Question 1

The ________ promises to lead to more accurate levels of production, more targeted communications, and more relevant pricing.

Accepted Answer

The information age is characterized by the widespread use of technology and data analytics, allowing for more accurate and targeted decision-making in areas such as production, marketing, and pricing.

Question 2

In response to threats from such companies as AOL, Amazon, Yahoo, eBay, E'TRADE, and dozens of others, established manufacturers and retailers became "brick-and-click" oriented by adding online services to their existing offerings. This process became known as

Accepted Answer

The process described is specifically the addition of online services to existing brick-and-mortar businesses, which is known as reintermediation. Disintermediation refers to the removal of intermediaries in a supply chain, e-commerce is a general term for conducting business online, new market synchronization and e-collaboration are not applicable in this context.

Question 3

Rising promotion costs and shrinking profit margins are the result of

Accepted Answer

Heightened competition among businesses leads to rising promotion costs as companies try to differentiate themselves and attract customers. This increased spending on advertising and marketing can result in shrinking profit margins as businesses try to maintain their prices while also covering the cost of promotion. Globalization, deregulation, changing technology, and privatization can also have an impact on promotion costs and profit margins, but they are not the primary drivers in this case.

Question 4

Many countries have ________ industries to create greater competition and growth opportunities.

Accepted Answer

Deregulating industries involves reducing government control and promoting competition, which can lead to greater growth opportunities. Open-market and scientifically segmented industries are not commonly used terms in this context. Regulated industries typically have more government control and may have less competition, which does not encourage growth. Created mass market may refer to creating a new market, but it is not a commonly used term in this context.

Question 5

Industry boundaries are blurring at an incredible rate as companies are recognizing that new opportunities lie at the intersection of two or more industries this is called

Accepted Answer

Blurring industry boundaries and the recognition of new opportunities that lie at the intersection of multiple industries is called industry convergence.

Question 6

The ________ is practised most aggressively with unsought goods, goods that buyers normally do not think of buying, such as insurance, encyclopedias, and funeral plots.

Accepted Answer

The selling concept is focused on aggressive sales techniques and pushing products onto customers, which is most commonly used with unsought goods that customers do not actively seek out or think of buying. This includes products such as insurance, encyclopedias, and funeral plots, which require a strong sales effort to convince customers of their value. The other concepts, such as the marketing concept, are more customer-focused and aim to create value for customers by understanding their needs and wants.

Question 7

If marketers are characterized as "gardening" rather than "hunting," the ________ is most likely to be the concept the marketers are following.

Accepted Answer

The marketing concept focuses on building and maintaining long-term relationships with customers by creating value for them, which is similar to the approach of gardening. This involves understanding the needs and wants of customers and delivering products and services that meet those needs, as well as continuously seeking feedback to improve and innovate. The selling concept, product concept, production concept, and social responsibility concept do not necessarily involve this long-term relationship building approach.

Question 8

Many brick-and-click competitors became stronger contenders in the marketplace than the pure-click firms because they had a larger pool of resources to work with and

Accepted Answer

Brick-and-click competitors often have well-established brand names, which provide them with a competitive advantage over pure-click firms by leveraging existing customer trust and recognition.

Question 9

MAC Cosmetics trains their artists to collaborate with customers so that each one feels she's had an authentically artistic experience. This is an example of which major societal force behind the new marketing realities?

Accepted Answer

Network information technology allows MAC Cosmetics to train their artists to collaborate with customers remotely, providing an authentically artistic experience.

Question 10

Under which of the following company orientations toward the marketplace would we expect to find the "better mousetrap" fallacy?

Accepted Answer

The "better mousetrap" fallacy is the idea that a superior product will automatically generate enough demand to be successful, without the need for significant marketing efforts. This belief is typical of the product concept, in which the company focuses on continuous product improvement and assumes that consumers will naturally prefer the best quality and performance. However, this orientation may lead to overestimating customer loyalty and underestimating the importance of other factors such as price, convenience, and brand image.

Question 11

Global marketers face additional challenges and must also decide

Accepted Answer

Global marketers have to adapt their product and service features to suit the cultural and social context, legal and infrastructure requirements, and economic conditions of each country. Simply employing a standardized strategy won't definitely work for all markets.

Question 12

Much of a brand's strength depends on developing a superior product and backing it with engaging communications in which of these key customer markets?

Accepted Answer

Consumer markets are where brands typically focus on developing superior products and engaging communications to attract and retain customers.

Question 13

In business markets, advertising can play a role, but a stronger role may be played by the sales force, ________, and the company's reputation for reliability and quality.

Accepted Answer

The answer of In business markets, advertising can play a...

Question 14

When online dotcoms, such as TD Waterhouse and Chapters.ca cut out the majority of middlemen that normally would participate in the exchange process, they were advocating

Accepted Answer

When online dotcoms cut out middlemen from the exchange process, they were advocating for disintermediation.

Question 15

In response to giant retailers and category killers, entrepreneurial retailers are building entertainment into stores with coffee bars, lectures, demonstrations, and performances. They are marketing a(n) ________ rather than a product assortment.

Accepted Answer

The scenario describes the incorporation of entertainment elements into the retail experience, which suggests that the entrepreneurial retailers are marketing an experience rather than just a product assortment. Therefore, choice E - experience - is the best answer.

Question 16

Mohan Sawhney has proposed the concept of ________ to describe a cluster of complementary products and services that are closely related in the minds of consumers but are spread across a diverse set of industries.

Accepted Answer

Mohan Sawhney proposed the concept of metamarket to refer to a group of complementary products and services that are perceived by consumers as being closely related but are distributed across a range of industries. It emphasizes the importance of collaboration between companies that offer different but complementary products or services, as well as the need for organizations to develop a more customer-centric approach to business strategy.

Question 17

Dell Computer doesn't prepare a perfect computer for its target market. Instead, it provides product platforms on which each person customizes the features he or she desires in the computer. This is an example of a company embracing the

Accepted Answer

Dell's approach of allowing customers to customize their computers based on their personal preferences aligns with the marketing concept, which focuses on understanding and meeting the needs and wants of customers. This approach also emphasizes building long-term relationships with customers and creating customer value, which is a key element of the marketing concept.

Question 18

Companies selling mass consumer goods and services such as soft drinks, cosmetics, air travel, and athletic shoes and equipment spend a great deal of time trying to establish a superior brand image in markets called

Accepted Answer

Companies selling mass consumer goods and services such as soft drinks, cosmetics, air travel, and athletic shoes and equipment operate in consumer markets. These companies have to establish a superior brand image to differentiate themselves from their competitors and attract customers. They spend a great deal of time and money on advertising, promotions, and marketing campaigns to create a strong brand image and increase brand awareness among consumers.

Question 19

Customers today perceive fewer real product differences, show less brand loyalty, and are becoming more sensitive to

Accepted Answer

Customers today are becoming more price and quality sensitive, meaning they are less likely to remain loyal to a particular brand and more likely to switch to a competitor if they perceive a better value for the price. The other options, while still important, are not as influential in this current trend.

Question 20

When 3M, HP, and Motorola practise researching or imaging latent needs of consumers, they are most likely using which of the following marketing orientations with respect to their consumers?

Accepted Answer

These companies are using a proactive marketing orientation by seeking to understand unmet needs and desires of their consumers through research and imaging. This approach involves anticipating customer needs and wants and developing products or services to meet them.

Quiz 1: Defining Marketing for the 21st Century