Question 1

Which phrase best captures the essence of relationship marketing?
A)Emphasis on quality
B)Emphasis on intensive distribution
C)Emphasis on long-term relationships with customers
D)Emphasis on exclusive distribution
E)Emphasis on profitable operations

Accepted Answer

Relationship marketing is focused on building long-term relationships with customers by understanding their needs and preferences and tailoring marketing efforts and communications to meet those needs. It involves creating a strong bond between the customer and the brand to foster loyalty, repeat business, and positive word-of-mouth referrals. This approach requires a greater emphasis on customer service, personalized communication, and ongoing engagement over time.

Question 2

When Toronto-based Fairmont Resort Hotels used data mining to find out what kinds of vacations their customers preferred,and then placed ads where they were more likely to reach those customers,this was an example of
A)consumer relationship management.
B)product differentiation.
C)data warehousing.
D)aggregate marketing.
E)industrial marketing.

Accepted Answer

Fairmont Resort Hotels' use of data mining to better understand their customers' preferences is an example of consumer relationship management, which involves using data and analytics to tailor marketing and sales efforts to individual customers. By placing ads where they were more likely to reach these customers based on their preferences, Fairmont is utilizing consumer relationship management techniques to build stronger relationships with its customers.

Question 3

Advertising to make people more aware of the hazards of drinking and driving is an example of
A)industrial marketing.
B)relationship marketing.
C)service marketing.
D)idea marketing.
E)consumer marketing.

Accepted Answer

Idea marketing focuses on promoting a concept, such as raising awareness about the dangers of drinking and driving. The goal of this type of marketing is to change people's behavior or attitude towards a certain issue.

Question 4

The process of planning and executing the conception,pricing,promotion,and distribution of ideas,goods,and services to create exchanges that satisfy individual and organizational objectives is called
A)publicity.
B)marketing.
C)relationship marketing.
D)idea promotion.
E)advertising.

Accepted Answer

The process described is the definition of marketing, which encompasses a wide range of activities to create value and satisfy customers' needs, ultimately leading to profitable exchanges. The other options, such as publicity and advertising, are specific subsets of marketing. Relationship marketing is a strategy focused on building long-term relationships with customers, while idea promotion is not a widely recognized marketing concept.

Question 5

Harley-Davidson offers social incentives through the Harley Owners Group (H.O.G. ),the largest motorcycle club in the world.This is an example of
A)industrial marketing.
B)relationship marketing.
C)consumer marketing.
D)marketing research.
E)international marketing.

Accepted Answer

The Harley Owners Group (H.O.G.) is an example of relationship marketing, as it focuses on building long-term relationships with customers through social incentives and a shared passion for Harley-Davidson motorcycles.

Question 6

The five major environmental factors in the marketing environment are
A)political-legal,socio-cultural,technological,infrastructure,and competitive.
B)political-legal,economic,intellectual,socio-cultural,and competitive.
C)political-legal,socio-cultural,technological,economic,and competitive.
D)infrastructure,socio-cultural,technological,climatic,and competitive.
E)political-legal,intellectual,technological,economic,and competitive.

Accepted Answer

The five major environmental factors in the marketing environment are political-legal, socio-cultural, technological, economic, and competitive. Choice C includes all five of these factors. Choice A includes infrastructure instead of economic, and choice B includes intellectual instead of economic, which are not commonly recognized as major environmental factors in marketing. Choice D includes climatic, which is not a commonly recognized factor in marketing. Choice E includes intellectual, which is not considered a major environmental factor in marketing.

Question 7

Starbucks's Card Rewards attracts return customers with free coffee refills and other extras.This is an example of
A)industrial marketing.
B)relationship marketing.
C)consumer marketing.
D)marketing research.
E)international marketing.

Accepted Answer

This is an example of relationship marketing, as it focuses on creating a long-term relationship with customers by offering rewards and incentives to encourage repeat business.

Question 8

What type of goods includes raw materials and integrated circuits?
A)Substitute products
B)Industrial goods
C)Consumer goods
D)Marketing goods
E)Disposable goods

Accepted Answer

Raw materials are used in the production of goods, and integrated circuits are used in industrial applications such as electronics manufacturing. Therefore, both fall under the category of industrial goods.

Question 9

According to the marketing concept,
A)the firm must coordinate its marketing and non-marketing activities.
B)customer satisfaction is the firm's only objective.
C)maximum short-run profit is the firm's only objective.
D)the marketing department should function independently of the rest of the firm.
E)the finance area becomes critically important because ways must be found to pay for all the marketing research activity that is necessary.

Accepted Answer

The marketing concept is focused on meeting the needs and wants of customers while also achieving the goals of the organization. In order to do this, the firm must coordinate both its marketing and non-marketing activities to ensure that all aspects of the organization are aligned with the customer's needs and wants. This includes areas such as finance, operations, and human resources, among others. Therefore, choice A is the best answer as it accurately reflects the importance of coordination between different areas of the organization.

Question 10

What kind of business activity is a grocery store engaged in when it sells meat to a homemaker?
A)Consumer marketing
B)Disaggregate marketing
C)Product differentiation
D)Industrial marketing
E)Market planning

Accepted Answer

Consumer marketing involves selling products directly to individual consumers for personal use, which is exactly what a grocery store does when it sells meat to a homemaker.

Question 11

Products which are purchased by end users for their personal use are ________ goods,while products which are purchased by companies for production purposes are ________ goods.
A)industrial;consumer
B)capital;accessory
C)consumer;industrial
D)high utility;low utility
E)none of these

Accepted Answer

Consumer goods are products purchased by end users for their personal use, while industrial goods are products purchased by companies for production purposes.

Question 12

Quinn Clothes is a successful business selling fashionable and athletic swimwear.The marketing staff has said that the company's plan to develop and market waterproof perfumes might be hindered by a lack of experience in the perfume field.Which of the following is the best response to that weakness?
A)Hire a chemist to develop the fragrances
B)Seek product ideas from existing staff
C)Employ new graphic designers to develop a new logo
D)Ensure that the perfume can be sold in the same retail stores as the swimwear
E)Rethink the company's promotional approach to selling products

Accepted Answer

Hiring a chemist with expertise in developing fragrances would provide the necessary experience and knowledge to successfully develop and market waterproof perfumes. Seeking ideas from existing staff may not necessarily address the lack of experience in the perfume field. Employing new graphic designers to develop a new logo and ensuring that the perfume can be sold in the same retail stores as the swimwear may be important, but they do not address the core issue of expertise in the perfume field. Rethinking the company's promotional approach may be necessary, but it does not address the issue of lack of experience in developing and marketing perfumes.

Question 13

A product's benefits include all of the following except which?
A)The emotional satisfaction associated with owning the product
B)The satisfaction associated with experiencing the product
C)The time required to purchase the product
D)The functions of the product
E)The acceptance by a peer group

Accepted Answer

The other options (A, B, D, and E) are all benefits associated with a product, while option C is a factor that may impact the process of purchasing the product but is not necessarily a benefit of owning it.

Question 14

Single parent families,food preferences,and the number of women entering the workforce are all external environmental factors marketing managers must consider when analyzing the ________ environment.
A)public relations
B)legal
C)produce
D)economic
E)socio-cultural

Accepted Answer

The external environmental factors mentioned - single parent families, food preferences, and women entering the workforce - are all examples of socio-cultural factors that can affect consumer behavior and thus impact marketing strategies. The other options listed (public relations, legal, and produce) do not adequately cover these factors. While economic factors could also play a role in this scenario, the specific examples given suggest a stronger emphasis on socio-cultural analysis.

Question 15

Hydraulics Inc.makes filters for manufacturing companies.What kind of marketing is it engaged in?
A)Consumer marketing
B)Disaggregate marketing
C)Market planning
D)Industrial marketing
E)Product differentiation

Accepted Answer

Hydraulics Inc. is engaged in industrial marketing, which involves marketing goods and services to other businesses and organizations rather than individual consumers.

Question 16

________ is the process of planning and executing the development,pricing,promotion,and distribution of ideas,goods,and services to create exchanges that satisfy individual and organizational objectives.
A)Promotion
B)Relationship marketing
C)Marketing
D)Market strategy
E)Market segmentation

Accepted Answer

The definition provided perfectly matches the concept of marketing, which involves all aspects of planning and executing the development, pricing, promotion, and distribution of products and services to create exchanges that satisfy individual and organizational objectives. Promotion, relationship marketing, market strategy, and market segmentation are all important components of marketing but do not encompass the entire process.

Question 17

If Brighten Your World Inc.sells its light bulbs to the Jacobs Motor Company to be used in all their cars as headlights,Brighten Your World is engaging in what type of marketing activity?
A)Marketing research
B)Consumer marketing
C)Relationship marketing
D)Aggregate marketing
E)Industrial marketing

Accepted Answer

Brighten Your World Inc. is selling its products to another business (Jacobs Motor Company) for use in their production process, which is characteristic of industrial marketing.

Question 18

Which of the following terms describes the kind of products marketed by insurance companies,airlines,investment counsellors,health clinics,and public accountants?
A)Personal goods
B)Services
C)Industrial goods
D)Psychographics
E)Reseller goods

Accepted Answer

These companies provide services rather than products that can be touched or owned, hence the term "services."

Question 19

What is data warehousing?
A)A marketing strategy that creates sales agreements that stipulate product delivery
B)The process of dividing a market into categories of customer types
C)The study of consumer needs and wants and the way in which sellers can best meet them
D)The process of collecting,storing,and retrieving data in electronic files
E)A customer identification strategy that targets potential buyers

Accepted Answer

Data warehousing is the process of collecting, storing, and retrieving data in electronic files. It involves creating a centralized repository of data from various sources to support reporting and analysis activities.

Question 20

Value is determined by comparing a product's ________;the formula requires dividing ________.
A)costs and benefits;benefits by costs
B)price and quality;price by quality
C)price and durability;durability by price
D)quality and durability;quality by durability
E)availability and price;price by availability

Accepted Answer

Value is determined by comparing a product's costs and benefits; the formula for calculating value often involves dividing benefits by costs to assess the value gained relative to what is spent.

Quiz 12: Understanding Marketing Principles and Developing Products

Which phrase best captures the essence of relationship marketing?

When Toronto-based Fairmont Resort Hotels used data mining to find out what kinds of vacations their customers preferred,and then placed ads where they were more likely to reach those customers,this was an example of

Advertising to make people more aware of the hazards of drinking and driving is an example of

The process of planning and executing the conception,pricing,promotion,and distribution of ideas,goods,and services to create exchanges that satisfy individual and organizational objectives is called

Harley-Davidson offers social incentives through the Harley Owners Group (H.O.G. ) ,the largest motorcycle club in the world.This is an example of

The five major environmental factors in the marketing environment are

Starbucks's Card Rewards attracts return customers with free coffee refills and other extras.This is an example of

What type of goods includes raw materials and integrated circuits?

According to the marketing concept,

What kind of business activity is a grocery store engaged in when it sells meat to a homemaker?

Products which are purchased by end users for their personal use are goods,while products which are purchased by companies for production purposes are goods.

Quinn Clothes is a successful business selling fashionable and athletic swimwear.The marketing staff has said that the company's plan to develop and market waterproof perfumes might be hindered by a lack of experience in the perfume field.Which of the following is the best response to that weakness?

A product's benefits include all of the following except which?

Single parent families,food preferences,and the number of women entering the workforce are all external environmental factors marketing managers must consider when analyzing the ________ environment.

Hydraulics Inc.makes filters for manufacturing companies.What kind of marketing is it engaged in?

________ is the process of planning and executing the development,pricing,promotion,and distribution of ideas,goods,and services to create exchanges that satisfy individual and organizational objectives.

If Brighten Your World Inc.sells its light bulbs to the Jacobs Motor Company to be used in all their cars as headlights,Brighten Your World is engaging in what type of marketing activity?

Which of the following terms describes the kind of products marketed by insurance companies,airlines,investment counsellors,health clinics,and public accountants?

What is data warehousing?

Value is determined by comparing a product's ;the formula requires dividing .