Deck 1: Marketing Fundamentals

Question 1

A target market can be formally defined as the specific group of existing and potential consumers to which marketers direct their marketing efforts.

Answer 1

True

Question 2

Customer relationship management is rooted in the knowledge that it is less expensive to service and maintain current customers than to obtain new ones.

Answer 2

True

Question 3

In marketing, a product is defined as something tangible that you can touch and own but not experience.

Answer 3

False

Question 4

In the production orientation stage, companies tried to hard-sell in order to make a profit.

Question 5

Successful marketing is focused on customer needs and wants.

Question 6

In most organizations, the Marketing function provides the connection to customers.

Question 7

Many large firms measure the effectiveness of purchase incentives through a measure called share of wallet.

Question 8

The marketing mix refers to the 4 Ps - product, price, promotion, and place.

Question 9

Market describes the potential consumers who have both the willingness and ability to buy a product.

Question 10

Relationship marketing involves a personal, ongoing relationship between an organization and its customers that often starts before a sale occurs and lasts well beyond the point when a sale has concluded.

Question 11

CRM or Customer Relationship Management is a tool typically utilized by firms in the production orientation stage.

Question 12

An idea is a concept that typically looks for support.

Question 13

The marketing process is a continuous one that requires marketers to pay attention to detail and apply strategic, analytical, and creative-thinking skills.

Question 14

Creating products with added value is achieved only through pricing strategies.

Question 15

Marketing revolves primarily around promotion.

Question 16

The marketing orientation stage set in when organizations started focusing on satisfying the needs of consumers while achieving organizational objectives.

Question 17

Exchange is described as the process of planning and managing goods, services, or ideas to meet consumer needs and organizational objectives.

Question 18

Place refers only to a physical store where consumers can purchase a product.

Question 19

The sales orientation stage focused on satisfying the needs of consumers while trying to achieve organizational goals.

Question 20

The marketing orientation stage sees organizations considering the lifetime value of their customers and striving to offer better products and services.

Question 21

Dashboards are business websites that help consumers navigate complex product choices.

Question 22

Digital technologies have reduced the need for consumer protections in marketing.

Question 23

Strategic alliance is a form of partnership marketing.

Question 24

Database technology has surfaced as a tool that facilitates relationship marketing by putting a focus on corporate social responsibility (CSR) for the marketing industry, and is often facilitated by CSR software.

Question 25

Real-time marketing is easily planned out over extended time periods with little management.

Question 26

Content marketing refers to firms sharing blogs, research papers, infographics and other digital resources with current and potential customers.

Question 27

Chang, the marketing manager of Urban Companies, is analyzing the specific group of existing and potential customers for the launch of Urban's new product.Which of the following is Chang identifying?

A)marketing mix
B)promotional programs
C)target market
D)marketing process

Question 28

What is the essence of successful marketing?

A)focusing on customers' needs
B)making money
C)making the exchange
D)retention plan

Question 29

Strategic alliance involves long-term arrangements between companies with similar values and objectives that extend beyond short-term promotional offers into long-term business agreements.

Question 30

Popular events like the Superbowl, Academy Awards and Olympics lend themselves to real-time marketing approaches.

Question 31

Digital technology drives how consumers gather information, want to be entertained, and purchase products.

Question 32

Consumers' rights to privacy and do-not-track policies are important issues for marketers.

Question 33

Partnership marketing is an approach where marketers create opportunities for consumers to interact directly with a brand.

Question 34

Mobile marketing refers to any form of advertising, such as those on trains, buses or cars, that are not fixed in location.

Question 35

Experiential marketing seeks to build opportunities for consumers to interact with a brand.

Question 36

Often, students believe marketing revolves around slick commercials and fancy promotions.But the ultimate objective is to _______ for a company.

A)create a loyalty program
B)drive profits
C)add value for the customer
D)retention plan

Question 37

The unique combination of benefits received by targeted consumers that include quality, price, convenience, delivery, and both before-sale and after-sale service is called customer _____.

A)loyalty program
B)value
C)convenience
D)retention plan

Question 38

Walmart's mission includes developing a combination of benefits for its customers through quality products at reasonable prices with quality service, and giving its customers the best products at the best price.This statement represents the company's strategies at achieving _____.

A)production orientation
B)a diverse marketing mix
C)a societal marketing concept
D)customer value

Question 39

Typical entry-level positions in marketing include: marketing coordinator, marketing assistant, marketing analyst, and sales representative.

Question 40

Metrics are an important area that measures and monitors business performance.

Question 41

An educational software company is developing a new line of computer software to teach preschoolers letter and number recognition.What is the primary target market for this new product?

A)only preschoolers
B)only adults
C)adults with preschool-aged children
D)adults who have an interest in educational toys

Question 42

Roxta Confectioners has launched two new products-Big Bear Candy for children and Dark Coffee Sticks for adults.Roxta has set up a different approach for each product.Big Bear Candy will be sold at $0.99 at all retail stores, close to the cash counters.Dark Coffee Sticks will be sold at $4.99, and instead of being merchandised at cash counters, it will be on the shelves of many grocery stores.Roxta has decided to advertise Big Bear Candy to children through television ads.It has also conducted events and games to "Meet Big Bear." For Dark Coffee Sticks, Roxta has tried to connect with adults through newspaper ads and social media.Roxta has been successful in realizing profits through its two products.Roxta has developed two products for two specific groups of potential customers.What are these groups called?

A)consumers
B)target market
C)strategic market
D)loyalty program members

Question 43

Roxta Confectioners has launched two new products-Big Bear Candy for children and Dark Coffee Sticks for adults.Roxta has set up a different approach for each product.Big Bear Candy will be sold at $0.99 at all retail stores, close to the cash counters.Dark Coffee Sticks will be sold at $4.99, and instead of being merchandised at cash counters, it will be on the shelves of many grocery stores.Roxta has decided to advertise Big Bear Candy to children through television ads.It has also conducted events and games to "Meet Big Bear." For Dark Coffee Sticks, Roxta has tried to connect with adults through newspaper ads and social media.Roxta has been successful in realizing profits through its two products.Roxta used television ads and "Meet the Bear" events for its Big Bear Candy, while it used social media and newspaper ads for Dark Coffee Sticks.Which element of the marketing mix has Roxta used?

A)price
B)place
C)packaging
D)promotion

Question 44

The Whirlpool Corporation creates home appliances to make life easier and more enjoyable for people.This statement concerns the _____ element of the marketing mix.

A)product
B)process
C)price
D)place

Question 45

An attribute that makes up a good, a service, or an idea, including product design, features, colour, packaging, warranty, and service levels is called _____.

A)a good
B)distribution
C)pricing
D)a product

Question 46

The element of the marketing mix demonstrated when a company places an ad in the Yellow Pages is _____.

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

Question 47

Roxta Confectioners has launched two new products-Big Bear Candy for children and Dark Coffee Sticks for adults.Roxta has set up a different approach for each product.Big Bear Candy will be sold at $0.99 at all retail stores, close to the cash counters.Dark Coffee Sticks will be sold at $4.99, and instead of being merchandised at cash counters, it will be on the shelves of many grocery stores.Roxta has decided to advertise Big Bear Candy to children through television ads.It has also conducted events and games to "Meet Big Bear." For Dark Coffee Sticks, Roxta has tried to connect with adults through newspaper ads and social media.Roxta has been successful in realizing profits through its two products.Which of the following elements of the marketing mix explains Roxta's activity to sell Big Bear Candy at the cash counters and Dark Coffee Sticks on the shelves?

A)place
B)promotion
C)price
D)packaging

Question 48

Helga is responsible for identifying communication tools needed to connect with the consumers and inform them about her company's product.Which of the following aspects of the marketing mix does Helga deal with?

A)pricing
B)packaging
C)product
D)promotion

Question 49

The specific group(s) of existing and potential consumers to which marketers direct their marketing efforts is referred to as a _____.

A)mass market
B)tangent market
C)market aggregation
D)target market

Question 50

Roxta Confectioners has launched two new products-Big Bear Candy for children and Dark Coffee Sticks for adults.Roxta has set up a different approach for each product.Big Bear Candy will be sold at $0.99 at all retail stores, close to the cash counters.Dark Coffee Sticks will be sold at $4.99, and instead of being merchandised at cash counters, it will be on the shelves of many grocery stores.Roxta has decided to advertise Big Bear Candy to children through television ads.It has also conducted events and games to "Meet Big Bear." For Dark Coffee Sticks, Roxta has tried to connect with adults through newspaper ads and social media.Roxta has been successful in realizing profits through its two products.By identifying the needs of the two different target groups for its two products, and devising a marketing mix to launch its products successfully, Roxta shaped the elements of the marketing mix to create a _____.

A)sales strategy
B)marketing program
C)promotional offer
D)marketing process

Question 51

Which of the following is not an element of the marketing mix?

A)product
B)price
C)politics
D)promotion

Question 52

Jack Farms Gourmet Bread Base is the brand name for a mix designed for use in bread machines.The mixes are sold in two-pound packages for $14.99 plus postage.The products are available only through mail.People learn about the product through word-of-mouth and through bread machine demonstrations the company's founder gives to groups in the Greater Toronto Area, where she lives.This is a description of the company's _____.

A)growth plan
B)market segmentation strategy
C)mission statement
D)marketing mix

Question 53

Product design, pricing strategies, and service elements create _____.

A)customer value
B)sales orientation
C)a marketing concept
D)relationship marketing

Question 54

To attend the winter concert presented by the community chorus, every person had to donate one unwrapped toy at the concert hall door.This statement is most closely related to the _____ element of the marketing mix.

A)product
B)process
C)production
D)price

Question 55

Which element of the marketing mix is demonstrated when a company manufactures a low-calorie chocolate chip cookie?

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

Question 56

Sound and Cinema is a 10-year-old company that turns an ordinary basement into a home theatre.It advertises in publications that are mailed to homeowners in subdivisions in which the least expensive home costs $475,000.These homeowners are the _____ market for Sound and Cinema.

A)mass
B)tangent
C)experiential
D)target

Question 57

Event marketing is an example of _____.

A)distribution
B)a product
C)promotion
D)pricing strategy

Question 58

The owners of Old School Brand Authentic Antique Foods researched cookbooks to come up with recipes for the old-fashioned products they market.Concern about the _____ element of the marketing mix would make them eager to be featured in an upcoming edition of Taste of Home magazine.

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

Question 59

Which element of the marketing mix is demonstrated when an art gallery suggests a $2.00 donation at the door?

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

Question 60

A target market is:

A)one or more specific groups of existing and potential consumers toward which a marketer directs its marketing efforts.
B)the one specific group of potential consumers on which an organization concentrates its marketing efforts.
C)the distribution chain by which products reach consumers.
D)a means of communication between buyers and sellers.

Question 61

The two central concerns of marketing are:

A)market share and customer satisfaction.
B)to meet customer needs and organizational objectives.
C)promotion and sales.
D)maximizing an organization's sales and products.

Question 62

Which of the following is an example of a service?

A)a new minivan
B)a donation to a church
C)wearing a ribbon for breast cancer awareness
D)professional landscaping of a front yard

Question 63

After an assessment of needs, a marketing manager must:

A)develop a marketing strategy.
B)manage the marketing mix.
C)create a macromarketing program.
D)design a micromarketing program.

Question 64

Which of the following is an example of an idea?

A)a political campaign
B)new kitchen appliances
C)income tax return preparation
D)chocolate chip cookies

Question 65

_____ is the trade of things of value between buyers and sellers so that each benefits.

A)Exchange
B)Promotion
C)Marketing
D)Production

Question 66

Which of the following is true of the marketing process?

A)It is the process of drawing attributes that make up a good, a service, or an idea, including product design, features, colour, packaging, warranty, and service levels.
B)It refers to the process of analysing distribution channels, retail formats, and merchandising used to sell the product.
C)It involves defining the specific group of existing customers to which marketers direct their marketing efforts.
D)It involves identifying consumer needs, managing the marketing mix for these needs, and realizing profits and revenues.

Question 67

In the _____ stage, manufacturers focused organizational efforts on selling as many products as possible, and started to hard-sell to make a profit.

A)Great Depression
B)production orientation
C)marketing concept
D)sales orientation

Question 68

_____ is described as the process of planning and managing goods, services, or ideas to meet consumer needs and organizational objectives.

A)Creative planning
B)Advertising
C)Selling
D)Marketing

Question 69

The element of the marketing mix demonstrated when a newspaper carrier throws a paper on the front porch is _____.

A)product
B)price
C)place
D)promo

Question 70

In the 1930s, it was thought that production creates its own demand, and American companies began to produce more goods than their regular buyers could consume.At the same time, competition became more significant, and the problems of reaching the market became more complex.These changes led to the _____ stage.

A)product orientation
B)production orientation
C)sales orientation
D)marketing concept orientation

Question 71

Which of the following is true of marketing?

A)It seeks to fulfill the objectives of the buyers.
B)It seeks to generate revenue and profits for the sellers.
C)It refers to the activity of communicating the product to the target market.
D)It includes the conception of a product, and its pricing, placing, and promotion to make a profit.

Question 72

The _____ orientation stage focuses organizational efforts to collect and use information about customers' needs to create customer value.

A)production
B)marketing
C)advertising
D)sales

Question 73

In the early 1900s, goods tended to sell, regardless of their quality, because they were in short supply, while consumer needs were not a priority.This is true of the _____ stage.

A)production orientation
B)sales
C)marketing concept
D)societal marketing concept

Question 74

The term market is best defined as:

A)people with a need and a want for a product.
B)organizations with the need and desire for a product.
C)organizations with products that satisfy people's needs and wants.
D)potential consumers with both the willingness and ability to buy.

Question 75

The _____ stage refers to the stage when organizations focused efforts on manufacturing goods, up until the 1930s.

A)relationship orientation
B)production orientation
C)marketing concept
D)sales

Question 76

_____ includes the conception of products, and the pricing, promotion, and distribution programs designed to make a profit and generate revenue or support for an organization.

A)Marketing strategy
B)Marketing
C)A macromarketing program
D)A micromarketing program

Question 77

Which of the following is an example of a good?

A)an airline flight
B)a new dinner set
C)a blood donation to the Red Cross
D)participation in a walk to raise funds to fight multiple sclerosis

Question 78

In the 1960s, organizations focused on the idea that an organization should strive to satisfy the needs of consumers while trying to achieve organizational goals.This is true of the _____ orientation stage.

A)marketing
B)production
C)sales
D)societal marketing

Question 79

The ability to buy a soda from a vending machine demonstrates the _____ element of the marketing mix.

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

Question 80

Which of the following statements explains why businesses moved from the production orientation stage to the sales orientation stage?

A)The population was moving away from urban areas.
B)There were too many customers to serve.
C)Competition grew as the production of goods increased.
D)Advertising was becoming a major marketing force.