Question 1

Marketing activities

Accepted Answer

Marketing activities help sell an organization's products and generate financial resources for the firm. They encompass a wide range of activities including market research, product development, pricing, promotion, and distribution decisions. These activities are essential for sustaining and growing a business, regardless of whether the firm is developing new products or entering new markets. The ultimate goal of marketing is to deliver value to customers while also generating profits for the firm.

Question 2

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

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 3

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

Accepted Answer

Customer relationship management (CRM) is a strategy that aims to create and maintain long-term relationships with profitable customers. Personal selling can be a part of CRM, but it is not the objective of it. Production oriented firms focus on producing a high volume of goods at low cost and may not prioritize building relationships with customers. E-marketing and distribution channels can also help facilitate CRM, but are not the key objective.

Question 4

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

Accepted Answer

Monetary price is the most obvious and direct customer cost that involves giving up money to obtain the benefits of the product. While other options such as risk, time, effort, and availability may also be considered customer costs, they are not as universal and obvious as monetary price.

Question 5

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

Accepted Answer

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

Question 6

Marketing activities are

Accepted Answer

Marketing activities are not limited to any specific type or size of organization. They can be used by for-profit, nonprofit, and government agencies of any size. Their goal is not only to increase profits but also to achieve various goals such as increasing brand awareness, attracting new customers, increasing customer loyalty, and improving public relations. While larger organizations may have larger budgets for marketing activities, small businesses and nonprofits can also benefit from marketing efforts to achieve their goals.

Question 7

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?

Accepted Answer

Monetary price is a factor that Scott would consider, but it is not a customer benefit. It is a cost associated with the product. The other options listed are all customer benefits that Scott would consider when determining the value of the software products.

Question 8

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

Accepted Answer

The question asks what more firms are doing in response to becoming more aware of how marketers' activities affect the welfare of consumers and society. Choice E is the only option that directly addresses this by suggesting that firms are creating a responsible approach to developing long-term relationships with customers and society. This includes being transparent, environmentally-conscious, socially responsible, and actively seeking out ways to better serve their customers and society. The other options do not align with the goal of improving welfare for consumers and society.

Question 9

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)?

Accepted Answer

The answer of In today's market environment, you might pay...

Question 10

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

Accepted Answer

Benefits received in the exchange for the products are not considered a customer cost, but rather the value received from the product. The other options (purchase price, time spent, effort spent, and risk) are all examples of customer costs that are considered in the determination of product value.

Question 11

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

Accepted Answer

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

Question 12

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

Accepted Answer

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

Question 13

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

Accepted Answer

According to the Bureau of Labor Statistics, the percentage of civilian workers in the United States who perform marketing activities is approximately 25 to 33 percent. This includes workers in advertising, public relations, sales, and market research.

Question 14

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?

Accepted Answer

The new website helps to promote the business and increase awareness, which falls under the promotion variable of the marketing mix.

Question 15

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

Accepted Answer

Value is the customer's subjective assessment of benefits relative to costs in determining the worth of a product. It takes into account not only the monetary price of the product, but also the quality, convenience, and overall satisfaction that the product provides to the customer. A product with a high value proposition will provide more benefits than costs in the eyes of the customer, leading to increased demand and loyalty.

Question 16

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

Accepted Answer

By introducing its products into supermarkets, vending machines, and college campuses, Taco Bell is increasing its product availability and convenience for customers, which ultimately increases customer value. This strategy allows Taco Bell to reach a wider range of customers and potentially increase its sales.

Question 17

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?

Accepted Answer

This activity relates to implementation, which involves carrying out the planned activities and ensuring that everything is executed properly to achieve the desired results. In this case, Southwest Airlines needs to implement the Groupon promotion by setting limitations on the number of participants and clear guidelines to avoid overbooking or confusion among consumers.

Question 18

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

Accepted Answer

Managing customer relationships requires identifying patterns of buying behavior and then using that information to focus on the most promising and profitable customers. Demographics, retailer information, personality differences, and stock market cycles may also be useful in understanding customers, but they are not the primary focus when it comes to managing customer relationships.

Question 19

Marketing knowledge and skills

Accepted Answer

Marketing knowledge and skills are essential for any organization, including nonprofit organizations, to effectively promote their mission, increase awareness, and provide satisfying goods and services to their target audience. The marketing mix includes product, price, promotion, and place, and a strong understanding of these elements is necessary for successful marketing efforts. The focus on production-era has shifted and modern marketing is customer-centric, and marketing skills are crucial for all types of organizations. While advertising executives may heavily rely on marketing skills, marketing is still important for wholesalers and distributors to understand their customers' needs and preferences.

Question 20

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

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.

Quiz 1: An Overview of Strategic Marketing