Question 1

Some Florida drivers have license plates that say "Save the Manatee." This is an example of _____ marketing.

Accepted Answer

The license plates promoting the conservation of manatees are an example of cause marketing. Cause marketing is when a company or organization aligns itself with a social or environmental cause to promote both the cause and their own products or services. In this case, the cause is the conservation of the manatee species in Florida waters.

Question 2

When a company conducts a marketing research project,it is engaging in which one of the Eight Universal Marketing Functions?​

Accepted Answer

The answer of When a company conducts a marketing research...

Question 3

Which of the following statements concerning the global marketplace is true?

Accepted Answer

Trade agreements, such as NAFTA and the European Union, have facilitated the growth of the global marketplace by reducing barriers to trade and encouraging international investment. The internet technology has also contributed to the growth of the global marketplace by enabling companies from anywhere in the world to compete and reach customers in new markets. However, it has not led to the diminishing of the global marketplace. Option C is not entirely accurate and Option D is not a significant reason for the growth of the global marketplace.

Question 4

A company with a _____ orientation assumes that customers will resist purchasing nonessential goods and services and that the task of personal selling and advertising is to persuade them to buy.

Accepted Answer

A company with a sales orientation believes that customers need to be persuaded to buy their products through personal selling and advertising. This approach focuses on short-term sales goals rather than building long-term relationships with customers.

Question 5

Which of the following is a characteristic which distinguishes profit-oriented firms from non-profit organizations?

Accepted Answer

Profit-oriented firms focus on maximizing profits for their shareholders, while non-profit organizations have a mission to serve a particular cause or group, often without the goal of making a profit. Therefore, profit-oriented firms have a more narrow focus on their customers, while non-profit organizations typically have multiple stakeholders to consider. Option B is incorrect, as non-profit organizations are not primarily focused on generating profits for stakeholders. Option C is also incorrect, as non-profit organizations can market both goods and services. Option D may be true in some cases, but it is not a defining characteristic that distinguishes profit-oriented firms from non-profit organizations.

Question 6

Your technology company has decided to form a strategic alliance with a major technology company based in South Korea.Which of the following statements is TRUE about the characteristics,benefits and business aspects of a strategic alliance?

Accepted Answer

A strategic alliance is a partnership between two companies that involves each company contributing resources and expertise to achieve a common goal or mutual benefit. One of the benefits of such an alliance is that it can help each company to develop an advantage over its competition. However, forming a strategic alliance does not necessarily involve giving up autonomy or changing organizational structures, and it may not guarantee expansion into new markets. While the pooling of resources to form a separate business entity is one possible form of strategic alliance, it is not the only option.

Question 7

When marketers apply quantity control standards,they are:

Accepted Answer

The application of quantity control standards means that specific guidelines or limits are set for the quantity of a product that can be produced or sold, which helps reduce the need for purchasers to inspect each item they buy. This ensures that the products meet a certain level of quality and consistency, which ultimately saves time and effort for consumers. It does not involve the process of exchange, credit, or distribution channels directly.

Question 8

Financing is one of the _____ functions of marketing.

Accepted Answer

Financing is considered a facilitating function of marketing, which refers to the activities that support the effective and efficient execution of the other marketing functions such as buying, selling, and transporting products. Financing involves providing credit, loans, and other financial services to make it possible for customers to buy the products and for businesses to produce and sell them. This function helps to facilitate the exchange of goods and services between buyers and sellers by overcoming financial barriers and constraints.

Question 9

The utility of a product or service is its:

Accepted Answer

The utility of a product or service is its ability to satisfy a customer's wants or needs. Therefore, option A) want-satisfying power is the best choice. The other options, such as re-usability, function as a commodity, and design quality, are important aspects of a product, but they do not necessarily define the utility of the product or service.

Question 10

Which of the following factors contributed to the transition from the production era to the sales era?

Accepted Answer

The answer of Which of the following factors contributed to...

Question 11

A market in which there are more buyers for fewer goods and services is known as a:

Accepted Answer

In a seller's market, the demand for goods and services exceeds the supply, giving sellers an advantage over buyers in price negotiations. This scenario is characterized by more buyers competing for fewer available goods or services.

Question 12

Relationship marketing relies heavily on:

Accepted Answer

Relationship marketing focuses on building strong, long-term relationships with customers. Technology plays a critical role in relationship marketing by providing tools to store and analyze customer data, segment customers, and customize products/services to meet individual customer needs and preferences. This personalized approach helps to strengthen the customer relationship and increase customer loyalty. Mass marketing and global promotions (A) are not effective in relationship marketing, which focuses on building individual relationships. Strategic alliances and creating competitive advantage (C) are important business strategies but do not necessarily relate to relationship marketing. Aligning business goals with a social cause (D) is a separate concept that may be important for brand positioning and corporate social responsibility but is not a defining characteristic of relationship marketing.

Question 13

Relationship marketing focuses more attention on _____ customers because new customers are _____ to acquire compared to existing customers.

Accepted Answer

Relationship marketing emphasizes retaining and satisfying existing customers because acquiring new customers is generally more costly.

Question 14

In the relationship era,firms focus on:

Accepted Answer

In the relationship era, firms focus on building long-term relationships with both customers and suppliers. This is achieved through factors such as personalized communication, after-sales service, loyalty programs, and collaborative problem-solving. This approach leads to greater customer satisfaction, retention, and loyalty, as well as improved supplier reliability and quality. Therefore, the best choice is B, as it reflects the focus on long-term relationships with both customers and suppliers.

Question 15

The application of relationship marketing requires attention to levels of customer loyalty.Which of the following is the highest level as defined by this type of marketing?

Accepted Answer

The highest level of customer loyalty according to relationship marketing is the advocate who not only buys the products but also recommends them to others. This level of loyalty demonstrates a strong attachment to the brand and a willingness to actively promote it to others, which can lead to increased sales and brand awareness.

Question 16

Which of the following statements regarding the marketing era is true?

Accepted Answer

The marketing era brought a new understanding that marketing was not just selling, but a holistic approach to creating value for customers through product development, promotion, and pricing.

Answer: C
 The marketing era emerged as businesses began to shift from a seller's market (where demand exceeded supply) to a buyer's market (where supply exceeded demand). The marketing concept emphasized a customer-centric approach to business, and businesses that embraced this approach were more successful in the new market environment.

Answers B and D are incorrect as they do not accurately describe the marketing era.

Question 17

​You just graduated from college with a degree in business.You are excited about beginning your professional career.To begin your job search,you are doing some soul searching to decide what type of company you want to work for.You have come up with the following list of characteristics that your ideal company would have: 1.Your ideal company does not seek to maximize shareholder value.
2)Your ideal company will be a service organization with a public mission.
3)Your ideal company will consider marketing an essential function.
4)Your ideal company will reinvest all its revenues into achieving the organization's objectives.
Based on these characteristics,you should most appropriately pursue professional opportunities in a _____________ company.​

Accepted Answer

The characteristics listed align with those of a non-profit organization. Non-profit organizations typically have a public mission and reinvest their revenue into achieving their objectives rather than maximizing shareholder value. Marketing is also an essential function for non-profits to promote their cause and attract donors. Therefore, pursuing professional opportunities in a non-profit organization would align with the characteristics listed.

Question 18

​After receiving a marketing degree with honors,you surprised your friends by going to work for an animal rescue organization.They thought the job would be so easy that you wouldn't be able to put your skills and knowledge to good use.You decide to set them straight,explaining that the unique challenges of marketing the group are exactly what attracted you to the field.What do you say?

Accepted Answer

Nonprofit organizations have to market themselves to multiple audiences, including potential donors, volunteers, and the community they serve. This can make marketing more complicated as the message needs to be tailored to each audience. Additionally, nonprofits often have limited resources, which also adds to the challenges of marketing. Therefore, option C is the most appropriate answer.

Question 19

Which of the following holds true when not-for-profit organizations are compared with for-profit organizations?​

Accepted Answer

Not-for-profit organizations often have some degree of monopoly power in a given geographical area due to the unique services they provide, which may not be offered by other entities.

Question 20

Which of the following is a combination of person,cause,and organization marketing?

Accepted Answer

Angelina Jolie's role as a UN Goodwill Ambassador for refugees combines person marketing (Angelina Jolie), cause marketing (support for refugees), and organization marketing (the United Nations).

Quiz 1: Marketing: the Art and Science of Satisfying Customers

Some Florida drivers have license plates that say "Save the Manatee." This is an example of _____ marketing.

When a company conducts a marketing research project,it is engaging in which one of the Eight Universal Marketing Functions?

Which of the following statements concerning the global marketplace is true?

A company with a _____ orientation assumes that customers will resist purchasing nonessential goods and services and that the task of personal selling and advertising is to persuade them to buy.

Which of the following is a characteristic which distinguishes profit-oriented firms from non-profit organizations?

Your technology company has decided to form a strategic alliance with a major technology company based in South Korea.Which of the following statements is TRUE about the characteristics,benefits and business aspects of a strategic alliance?

When marketers apply quantity control standards,they are:

Financing is one of the _____ functions of marketing.

The utility of a product or service is its:

Which of the following factors contributed to the transition from the production era to the sales era?

A market in which there are more buyers for fewer goods and services is known as a:

Relationship marketing relies heavily on:

Relationship marketing focuses more attention on _ customers because new customers are _ to acquire compared to existing customers.

In the relationship era,firms focus on:

The application of relationship marketing requires attention to levels of customer loyalty.Which of the following is the highest level as defined by this type of marketing?

Which of the following statements regarding the marketing era is true?

Which of the following holds true when not-for-profit organizations are compared with for-profit organizations?

Which of the following is a combination of person,cause,and organization marketing?

Quiz 1: Marketing: the Art and Science of Satisfying Customers

Some Florida drivers have license plates that say "Save the Manatee." This is an example of _____ marketing.

When a company conducts a marketing research project,it is engaging in which one of the Eight Universal Marketing Functions?​

Which of the following statements concerning the global marketplace is true?

A company with a _____ orientation assumes that customers will resist purchasing nonessential goods and services and that the task of personal selling and advertising is to persuade them to buy.

Which of the following is a characteristic which distinguishes profit-oriented firms from non-profit organizations?

Your technology company has decided to form a strategic alliance with a major technology company based in South Korea.Which of the following statements is TRUE about the characteristics,benefits and business aspects of a strategic alliance?

When marketers apply quantity control standards,they are:

Financing is one of the _____ functions of marketing.

The utility of a product or service is its:

Which of the following factors contributed to the transition from the production era to the sales era?

A market in which there are more buyers for fewer goods and services is known as a:

Relationship marketing relies heavily on:

Relationship marketing focuses more attention on _____ customers because new customers are _____ to acquire compared to existing customers.

In the relationship era,firms focus on:

The application of relationship marketing requires attention to levels of customer loyalty.Which of the following is the highest level as defined by this type of marketing?

Which of the following statements regarding the marketing era is true?

Which of the following holds true when not-for-profit organizations are compared with for-profit organizations?​

Which of the following is a combination of person,cause,and organization marketing?

When a company conducts a marketing research project,it is engaging in which one of the Eight Universal Marketing Functions?

Relationship marketing focuses more attention on _ customers because new customers are _ to acquire compared to existing customers.

Which of the following holds true when not-for-profit organizations are compared with for-profit organizations?