Deck 1: Marketing Today

Question 1

Marketing-related activities

A) are limited to firms that deal with final consumers.
B) are confined to large corporations or to store-based retailers.
C) have little impact on the costs and revenues of firms.
D) may be utilized by professionals such as certified public accountants and attorneys.

Answer 1

may be utilized by professionals such as certified public accountants and attorneys.

Question 2

Which one of the following is NOT a marketing activity?

A) Product planning
B) Consumer analysis
C) Financial statement analysis
D) Price planning

Answer 2

Financial statement analysis

Question 3

Sales forecasting is an example of what activity?

A) Anticipation of demand
B) Management of demand
C) Satisfaction of demand
D) Regulation of demand

Answer 3

Anticipation of demand

Question 4

Which one of the following is NOT considered an aspect of management of demand?

A) Stimulation of demand
B) Facilitation of demand
C) Satisfaction of demand
D) Regulation of demand

Question 5

A key task in the stimulation of demand is

A) distribution planning.
B) promotion.
C) demarketing.
D) after-sale service.

Question 6

When a firm accepts a wide variety of credit cards, it is involved with the

A) stimulation of demand.
B) regulation of demand.
C) facilitation of demand.
D) satisfaction of demand.

Question 7

A credit card issuer wishes to expand the number of retailers that accepts its card as a means of increasing its market share. This illustrates

A) demarketing.
B) facilitation of demand.
C) regulation of demand.
D) satisfaction of demand.

Question 8

When a firm seeks to balance its sales throughout the year through promoting off-season specials, it is involved with

A) stimulation of demand.
B) facilitation of demand.
C) regulation of demand.
D) satisfaction of demand.

Question 9

A car wash reduces prices in off-peak periods to increase its sales during this normally slow period. This illustrates

A) stimulation of demand.
B) facilitation of demand.
C) regulation of demand.
D) satisfaction of demand.

Question 10

A hotel increases prices during a peak season period to increase revenues and to better balance demand. This illustrates

A) stimulation of demand.
B) facilitation of demand.
C) regulation of demand.
D) satisfaction of demand.

Question 11

The notion that a good or service must meet buyer expectations is central to

A) stimulation of demand.
B) satisfaction of demand.
C) regulation of demand.
D) facilitation of demand.

Question 12

Which of the following activities is concerned with the satisfaction of demand for an appliance retailer?

A) After-sale service
B) Off-season price specials
C) Marketing special offers to past customers
D) Acceptance of trade-ins

Question 13

Consumer demand includes the attributes and needs of

A) consumer groups.
B) wholesalers and retailers.
C) competitors.
D) stockholders.

Question 14

Publics' demand encompasses the attributes and needs of

A) final and industrial consumers.
B) international markets and nonprofit institutions.
C) wholesalers and retailers.
D) the general public and government agencies.

Question 15

Which activity marks the end of the marketing process?

A) Management of demand
B) Barter
C) Regulation of demand
D) The exchange process

Question 16

Which of these concepts is central to any definition of marketing?

A) Cost efficiency
B) A consumer orientation
C) High sales
D) Profitability

Question 17

The origins of marketing can be traced to the

A) popularity of traveling salespeople.
B) use of barter.
C) development of the shopping district.
D) beginning of the sales era.

Question 18

The modern system of marketing for the world's most developed nations can be traced to the

A) Industrial Revolution.
B) development of a monetary system.
C) popularity of newspapers.
D) popularity of television.

Question 19

High demand relative to supply and low competition are key characteristics of the

A) marketing company era.
B) marketing department era.
C) production era.
D) sales era.

Question 20

When a company's major goal is to increase production to meet high demand, it is most likely to be involved in the

A) marketing company era.
B) marketing department era.
C) sales era.
D) production era.

Question 21

The sales era of marketing is generally associated with a firm's

A) conducting marketing research on consumer satisfaction.
B) stimulating consumer demand through promotional efforts.
C) seeking to expand its production capabilities.
D) conducting marketing research on consumer needs.

Question 22

In the sales era of marketing,

A) products are produced based upon consumer research.
B) marketing activities are largely confined to advertising and personal selling.
C) marketing departments are created to conduct consumer research.
D) consumer demand exceeds the supply of a product.

Question 23

In which stage of marketing's evolution is the role of marketing to make consumer desires fit the features of the products offered?

A) Production era
B) Sales era
C) Marketing company era
D) Marketing department era

Question 24

The intensive use of marketing research is first used in which era of marketing?

A) Production era
B) Sales era
C) Marketing company era
D) Marketing department era

Question 25

When marketing personnel conduct consumer research and advise top management, but remain in a subordinate position to other departments in an organization, the firm is involved with which era of marketing?

A) Production era
B) Sales era
C) Marketing department era
D) Marketing company era

Question 26

While the role of marketing has been accepted by the firm, marketing may not be the driving force in a company in the

A) marketing department era. .
B) sales era.
C) marketing company era
D) production era.

Question 27

Virtually all decisions are made on the basis of consumer analysis in which era of marketing?

A) Production era
B) Sales era
C) Marketing company era
D) Marketing department era

Question 28

The marketing company era is best characterized by

A) the importance of the selling process.
B) a well-integrated and comprehensive role for marketing.
C) the existence of a marketing department.
D) the importance of efficiency in production.

Question 29

For a firm to properly adopt the marketing concept, it must be at which stage in the evolution of marketing?

A) Marketing department era
B) Sales era
C) Production era
D) Marketing company era

Question 30

Which one of the following is NOT a major component of the marketing concept?

A) Market driven
B) Research and development
C) Integrated efforts
D) Goal orientation

Question 31

A value-based philosophy

A) assesses a product's benefits against its cost.
B) examines consumer needs.
C) evaluates the offerings of competitors.
D) ensures that all activities relating to goods and services are coordinated.

Question 32

When a firm has an integrated marketing focus,

A) all marketing activities relating to goods and services are coordinated.
B) it seeks to maximize both short- and long-term profitability.
C) it seeks to improve its overall image through marketing.
D) consumer needs are examined and then satisfied.

Question 33

Which of these is NOT an example of a marketing goal?

A) To reduce material costs
B) To elect a public official
C) To increase sales
D) To increase market share

Question 34

With a selling philosophy, the first stage in the marketing process is

A) production.
B) customer satisfaction.
C) consumption.
D) consumer feedback.

Question 35

With a marketing philosophy, the first stage in the marketing process is

A) integrated marketing efforts.
B) selling
C) production.
D) consumer need evaluation.

Question 36

If a company follows a selling philosophy, customer dissatisfaction usually results in

A) reduced prices to better satisfy consumers.
B) new product features.
C) a stronger or revised sales pitch.
D) a revised good or service.

Question 37

If a company follows a marketing philosophy, customer dissatisfaction usually results in

A) reduced prices to better satisfy consumers.
B) new product features.
C) a revised good or service.
D) a stronger or revised sales pitch.

Question 38

A search for real differences in consumer tastes and the development of offerings to satisfy consumers is characteristic of

A) the marketing department era.
B) a marketing philosophy.
C) a selling philosophy.
D) conspicuous consumption.

Question 39

Customer service can best be defined as

A) the identifiable, but relatively intangible, activities undertaken by a seller in conjunction with the basic goods and/or services it offers.
B) the difference between consumer perceptions and reality.
C) core and peripheral services that can be used to differentiate a product.
D) the means of differentiating a product through additional services.

Question 40

When a worker is empowered, he or she is

A) given authority over lower-level employees in the organization.
B) allowed to beat a competitor's price.
C) given broad leeway to satisfy customer requests.
D) held accountable for his or her actions.

Question 41

A worker who is empowered

A) has the authority to "break the rules."
B) needs to get permission to satisfy a customer's request.
C) has little discretion in customer satisfaction.
D) receives profit sharing.

Question 42

Which concept in marketing most directly focuses on long-term customer relationships?

A) Value orientation
B) Relationship marketing
C) Demarketing
D) Sales philosophy

Question 43

The total value of goods and services produced in the United States annually is about

A) $500 billion.
B) $1 trillion.
C) $3 trillion.
D) $14 trillion.

Question 44

The costs of marketing as a percent of sales in certain industries is estimated by some analysts to be as high as ___ percent.

A) 25
B) 35
C) 50
D) 80

Question 45

Which of these is NOT a basic function of marketing?

A) Distribution planning
B) Marketing management
C) Consumer satisfaction
D) Price planning

Question 46

Environmental analysis involves

A) evaluating the effect of marketing on natural resources and the landscape.
B) examining and evaluating consumer needs and wants.
C) monitoring and adapting to those external factors that affect the success or failure of a firm.
D) developing a short- and long-run marketing plan.

Question 47

The marketing function of broadening the scope of marketing deals with

A) evaluating the needs of both final and organizational consumers.
B) societal issues and global marketing, as well as the role of the Web.
C) the role of marketing in nonprofit organizations.
D) the role of marketing in noneconomic exchanges.

Question 48

When company executives evaluate alternatives concerning inventory management, warehousing, wholesaling, and retailing, they are involved with which marketing function?

A) Marketing management
B) Environmental analysis and marketing research
C) Distribution planning
D) Promotion planning

Question 49

Manufacturers and service providers, wholesalers, retailers, marketing specialists, and organizational and final consumers may be classified as

A) marketing performers.
B) marketing intermediaries.
C) competitors.
D) channel members.

Question 50

Which statement concerning the undertaking of marketing functions is MOST correct?

A) Most marketing functions are generally performed by a manufacturer.
B) One performer generally does not undertake all marketing functions.
C) The channel member responsible for undertaking marketing functions is negotiated on the basis of channel power.
D) Channel functions can be conducted by any channel member, but not by final consumers.

Question 51

A chief executive officer (CEO) of a major children's furniture manufacturer spends 10 percent of his/her time out of the office to talk with wholesalers, retailers, and parents to better understand the marketplace. This illustrates the CEO's use of

A) marketing management.
B) consumer analysis.
C) environmental analysis and marketing research.
D) distribution planning.

Question 52

Which statement concerning the current definition of marketing is NOT correct?

A) It covers both monetary and nonmonetary exchanges.
B) It is confined to goods and services.
C) It includes the concept of exchange.
D) It covers ethical behavior.

Question 53

Prior to revising its new minivan, Chrysler conducted a consumer survey among prospective and current minivan owners to see if there was any interest in a permanently-attached car seat for infants. Because of high consumer interest, Chrysler decided to include the car seat as an option. The company was involved in

A) regulating demand.
B) satisfying demand.
C) anticipating demand.
D) stimulating demand.

Question 54

A refrigerator manufacturer offers low-cost credit and rebates to final customers, as well as a sales contest to dealer salespeople as incentives to reduce excess dealer inventories of a slow-selling model. The manufacturer is interested in

A) satisfying demand.
B) anticipating demand.
C) facilitating demand.
D) stimulating demand.

Question 55

Timex's strategy of distributing its watches through a wide variety of retail outlets (such as department stores, discount stores, and airport locations) represents

A) facilitating demand.
B) anticipating demand. .
C) satisfying demand.
D) stimulating demand

Question 56

An electric utility decides to offer consumers a $75 rebate toward the cost of high-efficiency room air conditioners that can drastically reduce electricity consumption when compared with older, inefficient units. The utility is involved in

A) facilitating demand.
B) stimulating demand.
C) regulating demand.
D) anticipating demand.

Question 57

The use of rationing by a marketer to allocate a highly demanded new product illustrates

A) regulating demand.
B) stimulating demand.
C) facilitating demand.
D) anticipating demand.

Question 58

When a restaurant offers "early-bird specials" on all weekday dinners completed before 7 P.M., it is engaged in

A) facilitating demand.
B) anticipating demand.
C) regulating demand.
D) satisfying demand.

Question 59

An appliance repair firm has service personnel call its customers within three days of repair of an appliance to determine if the repair fully met their expectations. This firm is involved with

A) facilitating demand.
B) satisfying demand.
C) managing demand.
D) stimulating demand.

Question 60

To meet its sales projections, a retailer realizes that it must update and expand its Web site. This shows the importance of

A) the marketing concept.
B) a selling philosophy.
C) publics' demand.
D) consumer demand.

Question 61

If a car manufacturer firm is concerned with the social responsibility aspects of its SUVs' sales (in terms of gasoline efficiency, as well as accident records), the manufacturer is concerned with

A) management of demand.
B) anticipation of demand.
C) consumer demand.
D) publics' demand.

Question 62

The marketing process for a political candidate is not complete until consumers

A) vote for the candidate.
B) are satisfied with the candidate they voted for.
C) reaffirm their satisfaction with the candidate.
D) recall his television advertisements featuring his or her qualifications.

Question 63

Most marketing processes end with

A) customer delight.
B) the exchange of money.
C) a credit check.
D) customer dissatisfaction.

Question 64

Which of the following activities is NOT within the scope of marketing?

A) A final consumer's purchasing a good or service via the Web
B) A governor seeking votes based on a platform of reduced property taxes
C) A fraternity seeking new students as members
D) A manufacturer seeking to reduce labor costs through automating a factory

Question 65

Which question fits into a societal perspective for a president of a supermarket chain?

A) "Are prices in my inner city locations higher than those in more affluent locations?"
B) "Should I match the double coupon strategy of a key competitor?"
C) "Is my return to my stockholders adequate?"
D) "Is my customer loyalty program effective?"

Question 66

During which marketing era do firms have the LEAST commitment to marketing?

A) Marketing department era
B) Marketing company era
C) Sales era
D) Production era

Question 67

A basic difference between the production era and the sales era of marketing is the increased importance in the sales era of

A) production requirements planning.
B) obtaining ample supplies. .
C) marketing research.
D) advertising and personal selling

Question 68

A firm should shift from the production era to the sales era of marketing as

A) its profit per unit increases.
B) competition increases.
C) raw material scarcity develops.
D) foreign exchange rates shift.

Question 69

Which of the following describes how a manufacturer of microwave ovens would conduct marketing within the sales era?

A) It would conduct research on preferences of final consumers.
B) It would better focus its marketing effort on a narrowly-defined target market, such as dorm microwaves.
C) It would expand distribution of the microwaves to new outlets such as Web-based discounters.
D) It would increase the use of final consumer rebates and sales contests to increase sales.

Question 70

While a status brand watch manufacturer conducts consumer-based research on a regular basis, not all of its marketing functions are under the jurisdiction of its marketing vice-president. For example, inventory management and credit are under the jurisdiction of the vice-president of finance. The company is in the

A) sales era.
B) production era.
C) marketing department era.
D) marketing company era.

Question 71

The major difference between the sales era and the marketing department era of marketing is that during the marketing department era,

A) the firm adapts its products to meet consumer needs.
B) marketing personnel have authority in decision making.
C) preliminary market research is first conducted.
D) supply exceeds demand.

Question 72

The role of marketing is greatest in which era?

A) Marketing department era
B) Marketing company era
C) Sales era
D) Production era

Question 73

A firm uses a strategic planning committee in which marketing, finance, and production personnel have equal representation and responsibility. This illustrates which era in the evolution of marketing?

A) Marketing company era
B) Marketing department era
C) Sales era
D) Production era

Question 74

A manufacturer of stereo equipment views its mission as "providing moderate cost and innovative sound systems for enthusiasts." The firm evaluates consumer trends on a regular basis, and has modified its entire marketing plan when appropriate. For example, it recently developed a high-quality, but very compact radio system comparable in sound to systems four times larger. The product was based on a research study that suggested that such a product was needed based on space considerations in dormitories and small apartments. Which era in the evolution of marketing best characterizes the firm?

A) Sales era
B) Production era
C) Marketing department era
D) Marketing company era

Question 75

Which action best illustrates a firm's commitment to the marketing concept?

A) A large advertising and sales budget
B) A large marketing research budget
C) A commitment to the marketing company era
D) A policy of hiring MBAs for all high-level marketing positions

Question 76

Which of these statements about the marketing concept is correct?

A) The marketing concept cannot be used by nonprofit institutions.
B) The marketing concept may be used only by large firms.
C) The marketing concept is generally most closely followed in the marketing company era.
D) Firms applying the marketing concept need to focus on sales more than profits.

Question 77

When a marketer offers its customers a "no-questions-asked, money-back guarantee" on all of the products it sells, it is applying the

A) marketing concept.
B) sales era of marketing.
C) theory of exchange.
D) concept of publics' demand.

Question 78

Which practice most effectively demonstrates a firm's commitment to the marketing concept?

A) A firm's changing its overall marketing strategy based upon a market research study on customer satisfaction
B) A marketing orientation that explores opportunities on a worldwide basis
C) The concern for long-term profitability, even at the cost of short-term profits
D) The existence of a vice-president of marketing

Question 79

A mail order-based baking products and supplies firm caters to enthusiasts. The firm stocks unusual and useful items, thoroughly tests all products sold (and refuses to sell products that do not pass its tests regardless of customer demand or product profitability), offers an unconditional money-back guarantee, and provides troubleshooting assistance to its customers. The firm's strategy has a(n)

A) sales era focus.
B) goal orientation.
C) broad view of marketing.
D) integrated marketing focus.

Question 80

In contrast to a selling philosophy, a marketing philosophy incorporates

A) short-run goals.
B) consumption.
C) feedback.
D) production.