Question 1

Approximately 20 percent of civilian employees in this country perform marketing activities.

Accepted Answer

The statement is not supported by any evidence and is therefore false.

Question 2

Implementation of marketing plans requires motivating marketing personnel, coordinating their activities, and integrating their activities both with those in other areas of the company and with the marketing efforts of personnel in external organizations.

Accepted Answer

Implementation of marketing plans does require motivating marketing personnel, coordinating their activities, and integrating their activities both with those in other areas of the company and with the marketing efforts of personnel in external organizations.

Question 3

For a business organization to remain healthy and to survive, it must sell products and make profits.

Accepted Answer

Selling products and making profits are essential for a business to stay operational and sustainable in the long term. Without revenues, a company cannot cover its operational expenses or invest in growth opportunities. Therefore, generating sales and profits is a key objective for any business organization.

Question 4

Customer relationship management is the use of information about customers to create marketing strategies that develop and sustain desirable customer relationships.

Accepted Answer

Customer relationship management (CRM) involves using data and information about customers to improve customer satisfaction and loyalty, and develop targeted marketing campaigns that meet customer needs and preferences. By building long-lasting relationships with customers, businesses can increase their sales revenue and profitability over time.

Question 5

Knowing about marketing can help you evaluate the types of corrective measures needed to stop questionable marketing practices.

Accepted Answer

Understanding marketing can provide valuable insight into identifying and addressing unethical or deceptive marketing practices.

Question 6

Customer benefits include time and effort.

Accepted Answer

The answer of Customer benefits include time and effort....

Question 7

In marketing management, planning is a systematic process of assessing opportunities and resources, determining marketing objectives, and developing a marketing strategy and plans for implementation and control.

Accepted Answer

Planning in marketing management involves a systematic process of assessing opportunities and resources, setting marketing objectives, and developing strategies and plans for implementation and control.

Question 8

Value = customer costs - customer benefits.

Accepted Answer

The formula for value is actually customer benefits - customer costs.

Question 9

Marketing management is the process of planning, organizing, implementing, and controlling marketing activities to facilitate and expedite exchanges effectively and efficiently.

Accepted Answer

Marketing management involves all the processes mentioned in the statement to achieve the goals of a marketing plan.

Question 10

Basic and extended warranties can reduce risk, a major customer cost.

Accepted Answer

Basic and extended warranties offer protection and coverage for potential damages or defects, which can reduce the risk of financial loss for customers. By reducing the risk, customers are more willing to make purchases, which makes these warranty options a valuable tool for businesses to increase sales and customer satisfaction.

Question 11

Marketing costs consume about one-quarter of a buyer's dollar.

Accepted Answer

The answer of Marketing costs consume about one-quarter of a...

Question 12

Organizing marketing activities hinges on coordination of marketing activities, motivation of marketing personnel, and effective communication within the unit.

Accepted Answer

The answer of Organizing marketing activities hinges on coordination of...

Question 13

Relationship marketing is short-term, mutually beneficial arrangements in which the buyer and seller focus on the creation of satisfying exchanges.

Accepted Answer

Relationship marketing is actually focused on long-term mutually beneficial arrangements, rather than short-term.

Question 14

Marketing costs consume about one-half of a buyer's dollar.

Accepted Answer

Marketing costs, including advertising, promotion, and packaging, can account for up to 50% of the price paid by the buyer for a product or service.

Question 15

In general, when marketers focus on customers chosen for their lifetime value, they earn lower profits in future periods than when they focus on customers selected for other reasons.

Accepted Answer

Focusing on customers based on their lifetime value (CLV) often leads to higher profits in future periods because it prioritizes long-term relationships and customer loyalty, which are key drivers of sustained profitability.

Question 16

The process people use to determine the value of a product is not highly scientific.

Accepted Answer

The process of determining the value of a product is often influenced by emotional and subjective factors, making it less scientific and more susceptible to individual biases and opinions.

Quiz 1: Customer-Driven Strategic Marketing