digital marketing, which is a critical component of an integrated marketing approach in today's digital age.

Question 11

At the heart of any marketing program is the firm's ________,its tangible offering to the market.

Accepted Answer

The product is the tangible offering of the firm, which can be a physical good or a service provided to the market. While a strategic plan or a brand may contribute to the success of the marketing program, they are not at the core of it in the same way that the product is. Value and people are important factors in marketing, but they are not the central focus of this question.

Question 12

E.Jerome McCarthy classified marketing activities into the four Ps of the marketing mix.These four Ps stand for ________.

Accepted Answer

E.Jerome McCarthy classified marketing activities into the four Ps of the marketing mix, which stand for product, price, promotion, and place.

Question 13

Joanna owns a chain of fast-food joints.As the chain became more and more successful,she decided to contribute a share of her profits each year to support cancer research.This is an example of ________.

Accepted Answer

This is an example of cause-related marketing, where the company is partnering with a cause (cancer research) to not only contribute to the community but also build a positive brand image.

Question 14

Properties are intangible rights of ownership of either real property (real estate)or financial
property (stocks and bonds).

Accepted Answer

Properties refer to intangible rights of ownership and can apply to both real property and financial property.

Question 15

What are the four broad themes of holistic marketing?

Accepted Answer

The four broad themes of holistic marketing are relationship marketing, integrated marketing, internal marketing, and performance marketing. Choice C lists all four themes correctly. Choice D includes "social responsibility" instead of "internal" marketing, which is not one of the four themes. Choice A and B both include "position marketing," which is not one of the four themes. Choice E includes "social responsibility" but not "integrated" marketing, which is one of the four themes.

Question 16

Which of the four new 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 also include a broader range of marketing activities, offering a more holistic view of marketing strategy and execution.

Question 17

Which aspect of holistic marketing motivates employees and ensures that everyone in the organization embraces appropriate marketing principles,especially senior management?

Accepted Answer

Internal marketing motivates employees and ensures that everyone in the organization embraces appropriate marketing principles, especially senior management. This involves treating employees as internal customers and developing programs and activities to train, motivate, and reward them for serving the external customer well. This helps to align the organization's culture and values with the marketing strategy, promoting a holistic approach to marketing.

Question 18

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

Accepted Answer

The ultimate outcome of relationship marketing is a marketing network consisting of the company and its supporting stakeholders. This network is a unique company asset because it has been built through ongoing interactions with customers, suppliers, partners, and other stakeholders, and it enables the company to create value for all parties involved. The marketing network includes not only direct participants, but also other influences and communities that affect the company's operations and reputation.

Question 19

Tracy's is a chain of hair dressing salons for women.They use the 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 ________.

Accepted Answer

Tracy's use of multiple communication channels to deliver a consistent message is an example of integrated marketing.

Question 20

Incorporating the holistic view of marketing,the four Ps of the marketing mix can be updated to ________.

Accepted Answer

The holistic view of marketing involves a comprehensive, integrated approach that goes beyond traditional marketing strategies. The updated four Ps to reflect this view are people, processes, programs, and performance, as they encompass a broader range of factors that affect the marketing strategy and its effectiveness.

Quiz 1: Defining Marketing for the New Realities