Question 1

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

Accepted Answer

The marketing era is when companies began to focus on meeting customer needs and wants, marking the discovery and development of marketing strategies.

Question 2

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

Value-based marketing is focused on understanding the needs and wants of customers and creating value for them through personalized offerings, experiences, and communication. Serena's approach of studying customer profiles, market research data, and complaints demonstrates her effort to understand and cater to customer needs, which aligns with the principles of value-based marketing. The other eras of marketing- production era, sales era, and retailing era- are more focused on producing and selling products rather than creating value for customers.

Question 3

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

Accepted Answer

Marketing firms need to provide benefits to their customers while keeping costs down in order to deliver value. This balancing act requires finding the most desirable balance between these two factors. Explicit versus implicit value, the desire to satisfy customers while keeping them from running the company, and the need for product improvement and advertising are all important considerations, but they are secondary to the primary goal of providing benefits to customers and keeping costs down. The need for value and the perception of value are also important, but they are only a part of the larger equation of delivering value.

Question 4

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

As a new restaurant manager, Yolanda's primary goal would be to improve the quality of products and services offered to customers while maintaining the same cost. This is because customers always look for value for money and cannot be wooed by compromised quality or higher prices. Improving quality at the same cost is a win-win deal for both the customers and the restaurant.

Question 5

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

Accepted Answer

The sales era focused on selling the inventories that were produced, without much emphasis on specific customer needs or desires. This approach assumes that customers will buy what is available, rather than seeking out products that meet their specific needs.

Question 6

During the marketing era:

Accepted Answer

The answer of During the marketing era:
...

Question 7

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

Accepted Answer

The statement specifically mentions "value" which is a core concept of value-based marketing. The other options (production, sales, and marketing) do not explicitly address the need for providing greater value to customers.

Question 8

The evolution of marketing progressed along the following continuum:

Accepted Answer

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

Question 9

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

Accepted Answer

The production era of marketing was the time period when companies believed that if they could produce a good product efficiently, it would automatically sell itself due to its quality and affordability. This era happened from the mid-1800s to the early 1900s.

Question 10

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 the production era of marketing, where companies were mainly focused on producing large quantities of a standardized product at low cost and did not account for customer preferences or feedback.

Question 11

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

The production era of marketing was focused on producing as much as possible and improving the quality of the products. This era neglected the importance of marketing, customer satisfaction, and other aspects of business such as billing and promotion. Therefore, Melanie's boss, who is improving their products but neglecting other important aspects of the business, is likely stuck in the production era of marketing.

Question 12

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

The question is referring to the era of marketing, which began to focus more on the needs and wants of customers, rather than just trying to sell what manufacturers had produced or trying to push products through sales. This shift in focus towards customer needs and wants is the main characteristic of the marketing era. Therefore, Choice C which is marketing is the best choice.

Question 13

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 _________ marketing era.

Accepted Answer

Trey considers the customers' perception of value and decides his product offerings and pricing accordingly. This suggests that he operates in the value-based marketing era, where the focus is on creating value for customers and building long-term relationships.

Question 14

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

The fact that the dealership increased advertising spending and incentives to salespeople implies that they were focused on selling their inventory, rather than producing or marketing their products. Therefore, Move-Them-Out operates in the sales era.

Question 15

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

Accepted Answer

The "Got Milk" campaign was designed to increase consumption of milk overall, which benefits the milk industry as a whole, rather than a specific individual, firm, or organization.

Question 16

Which of the following is NOT true about marketing ideas?

Accepted Answer

The marketing of ideas does involve a true exchange of value because ideas can be valuable to the person or organization receiving them.

Question 17

Valerie's firm researched what its employees wanted from their jobs.It then communicated a brand image for the firm and worked to ensure that the employees' experiences matched what was advertised.The firm is using:

Accepted Answer

The answer of Valerie's firm researched what its employees wanted...

Question 18

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 states that firms are using employment marketing to attract candidates, and lists approaches used by these firms, including using marketing research, advertising agencies, developing an employee-oriented brand image, and working to ensure employment experiences match candidates' expectations. However, the passage specifically states that "firms were NOT using" the approach of assuming that the right candidates will learn about the firm and apply without encouragement, making D the correct answer.

Question 19

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

Accepted Answer

The scenario described in the question is characteristic of the sales era, which lasted from the 1920s to the 1960s. During this period, many businesses had more capacity than demand for their products and services, resulting in increased competition. To generate sales, firms heavily relied on personal selling and advertising.

Question 20

Value is:

Accepted Answer

Value is what you get for what you give, meaning it is a combination of quality and price. It does not necessarily mean the lowest cost option or the highest priced alternative, but rather the balance between the two that provides the most benefit to the customer. Brand names and everyday low prices are not necessarily indicative of value either.

Quiz 1: Overview of Marketing