Deck 1: Overview of Marketing

Question 1

The particular way in which a person chooses to satisfy the requirement for any of the basic necessities of life is a(n):

A)demand.
B)want.
C)exchange.
D)necessity.
E)need.

Answer 1

B

Question 2

An artist in an opera performs for the benefit of the audience.The live performance of the artist would be termed a(n):

A)idea.
B)good.
C)service.
D)commodity.
E)price.

Answer 2

C

Question 3

Which of the following holds true for the term "goods"?

A)They refer to tangible customer benefits that are produced by people or machines and can be separated from the producer.
B)They refer to intangible customer benefits that are produced by people or machines and cannot be separated from the producer.
C)They refer to the sacrifices a consumer is willing to make in terms of money, time, and energy in order to acquire a specific product or service.
D)They refer to thoughts, opinions, philosophies, and intellectual concepts that can be marketed.
E)They refer to the price that needs to be paid in exchange for a service offered by a company.

Answer 3

A

Question 4

The controllable set of activities that a firm uses to respond to the wants of its target markets is referred to as:

A)a supply chain.
B)the marketing mix.
C)value cocreation.
D)the marketing plan.
E)relational orientation.

Question 5

A non-governmental organization provides food and shelter to homeless people.Food and shelter are included in the definition of:

A)demand.
B)want.
C)exchange.
D)necessity.
E)need.

Question 6

In the context of understanding consumer needs and wants, which of the following is true of wants?

A)They are the basic necessities, such as food, clothing, shelter, and safety.
B)They are similar for all individuals.
C)They do not vary across cultures.
D)They do not influence people's buying behaviour.
E)They are shaped by a person's knowledge, culture, and personality.

Question 7

Tangerine Inc.conducts art contests for kindergarteners across many schools.The company encourages parents and siblings to be involved in these contests to encourage and support the participants.Parents and siblings constitute the:

A)primary commodity market.
B)primary target market.
C)primary currency market.
D)secondary target market.
E)niche market.

Question 8

A commercial roofing company provides commercial roofing services as its primary service.It also takes up residential roof repair and replacement for a few individual customers.The residential market provides solid revenue and constitutes the:

A)primary commodity market.
B)primary target market.
C)secondary retail market.
D)secondary target market.
E)niche market.

Question 9

Which of the following holds true for the term "services"?

A)They refer to the tangible customer benefits that are produced by people or machines and can be separated from the producer.
B)They refer to the intangible customer benefits that are produced by people or machines and cannot be separated from the producer.
C)They refer to the overall sacrifice a consumer is willing to make in terms of money, time, and energy in order to acquire a specific product or service.
D)They refer to thoughts, opinions, philosophies, and intellectual concepts that also can be marketed.
E)They refer to the physical attributes that a customer obtains through purchase of a commodity in exchange of a price paid for it.

Question 10

The trade of things of value between a buyer and a seller so that each is better off as a result is referred to as a(n):

A)demand.
B)want.
C)exchange.
D)necessity.
E)need.

Question 11

Since women constitute 90 percent of Karen's-a pharmacy chain's-customers, the chain decided to implement changes that would make the shopping experience more pleasant for them.Karen introduced a system for shorter waiting time at the check-out counters, wider and better-lit passageways, and more beauty products.Women constitute Karen's:

A)commodity market.
B)target market.
C)currency market.
D)secondary target market.
E)niche market.

Question 12

Sports Inc., a global sports brand, wants to present an effective campaign across many markets.The company wants to engage the youth across key markets in Europe, and the campaign's main objective is to generate awareness about the company.These efforts are made by Sports Inc.to attract the youth as they constitute the company's:

A)primary commodity market.
B)primary target market.
C)primary currency market.
D)secondary target market.
E)niche market.

Question 13

Basic necessities of life, such as food, clothing, shelter, or safety are referred to as:

A)demands.
B)wants.
C)exchanges.
D)desires.
E)needs.

Question 14

Which one of the followings is NOT true about marketing?

A)Marketing help create value
B)Marketing always entails an exchange
C)Marketing is always performed by an organization
D)Marketing is about satisfying customer needs and wants
E)Marketing requires product, price, place and promotion decisions

Question 15

The fundamental purpose of marketing is to create value by:

A)hiring the right people for the promotion of the products being manufactured.
B)educating employees about sales and customer preferences.
C)fixing the measure of sacrifice that a customer is willing to make in order to acquire a specific product.
D)developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs.
E)delivering a product on offer to a customer.

Question 16

A trader in the market trades his goods for the money that is paid for the goods offered by him.This is an example of a(n):

A)demand.
B)want.
C)exchange.
D)necessity.
E)need.

Question 17

Which of the following include thoughts, opinions, philosophies, and intellectual concepts that can be marketed?

A)Desires
B)Ideas
C)Needs
D)Wants
E)Exchanges

Question 18

Human beings require clothes to cover their bodies.Some of them may wear designer clothes, while others may pick up clothes from the flea market.This example illustrates different ways to satisfy a basic requirement of life and describes the concept of a(n):

A)demand.
B)want.
C)exchange.
D)necessity.
E)need.

Question 19

Which of the following holds true for the term "price"?

A)It refers to the tangible customer benefits that are produced by people or machines and can be separated from the producer.
B)It refers to the intangible customer benefits that are produced by people or machines and cannot be separated from the producer.
C)It refers to the overall sacrifice a consumer is willing to make in terms of money, time, and energy in order to acquire a specific product or service.
D)It refers to thoughts, opinions, philosophies, and intellectual concepts that also can be marketed.
E)It refers to the value a customer receives through the purchase of a company's product or service.

Question 20

The customer segment or group to whom a firm is interested in selling its products and services is the:

A)commodity market.
B)stock market.
C)target market.
D)currency market.
E)artificial market.

Question 21

Social media has become an integral part of marketing and communication strategies for organizations or individuals that are engaged in ______

A)B2C marketing
B)B2B marketing
C)B2B and B2C marketing
D)C2C marketing
E)B2B, B2C, or C2C marketing

Question 22

A major sporting goods company distributes its products via retailers.It offers attractive subsidies on its products to encourage retailers to sell higher volumes.Among the four Ps of marketing, this exemplifies the use of:

A)people
B)price
C)place
D)product
E)promotion

Question 23

The process of selling merchandise or services from one business to another is referred to as:

A)C2C marketing.
B)C2B marketing.
C)B2B marketing.
D)B2C marketing.
E)D2R marketing.

Question 24

An automobile manufacturer buys tires, glass for windscreens, and rubber hoses for its vehicles.The suppliers of these products are other companies that specialize in the manufacturing of this equipment.This is an example of:

A)B2C marketing.
B)D2R marketing.
C)B2B marketing.
D)C2C marketing.
E)C2B marketing.

Question 25

Spatialtech, an aerospace company, is a major service provider for space research organizations.This is an example of:

A)C2C marketing.
B)C2B marketing.
C)B2B marketing.
D)B2C marketing.
E)D2R marketing.

Question 26

May's, a social shopping website, launched a marketing platform that enables shoppers to recommend products to their friends.Friends discover these recommendations through Facebook, Twitter, email, and the May's website and search engine.This is an example of:

A)C2B marketing.
B)D2R marketing.
C)B2B marketing.
D)C2C marketing.
E)B2C marketing.

Question 27

Which of the following components of the four Ps of marketing includes all the activities necessary to get a product from the manufacturer or producer to the right customer when that customer wants it?

A)people
B)price
C)place
D)product
E)promotion

Question 28

Bank International was created to provide the working class with a means of saving.The bank accepts all deposits between $1 and $500.The bank encourages people who save a very small amount every month to continue to save.This is an example of:

A)C2C marketing.
B)C2B marketing.
C)B2B marketing.
D)B2C marketing.
E)D2R marketing.

Question 29

What is the most flexible element of the marketing mix?

A)Promotion
B)Place
C)Price
D)Product
E)Target market

Question 30

The process in which businesses sell to consumers is referred to as:

A)C2C marketing.
B)C2B marketing.
C)B2B marketing.
D)B2C marketing.
E)D2R marketing.

Question 31

Which element of the marketing mix is responsible for communicating value to customers?

A)Place
B)Promotion
C)Price
D)People
E)Produce

Question 32

Among the four Ps of marketing, the component that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response is the component of:

A)people.
B)price.
C)place.
D)product.
E)promotion.

Question 33

Maria wants to buy a bike.She spends a lot of time and energy trying to find the right bike.She does find one and then pays $200 to buy it.The time and energy spent along with the sum of money constitute the:

A)idea.
B)good.
C)service.
D)exchange.
E)price.

Question 34

Teal Corp.manufactures passenger car and automobile tires.It offers radial and tubeless tires to dealers and automobile companies.This is an example of:

A)C2C marketing.
B)C2B marketing.
C)B2B marketing.
D)B2C marketing.
E)D2R marketing.

Question 35

Hisign is a company that allows customers to have a unique experience in that they can open a virtual shop that includes an online storefront.This virtual shop also offers other facilities such as website hosting, order management, fulfillment, payment processing, and customer service.The products uploaded by customers can be bought by people visiting the website.This shop is an example of:

A)C2C marketing.
B)C2B marketing.
C)B2B marketing.
D)B2C marketing.
E)D2R marketing.

Question 36

For marketers, the key to determining prices is to:

A)vary the price of products frequently before finalizing.
B)focus exclusively on high organizational profitability.
C)figure out how much customers are willing to pay.
D)rely on the price range of competitors to determine pricing strategies.
E)involve employees in making price decisions.

Question 37

A daycare business provides babysitting services as well as structured preschool education and learning simulation for kids.This is an example of:

A)B2C marketing.
B)D2R marketing.
C)B2B marketing.
D)C2C marketing.
E)C2B marketing.

Question 38

A company is developing an efficient system for merchandise to be distributed in the right quantities, to the right locations, and at the right time in the most efficient way.It is making:

A)people decisions.
B)price decisions.
C)place decisions.
D)product decisions.
E)promotion decisions.

Question 39

A company manufactures soaps.It selects a small number of retail outlets to distribute the product.Among the four Ps of marketing, this exemplifies:

A)people.
B)price.
C)place.
D)policy.
E)promotion.

Question 40

Mir Air is one of the largest airlines in the world.It provides scheduled and chartered air transport for passengers to 200 destinations worldwide.Together with its regional partners, the airline operates, on an average, more than 1,500 scheduled flights daily.This is an example of:

A)B2C marketing.
B)D2R marketing.
C)B2B marketing.
D)C2C marketing.
E)C2B marketing.

Question 41

Which of the following types of companies focus on each transaction rather than building long-term customer relationships?

A)Cause-oriented companies
B)Value-oriented companies
C)Market-oriented companies
D)Sales-oriented companies
E)Product-oriented companies

Question 42

Home Bakers introduced a new cake in the market.It was created as a product to be sold and not based on what customers wanted at that time.Therefore, the company concentrated on selling and paid little attention to the whether it satisfied customers' needs.Home Bakers is a:

A)product-oriented company.
B)customer-oriented company.
C)market-oriented company.
D)value-oriented company.
E)brand-oriented company.

Question 43

Zen Associates is a company that sells gaming consoles.It started a Facebook fan page that discusses current topics of interest in the world of virtual gaming.In this scenario, Zen Associates is using:

A)broadcast advertising.
B)print media.
C)social media.
D)earned media.
E)visual merchandising.

Question 44

A martial arts training institute has uploaded quick two- to three-minute training tutorial videos on YouTube in order to advertise the institute.In this scenario, what is the institute using to advertise itself?

A)Secondary merchandising
B)Social media
C)Out-of-home marketing
D)Broadcast advertising
E)Print media

Question 45

Mary buying an iPod from Tom on eBay is an example of:

A)B2C marketing.
B)D2R marketing.
C)B2B marketing.
D)C2C marketing.
E)C2B marketing.

Question 46

Which of the following holds true for market-oriented companies?

A)They focus on selling as many of their products as possible rather than focusing on making products consumers really want.
B)They focus on giving their customers better worth (monetary and nonmonetary)for the products than their competitors.
C)They focus on developing and distributing innovative products with little concern about whether the products best satisfy customers' needs.
D)They focus on the extension of a single brand name to market products in different product categories.
E)They focus on what consumers want and need before they design, make, or attempt to sell their products and services.

Question 47

Which of the following holds true for product-oriented companies?

A)They focus on selling as many of their products as possible rather than focusing on making products consumers really want.
B)They focus on giving customers better worth (monetary and nonmonetary)for products than their competitors.
C)They focus on developing and distributing innovative products with little concern about whether the products best satisfy customers' needs.
D)They focus on the extension of a single brand name to market products in different product categories.
E)They focus on what consumers want and need before they design, make, or attempt to sell their products and services.

Question 48

Which of the following holds true for value-oriented companies?

A)They focus on selling as many of their products as possible rather than focusing on making products consumers really want.
B)They focus on giving their customers better worth for products than their competitors.
C)They focus on developing and distributing innovative products with little concern about whether the products best satisfy customers' needs.
D)They focus on the extension of a single brand name to market products in different product categories.
E)They focus on what consumers want and need before they design, make, or attempt to sell their products and services.

Question 49

Which of the following involves the use of digital tools to easily and quickly create and share content to foster dialogue, relationships, and personal identities?

A)Broadcast advertising
B)Print media
C)Social media
D)Out-of-home marketing
E)Visual merchandising

Question 50

Which of the following holds true for sales-oriented companies?

A)They try to sell as many of their products as possible rather than focusing on making products consumers really want.
B)They focus on giving their customers better worth (monetary and nonmonetary)for the products than their competitors.
C)They focus on developing and distributing innovative products with little concern about whether the products best satisfy customers' needs.
D)They focus on the extension of a single brand name to market products in different product categories.
E)They focus on what consumers want and need before they design, make, or attempt to sell their products and services.

Question 51

Mirrors is a company that believes that every idea and technical solution should be focused on meeting customers' needs.It emphasizes understanding specific customer needs.Mirrors is an example of a:

A)brand-oriented company.
B)market-oriented company.
C)sales-oriented company.
D)value-oriented company.
E)product-oriented company.

Question 52

An airline was launched as a no-frills, heavy-discount carrier.One bottle of water was provided free of cost to all passengers, and the airline staff provided free board games to entertain passengers.All this was based on the understanding of what customers needed.This airline has a:

A)sales orientation.
B)value orientation.
C)market orientation.
D)product orientation.
E)brand orientation.

Question 53

A company sells cars of a single colour and advertises that the cars have many innovative features.The company refuses to change the colour of the car irrespective of the desire of the public to have a different-coloured car.This is an example of:

A)customer orientation.
B)value orientation.
C)market orientation.
D)product orientation.
E)brand orientation.

Question 54

A certain wine retailer sells what it calls QPR wines.QPR refers to quality price ratio.It simply means getting the best quality wine for the lowest possible price.The wine retailer would be an example of a:

A)brand-oriented company.
B)market-oriented company.
C)sales-oriented company.
D)value-oriented company.
E)product-oriented company.

Question 55

Which of the following is true about the impact of marketing on stakeholders?

A)Marketing is often designed to benefit an entire industry.
B)Many firms cannot be benefitted simultaneously by marketing.
C)Most people think of marketing as a way for firms to satisfy customer needs.
D)Governments do not rely on marketing to communicate their messages to their constituents.
E)Marketing does not work well in the nonprofit sector.

Question 56

GoBagged is a leading producer of travel bags.It uses blogging sites to connect with its customers and get daily updates about new marketing trends.What is GoBagged using to connect with its customers?

A)Visual merchandising
B)Print media
C)Out-of-home marketing
D)Social media
E)Broadcast advertising

Question 57

Innovatives Inc.is a phone manufacturing company that creates phones with unique features and distributes them among retailers.The devices are created with little or no concern about customers' needs and wants.In this case, Innovatives is most likely a:

A)brand-oriented company.
B)market-oriented company.
C)customer-oriented company.
D)value-oriented company.
E)product-oriented company.

Question 58

The four different marketing orientations are:

A)competition, service, resource, and team based.
B)promotion, operations, technology, and profit based.
C)production, sales, market, and value based.
D)price, customer, location, and segment based.
E)innovation, strategy, cost, and customer based.

Question 59

Drakes Inc.manufactures dirt bikes.The company mass-produces bikes based on the resources available.It does not focus on the needs of the customer.This is an example of:

A)sales orientation.
B)value orientation.
C)market orientation.
D)customer orientation.
E)brand orientation.

Question 60

A sports goods manufacturing company attempts to sell consumers as many of their products as possible without focusing on what they really want.It mainly focuses on advertising its products in order to attract customers.It believes that customers will like its products once they try them.This is an example of a:

A)brand-oriented company.
B)market-oriented company.
C)sales-oriented company.
D)value-oriented company.
E)customer-oriented company.

Question 61

In order for firms to build relationships with customers, they must focus on:

A)Implementation of effective price
B)Developing new product
C)Lifetime Value of the relationship
D)Collection of information as much as possible
E)Use of social media

Question 62

The key to the success of many entrepreneurs is that they launch ventures that:

A)aim to satisfy unfilled needs.
B)have a product orientation.
C)exclusively focus on distributing innovative products.
D)depend on heavy doses of personal selling and advertising.
E)have a sales orientation.

Question 63

Which of the following is a requirement for making a firm value driven?

A)Self-contained independent units with little capacity to influence or be influenced
B)High-priced goods with more emphasis on branding than quality control
C)Innovative product range with low emphasis on customers' needs
D)Sharing information about customers and competitors across one's own organization
E)One-time transactional interaction rather than building relationships with customers

Question 64

A coffee shop attempted to discover what customers really wanted from their coffee-drinking experience.It found that people liked to chat over their cup of coffee without anybody disturbing them.Therefore, the coffee shop allowed its customers to stay as long as they liked, without requiring them to order a new cup of coffee every 20 minutes to stay in the shop.This is an example of:

A)value orientation.
B)brand orientation.
C)product orientation.
D)market orientation.
E)sales orientation.

Question 65

Which of the following is NOT true about social media and mobile marketing:

A)It allows companies to connect better with their customers
B)Majority of companies in North America are using social media marketing
C)Majority of customers worldwide have a Facebook account.
D)Location-based services are appealing but also create concern for some customers
E)Some hotel chains develop their mobile applications to provide a better service for their customers

Question 66

The method that helps buyers and sellers develop a long-term bond is called:

A)transformational orientation.
B)transactional orientation.
C)live-in orientation.
D)relational orientation.
E)optimal orientation.

Question 67

Nutrieat, a digestive cookie manufacturer, sold its products only in high quality, air-tight cans of 16oz and 32oz.To better satisfy customer needs, it recently introduced smaller packs of the biscuits in paper packages at reduced rates.Which of the following requirements for a value-driven firm does Nutrieat exemplify?

A)Sharing supplier information
B)Balancing benefits with costs
C)Building competitor relationships
D)Social media marketing
E)Gathering customer feedback

Question 68

The time and energy spent by Marco along with the sum of money that he had spent to buy the bike constitute the:

A)idea.
B)good.
C)service.
D)exchange.
E)price.

Question 69

Firms have come to realize that good corporate citizenship through socially responsible actions should be a priority because it:

A)communicates their products' value to customers.
B)will result in high employee turnover.
C)will make it easier for them to expand globally.
D)will help their bottom line in the long run.
E)enables them to sell goods in large quantities.

Question 70

An automobile manufacturer maintains a database of when and how repeat customers buy its products, the options they choose, the way they finance the purchase, and so on.This database enables the company to understand its customers and make offers that appeal to them.Because of this initiative, a long-term bond is established between the buyer and seller.This is an example of:

A)transformational orientation.
B)transactional orientation.
C)live-in orientation.
D)relational orientation.
E)optimal orientation.

Question 71

In the context of entrepreneurial marketing, great and distinguished entrepreneurs:

A)focus on developing and distributing innovative products with little concern about whether the products best satisfy customers' needs.
B)try to sell as many of their products as possible rather than focus on making products consumers really want.
C)have realized the need to think about customers in terms of transactions rather than relationships.
D)have a vision of how certain combinations of products and services can satisfy unfilled needs.
E)try selling a product after it is developed rather than starting with an understanding of the customers' needs and then developing a product to satisfy those needs.

Question 72

The bike that Marco buys is an example of a(n):

A)idea.
B)good.
C)service.
D)exchange.
E)price.

Question 73

A firm that wishes to expand globally should ideally:

A)analyze new customers' needs and wants on a segment-by-segment, region-by-region basis.
B)think about new customers in terms of transactions rather than relationships.
C)try to sell as many of its products as possible rather than focusing on making products consumers really want.
D)focus on developing and distributing innovative products before understanding customers.
E)encourage its employees to invest heavily in socially responsible actions and charities.

Question 74

Which of the following holds true for customer relationship management (CRM)?

A)It helps a company to allocate resources and is used as an analytical tool in brand marketing, product management, strategic management, and portfolio analysis.
B)It is a strategic performance management tool that can be used by managers to keep track of the execution of activities by the staff within their control and to monitor the consequences arising from these actions.
C)It is a set of strategies, programs, and systems that focus on identifying and building loyalty among a firm's most valued patrons.
D)It is a framework for industry analysis and business strategy to determine the competitive intensity and, therefore, the attractiveness of a market.
E)It is a system of processes that enables organizations to centrally manage deployment of surveys while dispersing authoring and analysis throughout an organization.

Question 75

More and more Canadian companies are adopting corporate social responsibility programs because:

A)It reduce costs of doing business
B)It allows companies to operate globally
C)It helps bottom line both in short run and long run
D)It is required by government
E)It is in both their and their customers best interest

Question 76

Mountaindale Hotels is a hotel chain that treats its customers like family.The company further influences its bond with customers with its quality of staff, reliability, consistent overall high quality, and global social responsibility programs.This is an example of:

A)transformational orientation.
B)transactional orientation.
C)live-in orientation.
D)relational orientation.
E)optimal orientation.

Question 77

The group of firms and set of techniques and approaches firms use to make and deliver a given set of goods and services is commonly referred to as:

A)stock iodation.
B)demand optimization.
C)inventory control.
D)demand chain.
E)supply chain.

Question 78

When a customer visits the website of a company selling computers, the website provides the customer with information regarding pricing, product variety, and product availability.The customer makes a product choice.The order then goes to the assembly plant and then to all of the company's vendors and their vendors.This is an example of a(n):

A)stock valuation.
B)demand optimization.
C)inventory control.
D)demand chain.
E)supply chain.

Question 79

Fly Air offers airline credit cards and bonus flyer miles for a specific flight.If a Fly Air flight is late, the company gives the miles back to the customers before they even complain about it.Therefore, Fly Air has maintained excellent customer satisfaction ratings.This policy creates long-term bonds with passengers and makes them loyal to the company.This is an example of:

A)relational orientation.
B)transactional orientation.
C)transformational orientation.
D)live-in orientation.
E)optimal orientation.

Question 80

Crimson Inc., a fruit-juice manufacturer, employs a set of feedback forms to collect information about customers' favourite flavours and the new flavours they want to try in future.The company then uses this information to focus on identifying and building loyalty among the firm's most valued patrons.This is an example of:

A)customer relationship management.
B)the BCG matrix.
C)Porter's five forces.
D)transformational marketing.
E)live-in marketing.