Deck 1: Overview of Marketing

Question 1

HappyCow is an example of a location-based social media application.

Answer 1

True

Question 2

As it relates to marketing,the trade of things of value between the buyer and the seller so that each is better off as a result is known as an exchange.

Answer 2

True

Question 3

Marketing's fundamental purpose is to create value by developing a variety of offerings that will earn income for the company.

Answer 3

False

Question 4

Marketing advises production about how much of the company's product to make and then tells supply chain mangers when to ship it.

Question 5

The marketing plan is broken down into various components-how the product or service will be conceived or designed,how much it should cost,where and how it will be promoted,and how it will get to the consumer.

Question 6

Value is what you get for what you give.

Question 7

The power adapters Dell sells with its computers are built by small companies that specialize in power-related accessories.When Dell purchases its power adapters from these small companies,it is engaged in B2B marketing.

Question 8

As Godiva and Hershey's battle for chocolate lovers,they divide the population into a host of categories such as luxury versus cost-conscious and service-oriented versus self-service.

Question 9

Entrepreneurs are people who organize,operate,and assume the risk of a business venture.

Question 10

Supply chain management is the set of approaches and techniques that firms employ to efficiently and effectively integrate their suppliers,manufacturers,warehouses,stores,and other firms involved in the transaction into a seamless value chain in which merchandise is produced and distributed in the right quantities,to the right locations,and at the right time.

Question 11

When a manufacturer sells truck and car parts to Toyota,this is an example of B2C marketing.

Question 12

Margo likes her morning coffee,and she always stops at Starbucks because it is on her way to work.Margo is being influenced by the place element of the marketing mix.

Question 13

Marketing is an activity that only large firms with specialized departments can execute.

Question 14

Firms have come to realize that good corporate citizenship through socially responsible actions should be a priority because it will help their bottom line in the long run.

Question 15

Key to the success of many entrepreneurs is that they launch ventures that aim to satisfy unfilled needs.

Question 16

The four Ps of the marketing mix include product,promotion,planning,and place.

Question 17

Garage sales and online classified ads are examples of C2C marketing.

Question 18

In value cocreation,the customer participates in the creation of a good or service,which provides additional value to the customer.

Question 19

Understanding the marketplace and a customer's needs and wants is fundamental to marketing success.

Question 20

To build relationships,firms focus on the lifetime profitability of the relationship,not how much money is made during each transaction.

Question 21

The four Ps make up the marketing mix,which is the __________ set of decisions or activities that the firm uses to respond to the wants of its target markets.

A) unpredictable
B) external
C) internal
D) controllable
E) global

Question 22

The fundamental goal of marketers when creating goods,services,or combinations of both is to

A) defeat the competition.
B) serve all consumers.
C) operate according to government regulations.
D) stimulate short-term sales.
E) create value.

Question 23

Marketing has traditionally been divided into a set of four interrelated decisions known as the marketing mix,or four Ps,including all of the following except

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

Question 24

Which of the following is a core aspect of marketing?

A) satisfying as many needs as possible
B) creating a product that everyone will want to buy
C) setting prices lower than all competitors
D) making product, place, promotion, and price decisions
E) increasing the company's profit

Question 25

Jami sells construction equipment.Whenever she calls on her building contractor customers,she asks if they are having any problems.In doing so,Jami is addressing which of the following core aspects of marketing?

A) satisfying customer needs and wants
B) completing the exchange function of marketing
C) making product, place, promotion, and price decisions
D) making decisions about the setting in which marketing takes place
E) creating value

Question 26

Whenever Valerie has a new massage therapy customer,she invites the person to be on her e-mail distribution list.In the process,in addition to exchanging her massage therapy service for payment,Valerie is gathering

A) information.
B) promotional capital.
C) pricing data.
D) value cocreation.
E) feedback.

Question 27

Marketing involves all of the following except

A) conducting exchanges.
B) satisfying customer needs and wants.
C) creating value.
D) efforts by individuals and organizations.
E) production scheduling.

Question 28

When a T-shirt manufacturer states,"We sell it only in black because that way we can buy plenty of black fabric and run our plant efficiently," its statement reflects the views that were popular in which era of the evolution of marketing?

A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) economics-oriented

Question 29

The basic difference between a good and a service is that a good

A) provides intangible benefits.
B) can be physically touched.
C) is always less expensive than a corresponding service.
D) generates greater interest among consumers.
E) is more quickly forgotten by consumers.

Question 30

When referring to "exchange," marketers are focusing on

A) the location where products and services are traded.
B) the price charged, adjusted for currency exchange rates.
C) location-based tactics for creating value.
D) promotional offers designed to stimulate barter.
E) the trading of things of value.

Question 31

Julia is considering a career in marketing.She is concerned about the image of marketers as fast-talking,high-pressure people who care only about making a sale.When reading about the core aspects of marketing,Julia is relieved to see that in marketing

A) all parties to the transaction should be satisfied.
B) promotion is the most important consideration, followed by pricing decisions.
C) decisions are made regarding how a product is designed.
D) customers are not considered until the product is ready for sale.
E) distribution is controlled by customers.

Question 32

Buffalo Wild Wings suggests that its diners check in to its locations using their phones.This demonstrates the use of social media to market a product.

Question 33

Marketers must determine the price of a product carefully,based on potential buyers' beliefs about

A) its value.
B) the environment.
C) the cost to manufacture the product.
D) the economic outlook.
E) the product's new advertising campaign.

Question 34

Approximately half of marketers use social media tools for their businesses.

Question 35

A group of firms that make and deliver a given set of goods and services is known as a distribution network.

Question 36

Firms become value driven,in part,by focusing on the competition.

Question 37

Xavier is analyzing potential market segments.He should carefully seek potential customers who have both an interest in his products and

A) a thorough knowledge of his brand messages.
B) the ability to buy them.
C) knowledge of competing products.
D) the ability to negotiate discounts.
E) are removed from traditional marketing alternatives.

Question 38

Four Winds Art Gallery recently began offering appraisals of customers' art collections,in addition to continuing to sell paintings.Four Winds is

A) expanding from offering just services to also offering goods.
B) implementing a market segmentation strategy.
C) capturing value through multiple pricing strategies.
D) expanding from offering just goods to also offering services.
E) increasing customer value through inflated appraisal evaluations.

Question 39

Brian is struggling with the choice of publishing his new book,How to Cook Polish Barbeque,as an e-book or a paperback.Brian is addressing which core marketing aspect?

A) developing a promotional plan
B) managing the exchange function of marketing
C) making product decisions
D) deciding where and how to sell the product
E) pricing the product

Question 40

Effectively managing supply chain relationships has a minimal effect on profitability.

Question 41

By promoting perfume based on youth,style,and sex appeal,Calvin Klein is attempting to

A) influence social norms regarding sexuality.
B) encourage consumers to participate in product redesign.
C) stimulate supply chain management cooperation.
D) increase the perceived value of its products.
E) demonstrate social responsibility.

Question 42

Henriette offers financial counseling and management on a fee-only basis.She has found that different customers are willing to pay different rates for her services.This shows that her pricing decisions should depend primarily on

A) choosing an average price that she will charge all her clients.
B) changes in technology allowing consumers to manage their own affairs.
C) how different customers perceive the value of her services.
D) changes in the economy.
E) how much her competitors charge for similar services.

Question 43

Value-oriented marketers constantly measure

A) promotional effectiveness against ethical advertising standards.
B) the problem of price maximization against cost-efficiency.
C) perceived customer benefits against the costs of their offerings.
D) the desire to achieve against the need for a stable source of supply.
E) the goal of efficiency against the price charged by competitors.

Question 44

__________ is communication by a marketer that informs,persuades,and reminds potential buyers about a product or service so as to influence their opinions and elicit a response.

A) Pricing
B) Promotion
C) Placement
D) A relational orientation
E) Value cocreation

Question 45

Many universities provide physical or electronic bulletin boards to facilitate ride-sharing and exchange of used books among students.These bulletin boards increase __________ marketing.

A) B2C
B) C2B
C) B2B
D) C2C
E) underground

Question 46

The "onboard,online retail business" refers to

A) the options airlines offer passengers to upgrade their seat to first class.
B) the options airlines offer passengers to change their destination.
C) the options airlines offer passengers to connect to Facebook and Twitter.
D) the options airlines offer passengers to shop through their mobile devices while they fly toward their destination.
E) the options airlines offer passengers to purchase food and beverages while on their flight.

Question 47

___________ represents all the activities necessary to get the product to the right customer when that customer wants it.

A) Place
B) Promotion
C) Social media
D) Value cocreation
E) Supply chain marketing

Question 48

Not only does GIS technology help Starbucks determine the ideal locations for new stores,but it also can enable the company to decide

A) the age of its target market.
B) which kinds of stores to open.
C) the type of coffee to sell.
D) the type of food to sell.
E) how many new locations it should open.

Question 49

Which element of the marketing mix deals with supply chain management?

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

Question 50

The "Milk Life" advertising campaign,designed to increase awareness of the health benefits of milk,was intended to help market a(n)

A) service.
B) firm.
C) industry.
D) organization.
E) specific product.

Question 51

Effective promotion enhances a product or service's

A) supply chain management system.
B) wholesaling capabilities.
C) perceived value.
D) design features.
E) trialability.

Question 52

By allowing consumers to sell their unwanted goods to other consumers,auction sites like eBay and Etsy cater to __________ marketing.

A) B2B
B) C2C
C) D2C
D) C2D
E) B2G

Question 53

When retailers accumulate merchandise from producers in large amounts and sell to consumers in smaller amounts it is considered _______ marketing.

A) B2C
B) B2B
C) R2C
D) C2C
E) C2B

Question 54

Marketing channel management is also known as

A) endless chain marketing.
B) a transactional orientation.
C) wholesaling.
D) production management.
E) supply chain management.

Question 55

The marketing goal of getting the "right quantities to the right locations,at the right time" relates to

A) communicating the value proposition.
B) managing the supply chain.
C) performing service marketing.
D) capturing value.
E) managing price and performance.

Question 56

Some discount stores put products in large bins and let consumers hunt and find bargains.The price these consumers pay includes

A) only the actual price they pay at the register.
B) the value of their time and energy.
C) the excitement they experience in finding an item they desire.
D) the savings to the store of not having to display the products neatly on shelves.
E) the time the product was full price and didn't sell.

Question 57

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

A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Question 58

UPS,FedEx,DHL,and other shipping companies support other firms' __________ marketing goals.

A) supply chain management
B) value communication
C) value capture
D) retail management
E) promotion

Question 59

As use of the Internet took off,car manufacturers were tempted to sell directly to consumers,but decided instead to continue to sell through their existing dealer networks.The car manufacturers considered switching from __________ to __________ marketing.

A) B2C; B2B
B) B2C; C2C
C) B2B; B2C
D) B2B; C2C
E) C2C; B2C

Question 60

Many marketing students initially overlook the importance of marketing channel management because

A) marketing has no responsibility for supply chain management.
B) marketing channel management doesn't add much value for customers.
C) companies do not want customers to know anything about the supply chain.
D) many of these activities take place behind the scenes.
E) marketing channel management is already transparent.

Question 61

One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in

A) higher prices than the market leader charges.
B) increased competition.
C) long-term relationships.
D) strong connections among competing firms in the marketplace.
E) lower prices.

Question 62

In the past,manufacturer's representatives did not have real-time inventory data about the products they were selling.Today,manufacturer's representatives are often provided online access to inventory data for the companies they represent.These online inventory systems allow companies to become more value driven by

A) sharing information across the organization.
B) balancing customers' benefits and costs.
C) evaluating strategic competitive partnerships.
D) building relationships with government regulators of marketing institutions.
E) keeping prices below those charged by competitors.

Question 63

As owner of a retail franchise food store,Mary Gray purchases supplies based on specials advertised nationally throughout the franchise system.One Monday,she was surprised to find customers asking for specials she hadn't been informed of in advance.The franchise company failed to live up to the value-driven activity of

A) sharing information across the organization.
B) balancing customers' benefits and costs.
C) evaluating strategic competitive partnerships.
D) building relationships with customers.
E) keeping prices below those charged by competitors.

Question 64

Christie has just started with a travel agency,and she has been offering clients and prospective clients a range of packaged tours.She is concerned because the commissions she is earning on her sales are lower than she had hoped.Her colleague Peter,who has been with the agency for several years,is having a great deal of success by working closely with the clients,seeking their ideas,and building customized tour packages for each one based on their suggestions.Peter's approach is based on

A) transaction-oriented marketing.
B) premium pricing.
C) his seniority at the firm.
D) special incentives from tour operators.
E) value cocreation.

Question 65

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

A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Question 66

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

A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Question 67

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

A) the need for value and the perception of value.
B) explicit versus implicit value.
C) the need to provide benefits to customers and keep down costs.
D) the desire to satisfy customers and the desire to satisfy employees.
E) the need for product improvement and the need for advertising.

Question 68

Henry Ford's statement,"Customers can have any color they want so long as it's black," typified the __________ era of marketing.

A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Question 69

To build relationships,firms focus on the ___________ of the relationship,not how much money is made during each transaction.

A) cost
B) lifetime profitability
C) length
D) value
E) worth

Question 70

Serena studies her customer profiles,market research data,complaints,and other information,attempting to better understand what her customers want.Serena most likely operates in the __________ era of marketing.

A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Question 71

Data about how,when,why,where,and what people buy refers to

A) statistics.
B) demographics.
C) marketing analytics.
D) value-based marketing.
E) relational orientation.

Question 72

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

A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Question 73

To become a more value-driven organization,Pokrah University is holding regular coffee-hour discussions with its students and surveying its graduates regarding students' educational needs and desires.By doing so,Pokrah University is becoming more value driven through

A) sharing information across the organization.
B) balancing its customers' benefits and costs.
C) evaluating strategic competitive partnerships.
D) building relationships with customers.
E) keeping the faculty members happy.

Question 74

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 as if he were in the __________ era.

A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Question 75

Melanie works for a small computer software company.Her boss is constantly improving the company's products but neglects customers,billing,and promoting the company.Her boss is probably stuck in the __________ era of marketing.

A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Question 76

Near the end of the model year,the 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.

A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Question 77

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

A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Question 78

Creative locations,such as kiosks at the baggage claim in airports or small booths in grocery stores,represent Starbucks' effort to improve its offering on which dimension of the marketing mix?

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

Question 79

Yolanda is the new restaurant manager in a major hotel.When considering changes in the restaurant that will increase value to customers,Yolanda will likely attempt to either provide the same quality at a lower cost or

A) improve products and services at the same cost.
B) increase prices to increase revenue.
C) offset higher hotel rates with lower restaurant prices.
D) reduce customer expectations through reduced service.
E) lower the quality and the price.

Question 80

Which of the following statements reflects the philosophy of the market-oriented era?

A) A good product will sell itself.
B) The customer is king.
C) Firms should take advantage of a seller's market.
D) Advertising and personal selling should be emphasized in order to make the sale.
E) Firms should focus on value.