Question 1

The marketing concept

Accepted Answer

The marketing concept is a business philosophy that aims to provide value to customers by coordinating the entire firm to serve customers efficiently and effectively at a profit. It means that the focus is on meeting the needs and wants of customers, building customer relationships, and creating a competitive advantage through product differentiation. The finance department is an integral part of this process, as it plays a key role in ensuring that the firm operates profitably while delivering value to customers. The human resources department is also important in recruiting and developing employees who share the same customer-centric values and drive the company's success.

Question 2

Sales of janitorial services, mainframe computers, and office supplies to other manufacturers are examples of

Accepted Answer

Sales of janitorial services, mainframe computers, and office supplies to other manufacturers are examples of industrial marketing, which involves selling products or services to businesses rather than individual consumers.

Question 3

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.

Accepted Answer

Consumer goods are products that are purchased by individuals for personal use or consumption, such as food, clothing, and furniture. Industrial goods, on the other hand, are products that are purchased by businesses for the purpose of producing other products, such as raw materials and machinery.

Question 4

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

Accepted Answer

Harley-Davidson's offering of social incentives through the Harley Owners Group (H.O.G.) is an example of relationship marketing, as it is aimed at building long-term relationships with loyal customers through a motorcycle club that provides social connections and unique benefits to its members.

Question 5

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

Accepted Answer

The definition provided in the question matches the definition of marketing. Therefore, the correct choice is B.

The other choices do not fully encompass the entire process described in the definition. Publicity and advertising are both components of marketing, but they do not cover the complete process. Relationship marketing is a strategy that focuses on building relationships with customers, which is a component of marketing but not the full process. Idea promotion is not a commonly used term in marketing and is not a comprehensive description of the process.

Question 6

According to the marketing concept

Accepted Answer

The marketing concept emphasizes the importance of coordinating all activities, both marketing and non-marketing, towards achieving customer satisfaction and long-term profitability. Therefore, choice A is the best answer. Choice B is too narrow and does not consider the importance of profit. Choice C is also too narrow and focuses only on short-term outcomes. Choice D is incorrect because the marketing department should work closely with other departments in the firm. Choice E is irrelevant and not related to the marketing concept.

Question 7

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

Accepted Answer

This is an example of consumer relationship management, as Fairmont Resort Hotels used data mining to better understand their customers' preferences and ultimately improve the customer experience by tailoring their marketing efforts to better reach their target audience.

Question 8

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

Accepted Answer

Industrial marketing, also known as business-to-business marketing, involves the sale of goods or services from one business to another. In this scenario, Brighten Your World Inc. is selling light bulbs to the Jacobs Motor Company to be used in their cars, which would classify as industrial marketing.

Question 9

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

Accepted Answer

Advertising to create awareness about the hazards of drinking and driving comes under the category of idea marketing, as the goal is to influence people's attitudes and behaviors toward a particular idea or social issue.

Question 10

What is data warehousing?

Accepted Answer

Data warehousing is the process of collecting, storing, and retrieving data in electronic files to provide comprehensive support for business decisions. It involves consolidating data from multiple sources into a single repository and organizing it in a way that facilitates access and analysis.

Question 11

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

Accepted Answer

Hydraulics Inc. is engaged in industrial marketing, as it focuses on selling its filters to other companies involved in manufacturing processes.

Question 12

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

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.

Question 13

Which phrase best captures the essence of relationship marketing?

Accepted Answer

Relationship marketing emphasizes on building and maintaining long-term relationships with customers, rather than just focusing on a one-time transaction or sale. This can lead to increased customer loyalty, repeat business, and positive word-of-mouth marketing.

Question 14

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

Accepted Answer

Time required to purchase the product is not considered a benefit of the product, rather it is a cost or a factor that may influence the purchase decision. The other options, such as emotional satisfaction, product experience, functions, and acceptance by a peer group, are all potential benefits that customers may perceive when considering a product.

Question 15

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

Accepted Answer

Insurance companies, airlines, investment counsellors, health clinics, and public accountants provide intangible services to their customers rather than tangible products. Therefore, the correct term that describes the kind of products they market is "services."

Question 16

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?

Accepted Answer

Hiring a chemist to develop the fragrances would provide the necessary expertise to overcome the lack of experience in the perfume field. Seeking ideas from existing staff or employing new graphic designers is not directly related to overcoming the lack of experience in perfume development. Ensuring that the perfume can be sold in the same retail stores as the swimwear and rethinking the company's promotional approach are important, but not directly related to developing the perfumes themselves.

Question 17

________ 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.

Accepted Answer

Marketing is the process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Marketing involves multiple activities, including researching consumer needs and preferences, developing products and services to meet those needs, setting appropriate prices, communicating the value of those offerings through promotion, and distributing them effectively to reach the target market. Marketing aims to create mutually beneficial exchanges between the provider of the product or service and the intended customer.

Question 18

What type of goods includes raw materials and integrated circuits?

Accepted Answer

Raw materials and integrated circuits are both examples of industrial goods, which are goods used by companies in the production of their own products and services.

Question 19

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

Accepted Answer

The Starbucks Card Rewards program is an example of relationship marketing, as it is focused on building and maintaining long-term relationships with customers through rewards and incentives that encourage repeat business.

Question 20

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

Accepted Answer

A grocery store selling meat to a homemaker is engaged in consumer marketing because it is targeting individuals (consumers) who are purchasing goods for their personal use.

Quiz 12: Understanding Marketing Principles and Developing Products