Question 1

Sally recently purchased Brand X lotion. In comparing her perception of how the lotion made her skin feel and look to her expectations about Brand X lotion, Sally was measuring her level of ________.
A) share of customer
B) customer satisfaction
C) customer equity
D) customer-perceived value
E) customer lifetime value

Accepted Answer

Sally's comparison of her perception of how the lotion made her skin feel and look to her expectations about Brand X lotion is a measure of customer satisfaction, which refers to the extent to which a product meets or exceeds customers' expectations.

Question 2

Cathy's Clothes is a small yet successful retail chain that sells women's clothing and accessories with a focus on buyers who have relatively modest means. For this specific purpose, the firm has rolled out several marketing initiatives aimed at women of a specific demographic. This is an example of ________.
A) ambush marketing
B) social marketing
C) societal marketing
D) target marketing
E) cause marketing

Accepted Answer

Cathy's Clothes is practicing target marketing by focusing their marketing initiatives on a specific demographic of women with modest means.

Question 3

FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with any other costs of using the service, they are acting upon ________.
A) brand loyalty
B) customer equity
C) customer-perceived value
D) customer lifetime value
E) a societal marketing campaign

Accepted Answer

The scenario describes customers weighing the benefits of fast and reliable delivery against the monetary cost of using FedEx and any other costs associated with the service. This indicates that customers are evaluating the customer-perceived value of using FedEx.

Question 4

Some fast-food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to a national obesity epidemic and environmental problems. These fast-food restaurants overlook the ________ philosophy.
A) marketing concept
B) product concept
C) production concept
D) societal marketing concept
E) selling concept

Accepted Answer

The societal marketing concept emphasizes that a company's marketing decisions should consider not only the needs and wants of consumers, but also the impact on society and the environment. Fast-food restaurants that overlook this philosophy prioritize their profits and convenience over the negative consequences of their products on public health and the environment.

Question 5

Iceco Inc., an ice-cream manufacturing company, encourages all stakeholders, including the top management and employees at all levels in their stores, to consider individual and community welfare in their day-to-day decisions. This action undertaken by Iceco reflects ________.
A) environmentalism
B) social responsibility
C) the selling concept
D) partner relationship management
E) marketing myopia

Accepted Answer

Iceco's action reflects social responsibility, as they are considering the welfare of individuals and communities, beyond just their own profits or interests. This goes beyond just the selling concept or partner relationship management and is not related to environmentalism or marketing myopia.

Question 6

A church targeting different demographic groups to increase attendance is an example of ________.
A) affinity marketing
B) not-for-profit marketing
C) societal marketing
D) evangelism marketing
E) affiliate marketing

Accepted Answer

The answer of A church targeting different demographic groups to...

Question 7

Railroads were once operated based on the thinking that users wanted trains that would offer the most in quality, performance, and innovative features. The railroad managing companies overlooked the fact that there could be other modes of transportation. This reflects the ________ concept.
A) product
B) production
C) selling
D) marketing
E) societal marketing

Accepted Answer

The given scenario reflects the product concept, which is a business philosophy that emphasizes creating a high-quality product that meets the needs and wants of the target customers. In this case, the railroad managing companies were solely focused on improving the quality, performance, and features of their trains, assuming that customers would prefer their mode of transportation over any other alternatives. They overlooked the changing needs and preferences of customers who might want to use other modes of transportation like cars, buses, and airplanes. The product concept assumes that customers will prefer products that offer the most quality, performance, and features, and this is exactly what the railroad companies were doing. However, this approach can be limiting, as it fails to consider the broader market environment and the needs of other stakeholders, such as society and the environment.

Question 8

Which of the following statements reflects the marketing concept?
A) focusing on making continuous product improvements
B) undertaking a large-scale selling and promotion effort
C) emphasizing an inside-out perspective
D) considering customer focus and value as the paths to sales and profits
E) focusing on a product-centered make-and-sell philosophy

Accepted Answer

The marketing concept places emphasis on understanding and satisfying the needs of customers to achieve sales and profits, which is reflected in option D. Option A focuses on product development, option B emphasizes selling and promotion, option C has an internal focus, and option E is centered on product production rather than customer needs.

Question 9

Henry Ford's philosophy was to perfect the Model-T so that its cost could be reduced further for increased consumer affordability. This reflects the ________ concept.
A) product
B) production
C) selling
D) marketing
E) societal marketing

Accepted Answer

Ford's philosophy of perfecting the Model-T to reduce its cost reflects the production concept, which focuses on efficient production and distribution to offer affordable products to customers.

Question 10

Greg Williams now has the buying power to purchase the desktop computer that he has wanted for the last six months. Greg's want now has become a(n) ________.
A) need
B) necessity
C) demand
D) exchange
E) transaction

Accepted Answer

Greg's ability to purchase the desktop computer has created a demand for it, as he now has the means to purchase it. However, it is not a need or a necessity as it is not something required for survival. It is also not an exchange or transaction, as those terms refer to the actual act of buying and selling, which has not yet occurred.

Question 11

Which of the following is the most likely result of a marketing strategy that attempts to serve all potential customers?
A) All customers will be delighted.
B) Customer-perceived value will increase.
C) All customers will directly turn into customer evangelists.
D) Not all customers will be satisfied.
E) Customers will not show interest in any other company's products.

Accepted Answer

Attempting to serve all potential customers is impossible, as each customer has different needs, preferences, and values. Therefore, not all customers will be satisfied with the marketing strategy. It is recommended for businesses to identify their target market and focus on satisfying their specific needs and wants instead of trying to serve everyone.

Question 12

At Gina's retail stores, the posted policy reads, "Without our customers, we don't exist." Gina and her staff aim to delight each customer, and they are quick to offer discounts or extra services whenever a customer is anything less than satisfied. Gina and her staff strive to make every customer a repeat customer. It is most accurate to say that instead of focusing on each individual transaction, Gina and her staff put a priority on ________.
A) managing partner relationships
B) selling new products
C) attracting "butterflies"
D) converting "barnacles" to "strangers"
E) capturing customer lifetime value

Accepted Answer

The statement that Gina and her staff strive to make every customer a repeat customer indicates their focus on capturing customer lifetime value, or the total value that each customer brings to the business over time. This is done by providing exceptional customer service and incentivizing customers to return. The other choices (managing partner relationships, selling new products, attracting "butterflies", and converting "barnacles" to "strangers") are not mentioned or implied in the given information.

Question 13

Elisandra, a marketing manager at a regional chain restaurant, has decided to organize a contest calling for customers to create commercials for the restaurant. Winning entries will be posted on the organization's home page. Elisandra's plan is an example of ________.
A) consumer-generated marketing
B) partner relationship management
C) customer lifetime value
D) community development around a brand
E) customer divestment

Accepted Answer

Elisandra's plan to organize a contest calling for customers to create commercials for the restaurant is an example of consumer-generated marketing, where customers become active participants in the marketing and promotion of the brand.

Question 14

As part of the rapid globalization of today's economy, companies are selling more domestically produced goods in international markets and ________.
A) taking a local view of their industry
B) purchasing more supplies abroad
C) reducing competition within their industry
D) downplaying concerns for social responsibility
E) competing solely in traditional marketplaces

Accepted Answer

The sentence is talking about companies selling domestically produced goods in international markets. To do so, companies would need to purchase more supplies from abroad to meet the demands of the international market.

Question 15

A gym equipment manufacturer encourages customers to become members of the firm's Web site. Membership provides customers with exercise tips as well as discounts on gym equipment and workout apparel. This is an example of ________.
A) a frequency marketing program
B) a basic customer relationship
C) a club marketing program
D) the selling concept
E) consumer-generated marketing

Accepted Answer

The program being described is a club marketing program, where customers are encouraged to become members of the website and receive benefits such as exercise tips and discounts on gym equipment and apparel. This creates a sense of community and loyalty among customers, which is the goal of a club marketing program.

Question 16

Government agencies design ________ to encourage energy conservation and discourage smoking, excessive drinking, and drug use.
A) club marketing programs
B) social marketing campaigns
C) consumer-generated marketing campaigns
D) ambush marketing campaigns
E) frequency marketing programs

Accepted Answer

Social marketing campaigns are designed by government agencies to encourage behavior change and promote socially positive actions such as energy conservation and discourage negative actions such as smoking, excessive drinking, and drug use. Club marketing programs, consumer-generated marketing campaigns, ambush marketing campaigns, and frequency marketing programs are all focused on promoting sales and revenue rather than promoting behavior change.

Question 17

Your state's department of education has budgeted a significant amount of money for a radio, print, television, and online advertising campaign emphasizing the long-term benefits, both educationally and professionally, of reading every day. This is an example of a(n) ________ campaign.
A) ambush marketing
B) social marketing
C) inbound marketing
D) consumer-generated marketing
E) affiliate marketing

Accepted Answer

The department of education's campaign is focused on promoting a social cause - encouraging people to read every day for their educational and professional development. Therefore, this is an example of a social marketing campaign. Ambush marketing involves associating with an event without officially sponsoring it, inbound marketing involves attracting potential customers through content and interactions, consumer-generated marketing involves customers creating and sharing their own marketing content, and affiliate marketing involves earning commission by promoting someone else's products or services. None of these accurately describe the department of education's campaign.

Question 18

Jolene's firm markets preplanning services for a mortician. She finds that most of her target market avoids discussing future funeral needs. She convinces people to invest in the firm's services through her large-scale promotional efforts. Jolene's firm most likely practices the ________.
A) production concept
B) marketing concept
C) selling concept
D) product concept
E) societal marketing concept

Accepted Answer

Jolene's firm is using the selling concept, which focuses on aggressive promotional tactics to convince people to buy the product. This approach is often used when there is an overabundance of product, or when the product is not well-liked or well-known by the target market. The production concept and product concept focus on producing high-quality products, while the marketing concept focuses on understanding and meeting customer needs. The societal marketing concept focuses on balancing the needs of the customer with the needs of society as a whole.

Question 19

Kao Corp., a deodorant-manufacturer, invited teenage girls to make an ad that would encourage other girls to buy the product. This program is an example of ________.
A) societal marketing
B) the production concept
C) the selling concept
D) partner relationship management
E) consumer-generated marketing

Accepted Answer

Kao Corp.'s program of inviting teenage girls to create an ad is an example of consumer-generated marketing, which involves engaging consumers in creating content that promotes a brand or product.

Question 20

An organic farmer has identified three distinct groups that might be interested in his products: vegetarians, health-conscious individuals, and people identified as trendsetters who try out new products in the market before others. These three groups are examples of ________.
A) marketing mixes
B) market segments
C) value propositions
D) market offerings
E) marketing intermediaries

Accepted Answer

These three groups are examples of market segments, which are distinct groups of customers within a larger market who share similar needs and characteristics. By identifying and targeting these specific segments, the organic farmer can tailor his marketing efforts and product offerings to appeal to each group's unique interests and preferences.

Quiz 1: Marketing: Creating and Capturing Customer Value

Sally recently purchased Brand X lotion. In comparing her perception of how the lotion made her skin feel and look to her expectations about Brand X lotion, Sally was measuring her level of ________.

FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with any other costs of using the service, they are acting upon ________.

Some fast-food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to a national obesity epidemic and environmental problems. These fast-food restaurants overlook the ________ philosophy.

Iceco Inc., an ice-cream manufacturing company, encourages all stakeholders, including the top management and employees at all levels in their stores, to consider individual and community welfare in their day-to-day decisions. This action undertaken by Iceco reflects ________.

A church targeting different demographic groups to increase attendance is an example of ________.

Railroads were once operated based on the thinking that users wanted trains that would offer the most in quality, performance, and innovative features. The railroad managing companies overlooked the fact that there could be other modes of transportation. This reflects the ________ concept.

Which of the following statements reflects the marketing concept?

Henry Ford's philosophy was to perfect the Model-T so that its cost could be reduced further for increased consumer affordability. This reflects the ________ concept.

Greg Williams now has the buying power to purchase the desktop computer that he has wanted for the last six months. Greg's want now has become a(n) ________.

Which of the following is the most likely result of a marketing strategy that attempts to serve all potential customers?

Elisandra, a marketing manager at a regional chain restaurant, has decided to organize a contest calling for customers to create commercials for the restaurant. Winning entries will be posted on the organization's home page. Elisandra's plan is an example of ________.

As part of the rapid globalization of today's economy, companies are selling more domestically produced goods in international markets and ________.

A gym equipment manufacturer encourages customers to become members of the firm's Web site. Membership provides customers with exercise tips as well as discounts on gym equipment and workout apparel. This is an example of ________.

Government agencies design ________ to encourage energy conservation and discourage smoking, excessive drinking, and drug use.

Your state's department of education has budgeted a significant amount of money for a radio, print, television, and online advertising campaign emphasizing the long-term benefits, both educationally and professionally, of reading every day. This is an example of a(n) ________ campaign.

Jolene's firm markets preplanning services for a mortician. She finds that most of her target market avoids discussing future funeral needs. She convinces people to invest in the firm's services through her large-scale promotional efforts. Jolene's firm most likely practices the ________.

Kao Corp., a deodorant-manufacturer, invited teenage girls to make an ad that would encourage other girls to buy the product. This program is an example of ________.

An organic farmer has identified three distinct groups that might be interested in his products: vegetarians, health-conscious individuals, and people identified as trendsetters who try out new products in the market before others. These three groups are examples of ________.