Question 1

When a company performs an audit of current managerial expertise, manufacturing and financing capabilities, and the organization's execution of the 4 Ps in the marketing mix, it is primarily interested in assessing its ________.

Accepted Answer

By auditing its managerial expertise, manufacturing and financing capabilities, and execution of the 4 Ps, the company is primarily assessing its internal strengths and weaknesses. This assessment will help the company identify areas where it is excelling and areas where it may need to improve in order to remain competitive in the market.

Question 2

Which of the following is NOT one of the aspects of the marketing mix influences in consumer purchases?

Accepted Answer

The four aspects of the marketing mix that influence consumer purchases are product, price, promotion, and distribution. Public perception, while important for a company's overall brand image, is not specifically part of the marketing mix.

Question 3

The value of a product equals the ratio of the product's benefits to its costs.

Accepted Answer

This is the definition of value in economics.

Question 4

In the 1950s, when production continued to expand more quickly than the growth in demand for goods and services, companies realized that they needed to produce products and then try to convince customers to buy them.

Accepted Answer

The answer of In the 1950s, when production continued to...

Question 5

Which of the following is NOT one of the most common consumer market segmentation classifications?

Accepted Answer

Home ownership is not typically considered one of the most common consumer market segmentation classifications. The other three options (behavioral, psychographic, and demographic) are all widely recognized and utilized segmentation factors.

Question 6

Once an organization has performed a complete situational analysis, including an evaluation of its internal strengths and weaknesses and the external opportunities and threats of the market environment, then it is ready to ________.

Accepted Answer

Once an organization has performed a complete situational analysis, including an evaluation of its internal strengths and weaknesses and the external opportunities and threats of the market environment, then it is ready to select its target market. The situational analysis provides the necessary information to help the organization identify the most promising target segments for its products or services, and to develop a marketing mix tailored to the needs and preferences of those segments. Market research, expanding sales over the internet, and performing an audit of the organization's execution of its marketing mix are all important activities, but they typically come after the target market has been identified.

Question 7

"Place marketing" refers to the significance of good placement of print, television, and Web site ads in order to generate the best response rate.

Accepted Answer

Place marketing refers to the marketing of a location or destination, not the placement of ads.

Question 8

Marketing departments can do little to promote the intangible benefits derived from the consumption of a product, such as the brand. Instead they are promoting the tangible goods, services, or ideas available for purchase in a market.

Accepted Answer

Marketing departments often focus on promoting both tangible and intangible benefits of a product, including brand reputation, customer experience, and emotional satisfaction, to differentiate their offerings and create a stronger connection with consumers.

Question 9

When we interview for a job, we are marketing ourselves.

Accepted Answer

When we interview for a job, we are presenting ourselves in a way that shows our skills and qualifications, highlighting our strengths and experiences to make ourselves appealing to potential employers. This is essentially a form of marketing, where we are promoting ourselves as a product or service that can meet the needs and requirements of the company we hope to work for.

Question 10

Which of the following is a typical characteristic of a business-to-business market?

Accepted Answer

Complex buying decisions are a typical characteristic of business-to-business markets as they often involve a group of decision-makers and a longer decision-making process compared to business-to-consumer markets. Geographically dispersed buyers and individual purchasing decisions can occur in both markets, while many customers purchasing in small quantities is typically more common in business-to-consumer markets.

Question 11

The marketing concept changed the focus from producing the right product for a customer to finding the right customer for a product using sophisticated marketing techniques.

Accepted Answer

The marketing concept actually shifted the focus from producing a product and then finding customers for it, to understanding customer needs first and then producing a product that satisfies those needs.

Question 12

CRM is part of why airlines offer frequent flyer programs to all customers and why credit card companies offer low-interest balance transfers only to certain targeted customers

Accepted Answer

CRM (Customer Relationship Management) involves analyzing and understanding customer behavior and preferences to provide tailored offers and experiences. Airlines use frequent flyer programs to reward loyal customers and incentivize repeat business, while credit card companies use targeted offers, such as low-interest balance transfers, to attract and retain specific customer segments. These tactics are an example of CRM strategies that aim to increase customer satisfaction and loyalty.

Question 13

Which of the following is NOT a strong ingredient for marketing success?

Accepted Answer

While employee satisfaction is important for overall business success, it is not a direct ingredient for marketing success. Identifying a need, aggressive advertising, and offering a "fair" price are all important factors in effectively marketing a product or service.

Question 14

Snow blowers are sold in areas where there is a longer cold season and the likelihood of snow. The consumer market for snow blowers is an example of ________.

Accepted Answer

Geographic segmentation is the process of dividing the market based on geographic location. The fact that snow blowers are sold only in areas with colder climates and snow indicates that the market is geographically segmented. This is the most appropriate answer. The other answer choices do not seem to fit the context provided.

Question 15

Which of the following is an example of a situational factor that could affect a consumer's buying decision?

Accepted Answer

The layout of a store is a situational factor that can influence a consumer's buying decision. How the products are arranged, the lighting, the music, and the overall atmosphere in the store can affect a consumer's experience and their likelihood of making a purchase. The other options (social class, motivations, and price) are individual factors that are more related to the consumer's personal characteristics or preferences.

Question 16

Galaxy Lighting is a new company creating chandeliers specifically to be used in hotel lobbies. Since its potential customers are very narrowly defined, it must undertake ________ to focus its marketing efforts.

Accepted Answer

Niche marketing involves targeting a very specific group of potential customers, which is exactly what Galaxy Lighting needs to do given its focus on chandeliers for hotel lobbies. Situational analysis, careful analysis of statistics, and a search for the appropriate distribution channel are all important aspects of marketing, but they are not as directly relevant to Galaxy Lighting's need to target a specific customer group.

Question 17

Maximizing convenience is one way to increase the value of a product.

Accepted Answer

By making a product more convenient to use or access, it becomes easier and faster for consumers to acquire and use the product, thereby increasing its overall value. This can be achieved through various means such as improving packaging or offering delivery and online shopping options.

Question 18

Marketing departments are responsible for distributing products to customers at a place and time most suitable to the customer.

Accepted Answer

Marketing departments are responsible for the distribution of products to customers, including determining the most suitable place and time for customers to purchase or receive the product.

Question 19

Which of the following is NOT a criticism of marketing?

Accepted Answer

Catering to an exclusively up-scale clientele is not a criticism of marketing as it is a valid marketing strategy for luxury or high-end brands. Criticisms of marketing include price gouging, confusing advertisements, and promotion of unsafe products.

Question 20

Successful marketing identifies many ways to increase value to customers, including increasing the perceived benefits of a product whether or not those benefits will actually be experienced by the customer after purchasing the product.

Accepted Answer

Successful marketing often involves creating a perception of value by highlighting the benefits of a product, even if not all customers will experience those benefits firsthand. This is a common strategy used in advertising and branding.

Quiz 12: Marketing and Consumer Behavior