Question 1

Long-term relationships with profitable customers is the key objective of
A)personal selling.
B)customer relationship management.
C)production oriented firms.
D)e-marketing.
E)distribution channels.

Accepted Answer

Customer relationship management (CRM) focuses on building and maintaining long-term relationships with profitable customers through various strategies such as personalization, customization, and loyalty programs. This approach helps businesses to retain customers, increase customer satisfaction, and ultimately drive sales and profitability. Personal selling, production oriented firms, e-marketing, and distribution channels may all contribute to building customer relationships, but they are not as comprehensive as CRM.

Question 2

Approximately what percentage of civilian workers in the United States performs marketing activities?
A)25 to 33 percent
B)81 to 92 percent
C)42 to 50 percent
D)64 to 76 percent
E)10 to 20 percent

Accepted Answer

The Bureau of Labor Statistics reports that approximately 25 to 33 percent of civilian workers in the United States perform marketing activities in their job duties. This includes tasks such as market research, advertising, sales, and public relations.

Question 3

Marketing activities
A)are aimed at persuading customers through advertising.
B)involve mainly distribution and promotion decisions.
C)and selling activities are basically the same.
D)are important only when a firm is developing new products or entering new markets.
E)help sell an organization's products and generate financial resources for the firm.

Accepted Answer

Marketing activities are crucial for the overall success of an organization. These activities, such as advertising, promotion, pricing, and distribution, are aimed at generating demand for the company's products or services and ultimately, generating financial resources for the firm. Marketing is not just limited to developing new products or entering new markets, but it involves every aspect of the organization's interaction with its customers. Thus, E is the best choice as it captures the essence of marketing activities.

Question 4

Initiatives intended to improve an organization's positive impact on society and the natural environment are called
A)environmental marketing
B)green marketing
C)socially-responsible marketing
D)energy-conscious marketing
E)socially-conscious marketing

Accepted Answer

The answer of Initiatives intended to improve an organization's positive...

Question 5

Scott,a buyer for a medium-sized company,is assessing the value of competing software products for use in his firm.Which of the following would not be a customer benefit considered in his determination of this product's value?
A)Speed of delivery
B)Ease of installation
C)Availability of technical support
D)Availability of training assistance
E)Monetary price

Accepted Answer

Monetary price is not a customer benefit, but rather a cost that must be considered. The other options listed are all customer benefits that would contribute to the overall value of the product.

Question 6

If a family spends $2,000 a month on goods and services,how much of that $2,000 goes for marketing activities?
A)$2,000
B)$1,500
C)$1,000
D)$500
E)$0

Accepted Answer

Marketing costs typically account for about 50% of the retail price of goods and services, so if a family spends $2,000, approximately $1,000 of that would go towards marketing activities.

Question 7

In today's market environment,you might pay $15 for a physical CD by your favorite musical artist.Approximately how much of that price goes to activities related to marketing (promotion,distribution,profit margins)?
A)$1.70
B)$3.40
C)$5.10
D)$7.50
E)$12.75

Accepted Answer

In the music industry, a significant portion of the CD price, often around 50%, is allocated to marketing, distribution, and profit margins.

Question 8

____ is a customer's subjective assessment of benefits relative to costs in determining the worth of a product.
A)Marketing orientation
B)Monetary price
C)Product assessment
D)Price assessment
E)Value

Accepted Answer

The definition given in the question matches the concept of "value". Value is the perceived benefit of a product or service relative to its cost, as assessed by the customer. It is subjective and varies from customer to customer. Therefore, the customer's perception of the value of a product is a crucial factor in determining whether they will buy it, and at what price.

Question 9

If Southwest Airlines offers a Groupon promotion for half-price fares,it must ensure that the number of allowable Groupon participants doesn't exceed the number of seats on the various flights in the promotion.It must also ensure that it has clearly stated the promotional guidelines online in the offer so consumers understand it fully.This relates to which of the following marketing management activities?
A)Strategic planning
B)Planning
C)Organizing
D)Implementation
E)Marketing control

Accepted Answer

Implementation refers to putting marketing plans into action, which includes ensuring that promotional guidelines are clearly stated and that the number of participants does not exceed the number of available seats.

Question 10

Scenario 1.1
Use the following to answer the questions.
Greensprings Cemetery in upstate New York,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.Greensprings' service is relatively new in the United States,but services of this type are common in Great Britain.A typical burial in Greensprings' cemetery includes a casket made from bamboo,wicker,paper,or other natural material.There are no headstones of stone or concrete that will detract from the landscape,but trees and plants as "markers" are allowed.The cost for a burial at Greensprings is approximately $3,000,compared to about $6,000 at most traditional cemeteries.Although business was slow at first,Greensprings is now experiencing an increase in the number of burials,due to referrals and a newly-developed website.The owners of Greensprings were previously in the cemetery business,and are active conservationist and wanted to make their business more sustainable.After conducting research and finding that there were natural burial sites in Great Britain,they wanted to provide an alternative to other environmentally-conscious Americans like themselves.
-Refer to Scenario 1.1.A new website has helped Greensprings' pre-planned funeral business grow.These would come under which of the following marketing mix variables?
A)Product
B)Price
C)Distribution
D)Promotion
E)Promotion and price

Accepted Answer

The use of a new website to increase business falls under the promotion variable of the marketing mix.

Question 11

Marketing activities are
A)used by all sizes of organizations including for-profit,nonprofit,and government agencies.
B)limited to use by larger for-profit and nonprofit organizations.
C)implemented only to increase profits for the organization and to expand the scope of its customer base.
D)used by all types and sizes of businesses but are not used by nonprofit organizations.
E)used by small businesses and small nonprofit organizations the most.

Accepted Answer

Marketing activities are used by all sizes of organizations including for-profit, nonprofit, and government agencies. It is not limited to larger organizations and is not solely implemented to increase profits or expand the customer base. Small businesses and small nonprofit organizations also use marketing activities.

Question 12

Managing customer relationships requires identifying patterns of ____ and then using that information to focus on the most promising and profitable customers.
A)demographics
B)buying behavior
C)retailer information
D)personality differences
E)stock market cycles

Accepted Answer

To manage customer relationships effectively, it is important to understand their buying behavior - what products or services they are interested in, how frequently they buy, how much they are willing to spend, etc. This information can help businesses focus on the most profitable customers and tailor their marketing efforts accordingly. Demographics and personality differences may also be important factors to consider, but they do not necessarily provide a complete picture of customer behavior. Retailer information and stock market cycles are unlikely to be directly relevant to managing customer relationships.

Question 13

Customer costs include anything the buyer must give up in order to obtain the benefits the product provides.The most obvious customer cost is
A)risk.
B)time.
C)monetary price.
D)effort.
E)availability.

Accepted Answer

Monetary price is the most obvious customer cost because it is the amount of money the buyer must give up in order to obtain the product. Although other costs such as time, effort, and risk may also be incurred by the customer, the monetary price is usually the most tangible and immediate cost.

Question 14

Which of the following would not be a customer cost considered in determination of product value?
A)Product's purchase price
B)Time spent purchasing the product
C)Effort spent purchasing the product
D)Benefits received in the exchange for the products
E)Risk of purchasing the product

Accepted Answer

Benefits received in the exchange for the products are not a customer cost, but rather a benefit received by the customer. The other options listed - purchase price, time and effort spent purchasing the product, and risk of purchasing the product - are all potential costs that customers would consider in determining the value of a product.

Question 15

Marketing knowledge and skills
A)are not necessary for a nonprofit organization.
B)enhance consumer awareness and help provide people with satisfying goods and services.
C)constitute the marketing mix.
D)were most important during the production era.
E)are most valuable for advertising executives but less important for wholesalers and distributors.

Accepted Answer

Marketing knowledge and skills are critical for a nonprofit organization to enhance consumer awareness and provide people with satisfying goods and services. Nonprofits require marketing to promote their mission, attract funding, and expand their reach.

Question 16

The equation a buyer applies to assess a product's value is
A)value = monetary price - customer benefits.
B)value = customer costs - customer benefits.
C)value = customer benefits - customer costs.
D)value = customer benefits - monetary price.
E)value = customer benefits - time and effort.

Accepted Answer

Customers assess a product's value by comparing the benefits they receive from the product with the costs they have to pay for it. The costs include monetary costs, time, and effort whereas the benefits include functional benefits, emotional benefits, and social benefits. The formula for value is therefore: value = customer benefits - customer costs.

Question 17

Taco Bell is introducing some of its products into supermarkets,vending machines,college campuses,and other locations to increase its product availability and convenience.One reason Taco Bell is doing so is to
A)decrease customer benefits.
B)increase customer costs.
C)increase customer value.
D)increase distribution expenses.
E)decrease promotion expenses.

Accepted Answer

Taco Bell is introducing its products into various locations to increase convenience for its customers and make its products more available. This increase in availability and convenience can be seen as an effort to increase customer value, as customers will have more access to and options for Taco Bell products.

Question 18

Which of the following statements describes the best use of the Internet by a marketer?
A)Gain information.
B)Relay product information.
C)Facilitate the marketing process.
D)Accumulate as many friends as possible.
E)Facilitate the marketing exchange,obtain customer feedback,and providing product information.

Accepted Answer

The answer of Which of the following statements describes the...

Question 19

For most firms,the costs of marketing activities consume approximately what portion of the consumer's dollar?
A)One-half
B)One-fifth
C)One-fourth
D)One-third
E)One-sixth

Accepted Answer

The answer of For most firms,the costs of marketing activities...

Question 20

The public is becoming more aware of how marketers' activities affect the welfare of consumers and society.As a result,more firms are working to
A)raise prices in order to increase their profits so that they can contribute to philanthropic causes.
B)reduce the quality of their products in order to save money and provide less expensive products to their consumers.
C)reduce their profits by donating more time and money to improve social welfare and environmental conditions.
D)enact laws requiring companies to work toward the welfare of customers and society.
E)create a responsible approach to developing long-term relationships with customers and society.

Accepted Answer

With the increasing awareness of consumers regarding social and environmental issues, firms are now realizing the importance of building long-term relationships with their customers and society by adopting responsible approaches. This can help them gain trust and goodwill, which can eventually improve their brand image and profits. Therefore, option E is the best choice. Options A, B, and C are not practical solutions as they do not address the root cause of the issue, and may even harm the brand's reputation. Option D might not be feasible as it is difficult to implement and enforce such laws.

Quiz 1: An Overview of Strategic Marketing

Long-term relationships with profitable customers is the key objective of

Approximately what percentage of civilian workers in the United States performs marketing activities?

Marketing activities

Initiatives intended to improve an organization's positive impact on society and the natural environment are called

Scott,a buyer for a medium-sized company,is assessing the value of competing software products for use in his firm.Which of the following would not be a customer benefit considered in his determination of this product's value?

If a family spends $2,000 a month on goods and services,how much of that $2,000 goes for marketing activities?

In today's market environment,you might pay $15 for a physical CD by your favorite musical artist.Approximately how much of that price goes to activities related to marketing (promotion,distribution,profit margins) ?

____ is a customer's subjective assessment of benefits relative to costs in determining the worth of a product.

Marketing activities are

Managing customer relationships requires identifying patterns of ____ and then using that information to focus on the most promising and profitable customers.

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

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

Marketing knowledge and skills

The equation a buyer applies to assess a product's value is

Taco Bell is introducing some of its products into supermarkets,vending machines,college campuses,and other locations to increase its product availability and convenience.One reason Taco Bell is doing so is to

Which of the following statements describes the best use of the Internet by a marketer?

For most firms,the costs of marketing activities consume approximately what portion of the consumer's dollar?

The public is becoming more aware of how marketers' activities affect the welfare of consumers and society.As a result,more firms are working to