Question 1

Which of the following refers to marketing strategies that support environmental stewardship by establishing an environmentally founded differential benefit in the minds of consumers?
A) collaborative consumption
B) green marketing
C) triple-bottom-line orientation
D) societal marketing
E) corporate citizenship

Accepted Answer

Green marketing refers to marketing strategies that support environmental stewardship by establishing an environmentally founded differential benefit in the minds of consumers. Collaborative consumption refers to the sharing of products or services among consumers. Triple-bottom-line orientation refers to considering the social, environmental, and financial impacts of business decisions. Societal marketing refers to marketing that seeks to balance consumer needs and wants with long-term societal well-being. Corporate citizenship refers to a company's responsibility to operate in an ethical and socially responsible manner.

Question 2

A ________ is a marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased.
A) product position
B) market segment
C) mass market
D) value proposition
E) target market

Accepted Answer

A value proposition is a promise of the benefits that a customer will receive from a product or service, and it must be specific, measurable, and clear. It represents the marketplace offering that accurately summarizes the value that will be gained from the product or service.

Question 3

Interacting with consumers via portable technology such as smart phones, tablets, and wearable screens is referred to as ________.
A) mobile marketing
B) social marketing
C) societal marketing
D) user-generated marketing
E) branded marketing

Accepted Answer

The answer of Interacting with consumers via portable technology such...

Question 4

The acronym ROI stands for rely on instinct.

Accepted Answer

The acronym ROI stands for Return on Investment, not rely on instinct.

Question 5

A flour producer that identifies its mission as "the milling of fine flour in the most efficient manner possible" most likely has a ________ orientation.
A) customer
B) marketing
C) selling
D) production
E) new era

Accepted Answer

The statement clearly highlights that the company's mission is solely focused on the production process of milling fine flour in the most efficient manner possible, indicating a production orientation.

Question 6

Explain why and how a company would adopt a consumer orientation.

Accepted Answer

The answer of Explain why and how a company would...

Question 7

Explain the concept of corporate citizenship and why it is important for companies today.

Accepted Answer

The answer of Explain the concept of corporate citizenship and...

Question 8

The ratio of benefits to costs is one way to think of ________.
A) sustainability
B) profits
C) value
D) competitive advantage
E) distinctive competency

Accepted Answer

The ratio of benefits to costs refers to the value created by a product or service, which is an important consideration for businesses looking to succeed in the market. By providing greater benefits to customers than the cost they incur, a product or service can establish a competitive advantage and create long-term sustainability. Profit is a measure of financial gain, while distinctive competency refers to a unique advantage that sets a business apart from its competitors.

Question 9

The consumer orientation maintains that marketers must satisfy customers' needs in ways that also benefit society.

Accepted Answer

The answer of The consumer orientation maintains that marketers must...

Question 10

IBM manager Celia Moore coordinates IBM's long-standing "Reinventing Education" program that involves intensive research into how educational institutions can use the fruits of new technologies to transform what they do. In the process, the program is actually helping to shape a market of significant interest to IBM. "We see the program very much as an investment, rather than handing out money," says Moore. The existence of this program indicates that IBM has a(n) ________ orientation.
A) environmental
B) financial bottom line
C) selling
D) production
E) triple-bottom-line

Accepted Answer

The program's focus on transforming education through technology, while also shaping a market of interest to IBM, reflects a triple-bottom-line orientation. This approach considers social (educational transformation), environmental (through the use of new technologies), and financial (shaping a market for IBM) impacts, rather than focusing solely on financial gains.

Question 11

A firm's capability that is superior to that of its competition is referred to as a(n) ________.
A) distinctive competency
B) added value
C) value proposition
D) value chain
E) social benefit

Accepted Answer

A firm's distinctive competency is a capability that sets it apart from its competitors and gives it a competitive advantage. This may be a unique skill, technology, or process that allows the firm to create superior value for its customers. Added value, value proposition, value chain, and social benefit are all related concepts, but do not specifically refer to a firm's superior capability.

Question 12

Jolene's firm markets preplanning services for a mortician. She finds that most of her target market wants to avoid discussing future funeral needs, so she must somehow first get their attention. Jolene's firm most likely uses the ________.
A) production orientation
B) sustainability concept
C) selling orientation
D) consumer orientation
E) societal marketing concept

Accepted Answer

Jolene's firm markets preplanning services, which suggests that there is a need for selling orientation to persuade customers to consider their preplanning services. A selling orientation focuses on aggressive sales techniques and persuasion to convince customers to purchase products, which is appropriate for Jolene's situation where customers are hesitant to discuss future funeral needs.

Question 13

Which of the following is LEAST likely to be of growing importance in marketing in the near future?
A) mobile marketing
B) corporate citizenship
C) big data
D) a selling orientation
E) user-generated content

Accepted Answer

A selling orientation is becoming less effective in modern marketing, which focuses more on building relationships and providing value to customers. Therefore, it is least likely to be of growing importance in the near future.

Question 14

Explain why it is often difficult to measure the value of marketing activities.

Accepted Answer

The answer of Explain why it is often difficult to...

Question 15

The second step in developing a competitive advantage is to turn a distinctive competency into a ________ that is important to customers.
A) target market
B) service
C) marketing mix
D) market position
E) differential benefit

Accepted Answer

A distinctive competency is a unique capability or resource that a company possesses that sets it apart from competitors. However, in order to be successful, this competency must be translated into a differential benefit that is important to customers. This means that the company must communicate and market this competency in a way that demonstrates its value to consumers, and ultimately persuades them to choose its product or service over those of competitors.

Question 16

Green marketing and sustainability are interchangeable terms describing the same concept.

Accepted Answer

Green marketing specifically refers to the promotion of products or services based on their environmental benefits, while sustainability is a broader concept that includes economic, social, and environmental development goals to meet present needs without compromising the ability of future generations to meet their own needs.

Question 17

Today, it's most likely that companies selling unsought goods will use a selling orientation.

Accepted Answer

Companies selling unsought goods will focus on selling the product aggressively using a selling orientation, as the product may not have an established demand or customers may not be actively seeking it out.

Question 18

The direct financial impact of a firm's expenditure on marketing activities is called the ________.
A) value chain
B) value proposition
C) differential benefit
D) return on marketing investment (ROMI)
E) utility function

Accepted Answer

The direct financial impact of a firm's expenditure on marketing activities is measured by return on marketing investment (ROMI). A, B, C, and E are not the correct terms for this definition.

Question 19

Who are growth hackers, and why might their work be controversial?

Accepted Answer

The answer of Who are growth hackers, and why might...

Question 20

When companies calculate the lifetime value of a customer they look at ________.
A) how much profit they expect to make from a particular customer, including each and every purchase she will make from them now and in the future
B) the positive word of mouth about the product that the customer can spread among her family, friends, and acquaintances
C) the lifetime expectancy of the product the customer purchased
D) the age of the customer to see whether she is likely to live long enough to utilize the product being sold
E) the career path of the customer to see if she may move to a different geographic area and no longer purchase from the company

Accepted Answer

Companies calculate the lifetime value of a customer by estimating the profits they will make from the customer over the course of their business relationship, including all future purchases. This calculation takes into consideration factors such as the customer's purchasing behavior, the frequency of purchases, and the average order value.

Quiz 1: Welcome to the World of Marketing: Create and Deliver Value

Which of the following refers to marketing strategies that support environmental stewardship by establishing an environmentally founded differential benefit in the minds of consumers?

A ________ is a marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased.

Interacting with consumers via portable technology such as smart phones, tablets, and wearable screens is referred to as ________.

The acronym ROI stands for rely on instinct.

A flour producer that identifies its mission as "the milling of fine flour in the most efficient manner possible" most likely has a ________ orientation.

Explain why and how a company would adopt a consumer orientation.

Explain the concept of corporate citizenship and why it is important for companies today.

The ratio of benefits to costs is one way to think of ________.

The consumer orientation maintains that marketers must satisfy customers' needs in ways that also benefit society.

A firm's capability that is superior to that of its competition is referred to as a(n) ________.

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

Which of the following is LEAST likely to be of growing importance in marketing in the near future?

Explain why it is often difficult to measure the value of marketing activities.

The second step in developing a competitive advantage is to turn a distinctive competency into a ________ that is important to customers.

Green marketing and sustainability are interchangeable terms describing the same concept.

Today, it's most likely that companies selling unsought goods will use a selling orientation.

The direct financial impact of a firm's expenditure on marketing activities is called the ________.

Who are growth hackers, and why might their work be controversial?

When companies calculate the lifetime value of a customer they look at ________.