Question 1

Which element of the marketing mix can be used to enhance perceptions of value through images?

Accepted Answer

Promotion can include the use of visual elements such as images to enhance perceptions of value for a product or service. This can be through advertising, packaging, social media, or other promotional channels.

Question 2

A systematic process of assessing opportunities and resources, determining marketing objectives and developing a marketing strategy and plans for implementation and control describes which of marketing management activity?

Accepted Answer

The answer of A systematic process of assessing opportunities and...

Question 3

Which of the following would not be a customer cost considered in determining product value?

Accepted Answer

Benefits received in the exchange for the product are not considered a customer cost. Instead, they are part of the value proposition that the customer receives in exchange for the product. The other options (A, B, C, and E) are customer costs that are considered in determining product value.

Question 4

Customer benefits include __________ a buyer receives in an exchange.

Accepted Answer

Customer benefits include anything a buyer receives in an exchange, encompassing products, services, value, and more.

Question 5

Use the following to answer questions 
Best Friends Hotel is a full-service pet salon and boarding kennel.Best Friends has an interactive website where customers can directly book a grooming appointment, obedience class or overnight accommodations for their dog or cat.Best Friends has several unexpected services, such as a 55-square metre swimming pool, complete with slide and dog-friendly graduated steps to help them exit the pool.Customers can also drop off their dog or cat each morning for pet day care.Best Friends has a pick-up and delivery service, webcams in every kennel so that pet families can view their pets while away, and pet furniture so that the cats and dogs can lie on sofas just like at home.Best Friends is also open 24 hours a day, 365 days each year so that customers can pick up their pet at any time.
The director of marketing at Best Friends suggested talking to pet owners about what type of services they would like to have available.These discussions led to the pet day care and round-the-clock hours of operation.Previously, Best Friends was more interested in competing based on its prices.
-The fact that Best Friends is open 24 hours each day is part of which marketing mix variable?

Accepted Answer

The fact that Best Friends has a pick-up and delivery service and is open 24 hours a day, 365 days each year refers to the distribution variable in the marketing mix.

Question 6

Marketing activities:

Accepted Answer

Marketing activities involve a range of strategies and tactics aimed at promoting and selling a company's products or services. This includes advertising, market research, branding, sales promotion, public relations, and more. The goal of marketing is to generate awareness and interest in a product, create demand, and ultimately drive sales. By doing so, marketing activities help to generate financial resources for the firm and contribute to its overall success. While distribution and promotion decisions are certainly important parts of the marketing mix, they are only one aspect of a larger, more comprehensive set of activities.

Question 7

Marketing management is defined as a process of:

Accepted Answer

Marketing management involves a process of planning, organising, implementing and controlling marketing activities to facilitate exchanges effectively and efficiently. This includes maintaining an appropriate and efficient marketing mix for a target market, providing products that satisfy customers' needs through a coordinated set of activities, and facilitating satisfying exchanges between an organization and its customers. It also involves establishing performance standards and evaluating actual performances against these standards. Therefore, choice E is the best answer.

Question 8

How does marketing fuel the global economy?

Accepted Answer

Marketing drives sales which leads to profits. These profits are often reinvested into research and development, creating new products and technologies which can fuel economic growth.

Question 9

Use the following to answer questions 
Earth to Earth Cemetery offers a full-service funeral and burial that is non-toxic to the environment.All materials used in the burial are natural and will decompose with no negative impact.Earth to Earth's service is relatively new in Australia, but services of this type are common in Great Britain.A typical burial in Earth to Earth's cemetery includes a casket made from bamboo, wicker, paper or another natural material.There are no headstones of granite or concrete that will detract from the landscape, but trees and plants as 'markers' are allowed.The cost for a burial at Earth to Earth is approximately $3000, compared to about $6000 at most traditional cemeteries.Although business was slow at first, Earth to Earth is now experiencing an increase in the number of burials due to referrals and a newly developed website.The owners of Earth to Earth were previously in the cemetery business and are active conservationists.After conducting research and finding that there were natural burial sites in Great Britain, they wanted to provide an alternative to other environmentally conscious Australians like themselves.
-Earth to Earth's main competitive advantage over traditional cemeteries comes from its attention to which element in the marketing mix?

Accepted Answer

Earth to Earth's main competitive advantage over traditional cemeteries is its lower price for a full-service funeral and burial that is non-toxic to the environment. This attention to price is a key element of the marketing mix.

Question 10

What type of guarantee do many eBay-based businesses use to reduce the risk involved in ordering merchandise sight unseen?

Accepted Answer

Many eBay-based businesses use a 100 per cent satisfaction guarantee to reduce the risk involved in ordering merchandise sight unseen. This guarantee assures the buyer that they can return the product if they are not completely satisfied with it, which reduces the risk involved in buying something without seeing it in person first.

Question 11

Customer costs include anything the buyer must give up to obtain the benefits the product provides.The most obvious customer cost is:

Accepted Answer

Monetary price is the amount of money that the customer has to pay in order to obtain the benefits of a product or service. It is the most obvious customer cost because it is usually the first thing that comes to mind when considering the cost of a purchase. However, other customer costs such as time, effort, and risk may also be important factors that influence purchasing decisions.

Question 12

Use the following to answer questions 
Best Friends Hotel is a full-service pet salon and boarding kennel.Best Friends has an interactive website where customers can directly book a grooming appointment, obedience class or overnight accommodations for their dog or cat.Best Friends has several unexpected services, such as a 55-square metre swimming pool, complete with slide and dog-friendly graduated steps to help them exit the pool.Customers can also drop off their dog or cat each morning for pet day care.Best Friends has a pick-up and delivery service, webcams in every kennel so that pet families can view their pets while away, and pet furniture so that the cats and dogs can lie on sofas just like at home.Best Friends is also open 24 hours a day, 365 days each year so that customers can pick up their pet at any time.
The director of marketing at Best Friends suggested talking to pet owners about what type of services they would like to have available.These discussions led to the pet day care and round-the-clock hours of operation.Previously, Best Friends was more interested in competing based on its prices.
-Best Friends' target market is most likely to be which of the following?

Accepted Answer

Best Friends offers several high-end services, such as a swimming pool and webcams in every kennel, suggesting that their target market is likely urban professionals who are willing to pay a premium for luxury services for their pets. Additionally, the fact that Best Friends offers a pick-up and delivery service and is open 24/7 caters to the busy schedules of this demographic.

Question 13

Use the following to answer questions 
Earth to Earth Cemetery offers a full-service funeral and burial that is non-toxic to the environment.All materials used in the burial are natural and will decompose with no negative impact.Earth to Earth's service is relatively new in Australia, but services of this type are common in Great Britain.A typical burial in Earth to Earth's cemetery includes a casket made from bamboo, wicker, paper or another natural material.There are no headstones of granite or concrete that will detract from the landscape, but trees and plants as 'markers' are allowed.The cost for a burial at Earth to Earth is approximately $3000, compared to about $6000 at most traditional cemeteries.Although business was slow at first, Earth to Earth is now experiencing an increase in the number of burials due to referrals and a newly developed website.The owners of Earth to Earth were previously in the cemetery business and are active conservationists.After conducting research and finding that there were natural burial sites in Great Britain, they wanted to provide an alternative to other environmentally conscious Australians like themselves.
-Referrals and a new website have helped Earth to Earth's business grow.These would come under which marketing mix variable?

Accepted Answer

Referrals and a new website are promotion tactics, which fall under the promotion variable of the marketing mix.

Question 14

All of the following are marketing management tasks except:

Accepted Answer

Analysing target markets is a part of market research, not a direct task of marketing management, which focuses on planning, implementing, organizing, and controlling marketing strategies.

Question 15

Green marketing is:

Accepted Answer

Green marketing involves a strategic process that involves stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment. It goes beyond just meeting legislative requirements for waste management and may include various practices such as eco-design, reducing carbon footprint, responsible sourcing, and more. Simply applying recycling principles or using only online advertising does not fully capture the essence of green marketing.

Question 16

Use the following to answer questions 
Earth to Earth Cemetery offers a full-service funeral and burial that is non-toxic to the environment.All materials used in the burial are natural and will decompose with no negative impact.Earth to Earth's service is relatively new in Australia, but services of this type are common in Great Britain.A typical burial in Earth to Earth's cemetery includes a casket made from bamboo, wicker, paper or another natural material.There are no headstones of granite or concrete that will detract from the landscape, but trees and plants as 'markers' are allowed.The cost for a burial at Earth to Earth is approximately $3000, compared to about $6000 at most traditional cemeteries.Although business was slow at first, Earth to Earth is now experiencing an increase in the number of burials due to referrals and a newly developed website.The owners of Earth to Earth were previously in the cemetery business and are active conservationists.After conducting research and finding that there were natural burial sites in Great Britain, they wanted to provide an alternative to other environmentally conscious Australians like themselves.
-The owners of Earth to Earth Cemetery are apparently operating under which orientation?

Accepted Answer

The owners of Earth to Earth Cemetery are operating under a market orientation because they are catering to a specific group of environmentally conscious Australians and have conducted research to provide an alternative service that meets their needs.

Question 17

Marketing activities are:

Accepted Answer

Marketing activities are used by organizations of all sizes, including non-profit organizations and government agencies. Marketing is not limited to for-profit organizations and is not just implemented to increase profits, but also to create awareness, build relationships, and achieve other goals. Therefore, options B, C, D, and E are incorrect.

Question 18

__________ is the process of establishing performance standards, comparing actual performance with established standards and reducing the difference between desired and actual performance.

Accepted Answer

The process described in the question is referred to as "marketing control". It involves establishing performance standards (goals), comparing actual performance to those standards, and taking corrective action where necessary to close the gap between desired and actual performance. Options A, D, and E are not related to the process of marketing control, while option C is not a commonly used term in marketing management.

Question 19

Use the following to answer questions 
Best Friends Hotel is a full-service pet salon and boarding kennel.Best Friends has an interactive website where customers can directly book a grooming appointment, obedience class or overnight accommodations for their dog or cat.Best Friends has several unexpected services, such as a 55-square metre swimming pool, complete with slide and dog-friendly graduated steps to help them exit the pool.Customers can also drop off their dog or cat each morning for pet day care.Best Friends has a pick-up and delivery service, webcams in every kennel so that pet families can view their pets while away, and pet furniture so that the cats and dogs can lie on sofas just like at home.Best Friends is also open 24 hours a day, 365 days each year so that customers can pick up their pet at any time.
The director of marketing at Best Friends suggested talking to pet owners about what type of services they would like to have available.These discussions led to the pet day care and round-the-clock hours of operation.Previously, Best Friends was more interested in competing based on its prices.
-If Best Friends employs the philosophy of building a relationship with its dog and cat customers, and their owners, it will be implementing the:

Accepted Answer

The marketing concept focuses on building relationships with customers and meeting their needs and desires. Best Friends' focus on adding unexpected services and talking to pet owners about their desires reflects a shift towards implementing the marketing concept. The production concept focuses on producing goods at the lowest cost possible, the sales concept focuses on aggressive sales tactics, and the marketing mix is the combination of product, price, promotion, and place strategies. The marketing environment refers to the external factors that affect a company's marketing efforts.

Question 20

__________ marketing plans hinges on coordination of marketing activities, motivation of marketing personnel and effective communication within the marketing unit.

Accepted Answer

Implementing marketing plans requires coordination, motivation, and communication to ensure that the strategies are executed effectively.

Quiz 1: Key Concepts in Marketing