Question 1

The societal marketing concept seeks to establish a balance between consumer short- run wants and consumer .

Accepted Answer

The societal marketing concept is about fulfilling the needs and wants of consumers while also taking into consideration the long-term impact on society and the environment. Therefore, the balance sought by the societal marketing concept is between consumer short-run wants and long-run welfare.

Question 2

According to the simple five- step model of the marketing process,a company needs to before designing a customer- driven marketing strategy.

Accepted Answer

The first step in the marketing process is to understand the marketplace and customer needs and wants. This involves conducting market research to gather information about consumer behavior, preferences, and trends. Only after a company has a clear understanding of its target customers can it begin to design a customer-driven marketing strategy. The other steps (building relationships, using CRM, constructing a marketing program, and delivering superior value) all come later in the process.

Question 3

Refer to the scenario below to answer the following questions.
Carol Veldt,owner of Seagull Terrace,watched her investment grow from a small,seaside motel to a thriving year- round resort in just a few years.Atop a bluff overlooking the Maine coast,Seagull Terrace had attracted thousands of visits during the summer months,but then faced a tremendous downturn in business during the winter months."But,given the industry in the nearby towns,very little year- round competition,and our close proximity to Portland," Carol added,"I couldn't understand why seasonality had to hit Seagull Terrace so hard!"
So Carol spent her first winter devising a new marketing plan.She put together a promotional package designed to attract business travelers year- round.Carol's plan,then,involved a seasonal promotional gimmick-to be implemented from early winter to late spring-that would attract the same numbers as the large summer crowd.Her idea worked! During her second winter,Carol greeted numerous business travelers-both satisfied repeat guests as well as new guests who had been snagged by her promotional appeals.
"We still have a long way to go," Carol admitted."Our delicatessen offers delicious entrees,but we'd like to expand that.
We provide health club privileges off- site,but we'd like to eventually provide our own.These are goals I hope to achieve in a few years.Our first project,however,included a renovation of our guest rooms and I'm quite proud of the results." Carol then added,"Actually there are so many possibilities.With an indoor pool area,I will eventually offer weekend get- aways throughout winter."
-Carol Veldt's use of "promotional gimmicks" is an example of the _ concept.

Accepted Answer

The answer of Refer to the scenario below to answer...

Question 4

Ben & Jerry's challenges all stakeholders,including employees,top management,and even ice cream scoopers in their stores,to consider individual and community welfare in their day- to- day decisions.Actions such as this by companies seizing the opportunity to do well by doing good reflects .

Accepted Answer

Ben & Jerry's commitment to considering individual and community welfare in their decisions reflects the concept of social responsibility, which refers to a company's obligation to act in the best interest of society and take responsibility for the impact of its actions on stakeholders.

Question 5

Sally purchased Brand X lotion.In comparing her perception of how the lotion made her skin feel and look to her expectations for Brand X lotion,Sally was measuring her level of _ .

Accepted Answer

Sally's comparison of her perception of the lotion to her expectations pertains to her satisfaction with the product. Customer satisfaction refers to the level of pleasure or disappointment that customers feel with a product or service after they have made a purchase.

Question 6

Suzie Chan strengthens her company's connections by treating suppliers of raw materials,vendors,and distributors as partners in delivering customer value.What type of management is she practicing?

Accepted Answer

Suzie Chan is practicing supply chain management, which involves treating suppliers, vendors, and distributors as partners to enhance the delivery of customer value.

Question 7

You are an assistant marketing director for a firm in a market with many low- margin customers.What type of relationship would be most profitable for you to develop with these customers?

Accepted Answer

Basic relationships are most suitable for low-margin customers as they require minimal investment while still maintaining a connection with the customer.

Question 8

Refer to the scenario below to answer the following questions.
Carol Veldt,owner of Seagull Terrace,watched her investment grow from a small,seaside motel to a thriving year- round resort in just a few years.Atop a bluff overlooking the Maine coast,Seagull Terrace had attracted thousands of visits during the summer months,but then faced a tremendous downturn in business during the winter months."But,given the industry in the nearby towns,very little year- round competition,and our close proximity to Portland," Carol added,"I couldn't understand why seasonality had to hit Seagull Terrace so hard!"
So Carol spent her first winter devising a new marketing plan.She put together a promotional package designed to attract business travelers year- round.Carol's plan,then,involved a seasonal promotional gimmick-to be implemented from early winter to late spring-that would attract the same numbers as the large summer crowd.Her idea worked! During her second winter,Carol greeted numerous business travelers-both satisfied repeat guests as well as new guests who had been snagged by her promotional appeals.
"We still have a long way to go," Carol admitted."Our delicatessen offers delicious entrees,but we'd like to expand that.
We provide health club privileges off- site,but we'd like to eventually provide our own.These are goals I hope to achieve in a few years.Our first project,however,included a renovation of our guest rooms and I'm quite proud of the results." Carol then added,"Actually there are so many possibilities.With an indoor pool area,I will eventually offer weekend get- aways throughout winter."
-Renovations of the guest rooms at the Seagull Terrace and plans to add an indoor pool area are examples of the _ concept.

Accepted Answer

The renovation of guest rooms and plans to add an indoor pool area are examples of product development, which is a key element of the marketing mix. Therefore, the correct answer is B) product.

Question 9

The product concept says that a company should do which of the following?

Accepted Answer

The product concept emphasizes the importance of continuous product improvements and innovations to attract customers, assuming that consumers will favor products that offer the most quality, performance, and features.

Question 10

The concept is aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer the most in quality,performance,and innovative features.

Accepted Answer

The concept of continuous product improvement is directly related to the development and management of a product, making the correct answer D - product. The answer is not A - production, as production involves the manufacturing and distribution of a product, not necessarily its development. It is also not B - marketing, as marketing involves promoting and selling products, not necessarily product development. It is not C - promotion, as this refers specifically to advertising and publicizing a product, not its development. The answer is not E - customer, as while customer needs will certainly be taken into consideration during product development, the concept described in the prompt is more focused on the product itself rather than the customer.

Question 11

Kao Corp. ,which makes Ban deodorant,invited teenage girls to make an ad that would encourage other girls to buy the product.This program is an example of .

Accepted Answer

This program is an example of consumer-generated content, where Kao Corp. has invited teenage girls to create ads to promote their product, Ban deodorant. It is a way of engaging consumers in the marketing process and allowing them to create content that speaks to their peers.

Question 12

A potentially highly profitable,short- term customer is a .

Accepted Answer

A butterfly customer is one who makes a purchase or two and then flies away, never to return again. However, they have a high potential for profitability in the short-term due to their willingness to spend money quickly.

Question 13

Customer- perceived value is determined by a customer's of the benefits and costs of a market offering relative to those of competing offers.

Accepted Answer

Customer-perceived value is a subjective assessment that reflects a customer's personal evaluation of the benefits and costs of a market offering compared to those of competing products or services. It is based on individual preferences, needs, and experiences, and may vary depending on the customer's context and situation. Therefore, it is a personal assessment rather than an objective evaluation, emotional understanding, rational expectation, or accurate assessment.

Question 14

An organic farmer has identified three distinct groups who might be interested in his products: vegetarians,people who are concerned about chemicals in their foods,and people who consider themselves innovators and trendsetters.These three groups are examples of .

Accepted Answer

The three distinct groups identified by the organic farmer are market segments, which refers to groups of consumers who have similar needs or characteristics and can be targeted by a company's marketing efforts.

Question 15

Henry Ford's philosophy was to perfect the Model- T so that its cost could be reduced further for increased consumer affordability.This reflects the concept.

Accepted Answer

The answer of Henry Ford's philosophy was to perfect the...

Question 16

Which of the following best explains why consumers have greater power and control in today's marketplace?

Accepted Answer

Through new communication technologies, customers have greater access to information and more methods of sharing their opinions with other customers, giving them greater power and control in the marketplace.

Question 17

Jolene's firm markets preplanning services for a mortician.She finds that most of her target market wants to avoid discussing their future funeral needs,and she must somehow first get their attention.Jolene's firm most likely practices the .

Accepted Answer

The selling concept focuses on aggressive promotion and sales tactics to convince customers to buy a product or service. In this case, Jolene's firm is targeting a market that may not be initially receptive to discussing their funeral planning needs, and therefore may require a more aggressive approach to capture their attention and convince them to consider preplanning services.

Question 18

Cathy's Clothes is a small retail chain successfully selling women's clothing and accessories with a profitable focus on buyers who have relatively modest means.This is an example of _ .

Accepted Answer

The given scenario showcases target marketing as Cathy's Clothes is specifically targeting buyers who have relatively modest means.

Question 19

In today's world,marketing should be done by employees in an organization.

Accepted Answer

Marketing should not be limited to a specific department or group of employees in an organization. All employees can contribute to the marketing efforts of the organization by being brand ambassadors and promoting the company's products and services through their interactions with customers and their social media presence. This can help create a more cohesive and effective marketing strategy that reflects the company's culture and values.

Question 20

It is most accurate to say that customers buy from stores and firms that offer which of the following?

Accepted Answer

Customers are most likely to buy from stores and firms that offer the highest customer-perceived value, which is the difference between the benefits they receive and the costs they incur.

Quiz 1: Marketing: Creating and Capturing Customer Value