Question 1

What element of the marketing mix for The City of Hamilton is described by its old moniker, "the ambitious city"?

Accepted Answer

The answer of What element of the marketing mix for...

Question 2

Every day, buyers from large utility companies and sellers from energy companies visit an online exchange dealing in wholesale electricity and gas to negotiate prices for the energy that heats and lights many homes and businesses. The exchange knows there are competitors vying for its customers so it relies heavily on technology to build and retain strong, one-on-one relationships with each customer. The exchange uses
________ to know its customer and to win their allegiance.

Accepted Answer

The exchange uses customer relationship management to know its customers and to win their allegiance. This technology allows the exchange to build and retain strong, one-on-one relationships with each customer by tracking their buying behaviors, preferences, and interactions with the exchange. This enables the exchange to provide personalized service and offers to each customer, which can help to build customer loyalty and ultimately drive sales.

Question 3

Supply exceeded demand; products could be differentiated from each other; and producers determined different consumer wants and needs. This statement most likely refers to which era in business history?

Accepted Answer

The marketing concept era is characterized by a focus on identifying and satisfying customer needs and wants, rather than simply producing and selling as much as possible. This era recognizes the importance of market research and differentiation in order to appeal to specific target markets. The other eras listed (industrial revolution, production, and sales) all focus more on the production and sale of goods rather than tailoring products to specific consumer demands.

Question 4

An organization that focuses its efforts on continuously collecting information about customers' needs and competitors' capabilities, sharing this information across departments, and using the information to create customer values is said to:

Accepted Answer

An organization that focuses on collecting information about customers' needs and competitors' capabilities and using that information to create customer values is said to have a market orientation. This approach places a strong emphasis on understanding and responding to customer preferences and market trends, which is essential for long-term success in today's competitive business environment.

Question 5

United Way of Greater Toronto (UWGT), like many charities, is sitting on a gold mine of donor data. Locked up in its computer and paper files are records of millions of companies, groups, and individuals that have donated in past years. Also like most philanthropic organizations, UWGT was having a rough time using that information
Efficiently. It could blanket past donors with generic mailings, but it could not offer its donors anything that would make people donate to it instead of other charities. Which of the following tools would be most useful for the non-profit organization to use?

Accepted Answer

Customer relationship management (CRM) would be the most useful tool for UWGT to utilize. CRM would allow the organization to effectively manage and analyze its donor data, helping to identify trends and preferences that could shape targeted marketing and fundraising efforts. This would enable UWGT to personalize communications with donors and build stronger relationships, improving donor retention and ultimately increasing donations. While the other tools listed could potentially help UWGT in certain areas, such as competitive intelligence in understanding other charities' fundraising strategies or a database warehouse for organizing data, CRM would be the most impactful and relevant solution for the organization's specific challenge of utilizing its donor data more efficiently.

Question 6

The latest marketing concept is known as:

Accepted Answer

Social media marketing is the latest marketing concept because it allows businesses to connect with their customers on a more personal level and build relationships with them.

Question 7

During the marketing concept era, it is noted that most marketing ideas are fed into the production cycle from after an item is produced to_________ it is designed.

Accepted Answer

During the marketing concept era, the focus shifted towards customer needs and wants, and products were designed based on those needs. Therefore, marketing ideas were fed into the production cycle before the item was designed.

Question 8

Which of the following statements about the marketing concept era is true?

Accepted Answer

During the marketing concept era, companies shifted their focus from production and sales to satisfying the needs of consumers while also achieving the organization's goals. This era was marked by a customer-centric approach where companies actively sought to understand and meet the wants and needs of their target market. While not all firms now operate with a marketing concept era philosophy, it is still widely recognized as a critical component of successful marketing.

Question 9

Integrating marketing into all phases of the business process was the goal of which business era?

Accepted Answer

The marketing concept era shifted the focus of businesses from solely producing products or utilizing aggressive sales tactics to placing the customer at the center of all business decisions and integrating marketing into every aspect of the business process.

Question 10

Many who attend circuses particularly look forward to the performances that use lions, tigers, elephants, monkeys, and other animals and get a great deal of pleasure from watching these acts. There are also a lot of people who enjoy the other circus acts but feel strongly that these animals are being abused because they are forced to perform. This example indicates it is not always easy to act in accordance with the:

Accepted Answer

The marketing concept is about creating value for customers while taking into consideration societal and ethical considerations. This example highlights the ethical concerns surrounding the use of animals in circus acts and how it can conflict with the value and pleasure customers derive from seeing these performances. Thus, it is not always easy to act in accordance with the marketing concept in such situations.

Question 11

In the movie, The Tin Men, two rival salesmen engaged in a variety of dishonest and unethical practices in order to sell aluminum siding to homeowners. Their job was difficult, in part, because the supply of aluminum siding surpassed the demand for the product and competition was intense. This situation is indicative of the era_________Of business history.

Accepted Answer

The intense competition and the reliance on dishonest and unethical practices suggest a focus on sales, where the goal was to sell as much product as possible regardless of the ethics involved. This era is known as the Sales Era of business history, which spanned the 1920s to the 1950s.

Question 12

When the City of Hamilton encourages their consumers to post pictures of their foodie tour experience on Instagram, Facebook, and Twitter, the City of Hamilton is embracing which marketing concept?

Accepted Answer

The City of Hamilton is embracing social media marketing by encouraging their consumers to post pictures of their foodie tour experience on Instagram, Facebook, and Twitter. This is a form of marketing that utilizes social media platforms as a tool to connect with consumers and promote products or services. By using social media, the City of Hamilton can reach a larger audience, engage with their customers, and create a more authentic and personal connection with their brand.

Question 13

Target retail stores use their proprietary REDcard to understand their buyers intimately, and develop favourable long-term perceptions of their buying habits, so Target can offer promotions and products that are more likely for that buyer to
Purchase at their store. This concept is referred to as:

Accepted Answer

The concept described in the statement is customer relationship management (CRM), which involves understanding the needs and behaviours of individual customers in order to develop long-term relationships with them and increase their loyalty to the brand. The use of the REDcard to capture customer data and develop a profile of their buying habits is a key aspect of CRM. A) A flexible marketing system refers to an approach to marketing that can adapt to changing market conditions or customer needs. B) Competitive intelligence is the process of gathering and analyzing information about competitors in order to identify their strengths and weaknesses and gain a competitive advantage. D) A database warehouse is a centralized repository of data that is used for analysis and reporting purposes. While Target may use a database warehouse to store customer data, it is not the primary concept being described in the statement.

Question 14

Customer relationship management (CRM)is most closely related to the _________era in the evolution of marketing.

Accepted Answer

CRM is focused on creating and maintaining positive relationships with customers, which is a hallmark of the customer experience management era in marketing. This era places an emphasis on understanding and meeting customer needs and desires in order to build long-term loyalty and advocacy. The sales era focused more on persuasive tactics to close individual sales, while production and societal marketing eras prioritized efficiency and social responsibility, respectively.

Question 15

A market orientation towards consumers and competitors requires:

Accepted Answer

A market orientation towards consumers and competitors requires involvement of managers and employees throughout the firm as they need to be aware of changes in customer needs, preferences, and behaviors and provide superior value compared to competitors. Industrial espionage is not ethical nor legal and can harm the reputation of the firm. developing multiple target markets and marketing mixes may help in targeting different segments of customers but it is not a direct requirement for a market orientation. Corporate downsizing may or may not be necessary depending on the situation but it is not strictly required for a market orientation.

Question 16

In the 1960s, Pillsbury defined its mission as, "We are in the business of satisfying needs and wants of customers." This is a brief statement of what has come to be known as the:

Accepted Answer

The mission statement of Pillsbury aligns with the marketing concept, which is focused on identifying and satisfying customer needs and wants. The selling concept is focused on aggressive sales tactics, the soft-sell strategy is a more subtle approach to selling, and the hard-sell strategy is a more forceful approach to selling.

Question 17

As organizations have changed their orientation, society's expectations of marketers have also changed. Today, the emphasis of marketing practice has shifted from ________ to consumers' interests.

Accepted Answer

The shift in marketing practice has moved from focusing primarily on the interests of producers—such as maximizing sales and profits—to prioritizing the interests and needs of consumers. This reflects a broader trend towards customer-centric marketing strategies.

Question 18

The core of the marketing department at Coca Cola is the idea that their products should seek to satisfy the wants of customers while also trying to achieve the organization's goals. This is known as

Accepted Answer

The marketing concept is the idea that a company's marketing efforts should be focused on satisfying the wants and needs of customers while also achieving the organization's goals. This is the approach taken by Coca Cola's marketing department. The principle of consumerism is a broader social movement focused on protecting the rights and interests of consumers. The societal marketing concept is a more recent approach that emphasizes the importance of considering the well-being of society as a whole in addition to the wants and needs of customers. The concept of synergy refers to the idea that the combined effects of two or more entities working together are greater than the sum of their individual effects. While this concept can be applied to marketing in some contexts, it is not directly related to the approach taken by Coca Cola's marketing department.

Question 19

Which era of business history does the following statement best describe? "We are in the business of satisfying needs and wants of consumers."

Accepted Answer

The statement reflects the philosophy of the "marketing concept era," which began in the 1950s and is characterized by the idea that businesses should focus on understanding and meeting the needs and wants of consumers in order to achieve long-term success.

Question 20

Stephanie has worked at the United Way for the last twenty years; in her time, she has seen the change in response rates to donor campaigns shift from calling programs to online Facebook donations. As a result, some suggest that_________ is the biggest Shift in the economy since the Industrial Revolution.

Accepted Answer

The sentence mentions the shift in response rates from traditional calling programs to online Facebook donations, indicating that social media marketing has had a significant impact on the economy. The other answer choices, such as customer relationship management and ethics, may play important roles in marketing and business practices, but do not necessarily represent the biggest shift in the economy.

Quiz 1: Creating Customer Value, Relationships, and Experiences Through Marketing