Question 1

One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in
A) higher prices than the market leader charges.
B) increased competition.
C) long-term relationships.
D) strong connections among competing firms in the marketplace.
E) lower prices.

Accepted Answer

Value-driven marketing focuses on meeting the needs and wants of customers, which can lead to building long-term relationships with customers. By delivering value and prioritizing customer satisfaction, customers are more likely to remain loyal to the brand, resulting in repeat business and positive word-of-mouth advertising.

Question 2

In the past,manufacturer's representatives did not have real-time inventory data about the products they were selling.Today,manufacturer's representatives are often provided online access to inventory data for the companies they represent.These online inventory systems allow companies to become more value driven by
A) sharing information across the organization.
B) balancing customers' benefits and costs.
C) evaluating strategic competitive partnerships.
D) building relationships with government regulators of marketing institutions.
E) keeping prices below those charged by competitors.

Accepted Answer

Online inventory systems allow companies to share information across the organization, which can lead to increased efficiency and productivity.

Question 3

As owner of a retail franchise food store,Mary Gray purchases supplies based on specials advertised nationally throughout the franchise system.One Monday,she was surprised to find customers asking for specials she hadn't been informed of in advance.The franchise company failed to live up to the value-driven activity of
A) sharing information across the organization.
B) balancing customers' benefits and costs.
C) evaluating strategic competitive partnerships.
D) building relationships with customers.
E) keeping prices below those charged by competitors.

Accepted Answer

The failure of the franchise company to inform Mary Gray of the advertised specials indicates a lack of communication and information sharing across the organization, which is the value-driven activity of sharing information.

Question 4

Christie has just started with a travel agency,and she has been offering clients and prospective clients a range of packaged tours.She is concerned because the commissions she is earning on her sales are lower than she had hoped.Her colleague Peter,who has been with the agency for several years,is having a great deal of success by working closely with the clients,seeking their ideas,and building customized tour packages for each one based on their suggestions.Peter's approach is based on
A) transaction-oriented marketing.
B) premium pricing.
C) his seniority at the firm.
D) special incentives from tour operators.
E) value cocreation.

Accepted Answer

Peter's approach of working closely with clients, seeking their ideas, and building customized tour packages based on their suggestions shows that he is co-creating value with the clients. This approach involves actively involving customers in the design or customization of products or services to better meet their unique needs and preferences, ultimately resulting in higher customer satisfaction and loyalty. It is a customer-centric approach to marketing, which is different from transaction-oriented marketing or premium pricing. Peter's success is not based on his seniority or special incentives, but on his ability to co-create value with clients.

Question 5

During the __________ era,manufacturers and retailers recognized they needed to give their customers greater value than their competitors did.
A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Accepted Answer

During the value-based marketing era, manufacturers and retailers recognized the importance of offering their customers greater value than their competitors, focusing on customer satisfaction and building relationships based on value.

Question 6

The prevailing marketing strategy of the __________ era was to find customers for inventories that went unsold.
A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Accepted Answer

The sales-oriented era focused on aggressive sales techniques to sell what was already produced, emphasizing finding customers for unsold inventories rather than adapting products to meet consumer needs.

Question 7

In delivering value,marketing firms attempt to find the most desirable balance between
A) the need for value and the perception of value.
B) explicit versus implicit value.
C) the need to provide benefits to customers and keep down costs.
D) the desire to satisfy customers and the desire to satisfy employees.
E) the need for product improvement and the need for advertising.

Accepted Answer

The most desirable balance in delivering value involves providing benefits to customers while keeping costs down. This ensures that customers are satisfied with the value they receive while also allowing the company to maintain profitability. The other options may factor into the balance, but they are not the primary consideration.

Question 8

Henry Ford's statement,"Customers can have any color they want so long as it's black," typified the __________ era of marketing.
A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Accepted Answer

Henry Ford's statement reflects a production-oriented era of marketing, where the focus was on producing goods efficiently and at the lowest cost possible. The emphasis was on mass production and standardization, with little regard for the specific needs and preferences of individual customers.

Question 9

To build relationships,firms focus on the ___________ of the relationship,not how much money is made during each transaction.
A) cost
B) lifetime profitability
C) length
D) value
E) worth

Accepted Answer

Lifetime profitability refers to the total amount of profits generated by a customer over their lifetime of doing business with a firm. Focusing on lifetime profitability is important for building long-term relationships with customers because it takes into account the value of the customer over time, not just in a single transaction. This approach shifts the focus from short-term gains to creating lasting customer loyalty.

Question 10

Serena studies her customer profiles,market research data,complaints,and other information,attempting to better understand what her customers want.Serena most likely operates in the __________ era of marketing.
A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Accepted Answer

The answer of Serena studies her customer profiles,market research data,complaints,and...

Question 11

Data about how,when,why,where,and what people buy refers to
A) statistics.
B) demographics.
C) marketing analytics.
D) value-based marketing.
E) relational orientation.

Accepted Answer

Data about how, when, why, where, and what people buy refers to marketing analytics. This involves gathering, analyzing, and interpreting data about customer behavior and preferences in order to make informed marketing decisions.

Question 12

During the __________ era,firms had excess capacity and used personal selling and advertising to generate customers.
A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Accepted Answer

During the sales-oriented era, firms focused on selling their excess products by using aggressive personal selling and advertising techniques rather than focusing on customer needs and preferences.

Question 13

To become a more value-driven organization,Pokrah University is holding regular coffee-hour discussions with its students and surveying its graduates regarding students' educational needs and desires.By doing so,Pokrah University is becoming more value driven through
A) sharing information across the organization.
B) balancing its customers' benefits and costs.
C) evaluating strategic competitive partnerships.
D) building relationships with customers.
E) keeping the faculty members happy.

Accepted Answer

By engaging in regular discussions and surveys with students and graduates, Pokrah University is directly interacting with its primary customers (the students) to understand and meet their needs, thereby building stronger relationships with them.

Question 14

Trey sells consumer electronics.He knows his customers weigh the costs versus the benefits associated with the different options available.He decides which products to offer and what prices to charge based on the way his customers think.Trey operates as if he were in the __________ era.
A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Accepted Answer

The answer of Trey sells consumer electronics.He knows his customers...

Question 15

Melanie works for a small computer software company.Her boss is constantly improving the company's products but neglects customers,billing,and promoting the company.Her boss is probably stuck in the __________ era of marketing.
A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Accepted Answer

A production-oriented era of marketing is characterized by a focus on the efficiency of production and the improvement of products. This type of era emphasizes internal capabilities and technical knowledge, which could explain why Melanie's boss is neglecting areas such as customer service and promotion. This focus on production over other marketing considerations suggests that the boss is operating in a production-oriented era.

Question 16

Near the end of the model year,the Move-Them-Out automobile dealership had an unusually high inventory level.The manager increased her advertising spending and gave extra incentives to its salespeople.Move-Them-Out operates as if it were in the __________ era.
A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Accepted Answer

The high inventory level indicates that Move-Them-Out is finding it difficult to sell their cars. The manager's decision to increase advertising spending and giving extra incentives to salespeople suggests that Move-Them-Out's focus is on selling as many cars as possible rather than on understanding and meeting customer needs. This reflects a sales-oriented era of marketing.

Question 17

Many U.S.companies first discovered marketing during the __________ era.
A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Accepted Answer

Many U.S. companies first discovered marketing during the market-oriented era, which emerged after the end of World War II. This period was characterized by a focus on understanding and meeting the needs and wants of consumers, rather than merely focusing on production or sales.

Question 18

Creative locations,such as kiosks at the baggage claim in airports or small booths in grocery stores,represent Starbucks' effort to improve its offering on which dimension of the marketing mix?
A) product
B) promotion
C) price
D) perception
E) place

Accepted Answer

The location of Starbucks kiosks in airports and booths in grocery stores represent efforts to improve the availability and convenience of the product, which is related to the place dimension of the marketing mix.

Question 19

Yolanda is the new restaurant manager in a major hotel.When considering changes in the restaurant that will increase value to customers,Yolanda will likely attempt to either provide the same quality at a lower cost or
A) improve products and services at the same cost.
B) increase prices to increase revenue.
C) offset higher hotel rates with lower restaurant prices.
D) reduce customer expectations through reduced service.
E) lower the quality and the price.

Accepted Answer

Yolanda is trying to increase value to the customers, which means providing better quality products and services. Providing the same quality at a lower cost will make it more affordable and attractive to customers without compromising on quality. Option B is not the best choice as it may put off customers if the prices are increased. Option C may help customers, but it may not be feasible for the business. Option D and E are not advisable as it will reduce customer satisfaction and loyalty.

Question 20

Which of the following statements reflects the philosophy of the market-oriented era?
A) A good product will sell itself.
B) The customer is king.
C) Firms should take advantage of a seller's market.
D) Advertising and personal selling should be emphasized in order to make the sale.
E) Firms should focus on value.

Accepted Answer

The market-oriented philosophy places a strong emphasis on the customer and prioritizes meeting their needs and wants. "The customer is king" reflects this approach. A emphasizes product quality, C focuses on market conditions, D emphasizes sales tactics, and E emphasizes providing value, all of which are important considerations but do not reflect the overarching philosophy of the market-oriented era.

Quiz 1: Overview of Marketing

One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in

During the __________ era,manufacturers and retailers recognized they needed to give their customers greater value than their competitors did.

The prevailing marketing strategy of the __________ era was to find customers for inventories that went unsold.

In delivering value,marketing firms attempt to find the most desirable balance between

Henry Ford's statement,"Customers can have any color they want so long as it's black," typified the __________ era of marketing.

To build relationships,firms focus on the ___________ of the relationship,not how much money is made during each transaction.

Serena studies her customer profiles,market research data,complaints,and other information,attempting to better understand what her customers want.Serena most likely operates in the __________ era of marketing.

Data about how,when,why,where,and what people buy refers to

During the __________ era,firms had excess capacity and used personal selling and advertising to generate customers.

To become a more value-driven organization,Pokrah University is holding regular coffee-hour discussions with its students and surveying its graduates regarding students' educational needs and desires.By doing so,Pokrah University is becoming more value driven through

Trey sells consumer electronics.He knows his customers weigh the costs versus the benefits associated with the different options available.He decides which products to offer and what prices to charge based on the way his customers think.Trey operates as if he were in the __________ era.

Melanie works for a small computer software company.Her boss is constantly improving the company's products but neglects customers,billing,and promoting the company.Her boss is probably stuck in the __________ era of marketing.

Near the end of the model year,the Move-Them-Out automobile dealership had an unusually high inventory level.The manager increased her advertising spending and gave extra incentives to its salespeople.Move-Them-Out operates as if it were in the __________ era.

Many U.S.companies first discovered marketing during the __________ era.

Creative locations,such as kiosks at the baggage claim in airports or small booths in grocery stores,represent Starbucks' effort to improve its offering on which dimension of the marketing mix?

Yolanda is the new restaurant manager in a major hotel.When considering changes in the restaurant that will increase value to customers,Yolanda will likely attempt to either provide the same quality at a lower cost or

Which of the following statements reflects the philosophy of the market-oriented era?