Question 1

Joseph is about to graduate near the top of his class and has been looking at some forward-thinking firms.He had expected the job market to be tight,but found that some firms were using employment marketing to attract the candidates they want and need.He noticed these firms used all of the following approaches EXCEPT:

Accepted Answer

The passage mentions that firms are using employment marketing to attract the candidates they want and need. These firms are using marketing research to understand what future employees want from a position, using advertising agencies to focus creatively on the targeted job seekers, developing an employee-oriented brand image, and working to ensure the employment experiences match the candidates' expectations. However, there is no mention of firms assuming that the right candidates will learn about the firm and apply for jobs without any encouragement.

Question 2

Melanie works for a small computer software company.Her boss is constantly improving their products but neglecting customers,billing,and promoting the company.Her boss is probably stuck in the __________ era of marketing.

Accepted Answer

A production-oriented era of marketing prioritizes the development and improvement of products. This means that the emphasis is on creating the best possible product, rather than focusing on customer needs, promotion, or sales. The fact that Melanie's boss is neglecting customers, billing, and promotion suggest a lack of focus on the market and customers, which is indicative of a production-oriented approach to marketing.

Question 3

Value-based marketing depends on:

Accepted Answer

Value-based marketing involves understanding the customer's perspective, including their perceived benefits and willingness to pay for those benefits, as well as balancing those benefits with reasonable costs. It also involves considering the trade-offs customers are willing to make in terms of sacrificing some benefits for lower prices. Finally, quality must be examined through the lens of the customer to ensure that their expectations are being met. Therefore, all of the given choices are important aspects of value-based marketing.

Question 4

The evolution of marketing progressed along the following continuum:

Accepted Answer

The answer of The evolution of marketing progressed along the...

Question 5

Many U.S.companies first discovered marketing during the __________ era.

Accepted Answer

Many U.S. companies first discovered marketing during the market-oriented era, which emerged after the end of World War II. This period was characterized by a focus on understanding and meeting the needs and wants of consumers, rather than merely focusing on production or sales.

Question 6

Henry Ford's statement,"Customers can have any color they want so long as it's black," typified the __________ era of marketing.

Accepted Answer

Henry Ford's statement reflects a production-oriented era of marketing, where companies focused on efficient production and mass production of a standardized product, rather than on understanding and meeting the specific needs and wants of customers.

Question 7

The prevailing marketing strategy of the __________ era was to find customers for inventories that went unsold.

Accepted Answer

During the sales-oriented era, the focus was on selling products that were already made, rather than making products based on what the market wanted. This approach often involved finding customers for inventories that went unsold, emphasizing aggressive sales techniques.

Question 8

During the __________ era manufacturers and retailers began to focus on what consumers wanted and needed before they designed,made,or attempted to sell their products.

Accepted Answer

In a market-oriented era, businesses shift their focus to understanding the needs and wants of their target market before creating or selling products. This customer-centric approach involves researching, analyzing and responding to customers' preferences to increase sales and build a sustainable business.

Question 9

Yolanda is the new restaurant manager in a major hotel.When considering changes in the restaurant to improve benefits to customers,Yolanda will likely attempt to either provide the same quality at a lower cost or:

Accepted Answer

Yolanda may attempt to improve products and services at the same cost to provide added value to customers without increasing prices or reducing quality. This can increase customer satisfaction and loyalty, leading to higher revenues in the long term. Lowering costs without sacrificing quality may also be an option, but reducing customer expectations or offsetting higher hotel rates with lower restaurant prices may not be sustainable strategies for long-term success.

Question 10

The "Got Milk" advertising campaign,designed to increase consumption of milk,was intended to help market a(n):

Accepted Answer

The "Got Milk" advertising campaign was aimed at increasing the consumption of milk, which benefits the dairy industry as a whole rather than a specific individual, firm, or organization. Therefore, the best choice is C (industry).

Question 11

Trey sells consumer electronics.He knows his customers weigh the costs versus the benefits associated with the different options available.He decides which products to offer and what prices to charge based on the way his customers think.Trey operates in the __________ era.

Accepted Answer

The answer of Trey sells consumer electronics.He knows his customers...

Question 12

Value is:

Accepted Answer

Value refers to what you get for what you give, which is the essence of exchanging goods or services. It is not necessarily about the lowest cost or the highest price. While brand names may represent value for some consumers, they do not define value in general. Everyday low prices may be a factor in providing value, but they are not the only one.

Question 13

During the __________ era manufacturers and retailers recognized they needed to give their customers greater value than their competitors did.

Accepted Answer

During the value-based marketing era, manufacturers and retailers recognized the importance of offering their customers greater value than their competitors, focusing on customer satisfaction and building relationships based on value.

Question 14

In delivering value,marketing firms attempt to find the most desirable balance between:

Accepted Answer

Marketing firms strive to provide benefits to customers while keeping costs down. This balance helps to create a desirable value proposition that is attractive to customers while also ensuring profitability for the business. By offering high-quality products and services at a reasonable price, companies can build customer loyalty and increase their market share. This approach is essential for long-term success as well as short-term profitability.

Question 15

The idea that a good product will sell itself is associated with the __________ era of marketing.

Accepted Answer

The idea that a good product will sell itself is associated with the production-oriented era of marketing. This era focused on mass-producing goods at a low cost and making them widely available, assuming that consumers would buy them simply because they were affordable and accessible.

Question 16

During the market-oriented era:

Accepted Answer

The answer of During the market-oriented era:
...

Question 17

During the __________ era,firms had excess capacity and used personal selling and advertising to generate customers.

Accepted Answer

During the sales-oriented era, firms had excess capacity and used personal selling and advertising to generate customers.

Question 18

Some consumers will try to get a lot of merchandise for a small amount of money.In marketing,this is known as:

Accepted Answer

The described behavior of consumers is known as seeking value in marketing. These consumers are looking for the best deal or bang for their buck, trying to get as much merchandise as possible for a small amount of money. This behavior is relevant to marketing strategies, as businesses can highlight the value of their products or offer discounts to appeal to this type of consumer.

Question 19

Serena studies her customer profiles,market research data,complaints,and other information attempting to better understand what her customers want.Serena operates in the __________ era of marketing.

Accepted Answer

The answer of Serena studies her customer profiles,market research data,complaints,and...

Question 20

Near the end of the model year,Move-Them-Out automobile dealership had an unusually high inventory level.The manager increased her advertising spending and gave extra incentives to its salespeople.Move-Them-Out operates as if it were in the __________ era.

Accepted Answer

Move-Them-Out dealership increased advertising spending and gave extra incentives to salespeople in order to get rid of excess inventory, indicating a focus on selling rather than on understanding and fulfilling customer needs (market orientation) or providing superior value (value-based marketing).

Quiz 1: Overview of Marketing