Question 1

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 2

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 involves analyzing customer behavior such as buying patterns, preferences, and needs. This information helps businesses identify the most promising and profitable customers to target their marketing efforts and improve customer satisfaction. Demographics, retailer information, personality differences, and stock market cycles may be useful in some contexts, but buying behavior is the most directly relevant to managing customer relationships.

Question 3

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 their products into more locations, Taco Bell is increasing the convenience and accessibility of their food, adding value for customers.

Question 4

Marketing knowledge and skills

Accepted Answer

Marketing knowledge and skills are valuable personal and professional assets, regardless of the type of organization one works for. Nonprofit organizations also need to engage in marketing activities in order to promote their cause and attract donors or volunteers. The marketing mix refers to the combination of product, price, promotion, and place that a company uses to achieve its marketing objectives, and is not equivalent to marketing knowledge and skills. Marketing knowledge and skills were most important during the marketing era, not the production era. While advertising executives may rely heavily on marketing knowledge and skills, wholesalers and distributors also need to engage in marketing activities such as pricing and promotion strategies in order to succeed in the marketplace.

Question 5

Marketing activities are

Accepted Answer

Marketing activities are not limited to any specific type or size of organization. They are used by all types of organizations including for-profit, nonprofit, and government agencies. Marketing activities are designed to promote and sell products or services, build relationships with customers, and create brand awareness. They can be used to achieve different objectives depending on the organization's goals.

Question 6

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 passage suggests that more firms are becoming aware of the impact of their activities on consumers and society, and as a result, they are working towards creating a responsible approach to developing long-term relationships with customers and society. Therefore, option E is the best choice. Options A and B are incorrect because reducing quality and increasing prices would not necessarily lead to better welfare for consumers or society. Option C is incorrect because it suggests that companies should reduce their profits, which may not always be feasible. Option D suggests enacting laws, which may not be feasible or effective in all cases.

Question 7

Marketing activities

Accepted Answer

Marketing activities are important for selling an organization's products and also generate financial resources for the firm. It is not limited to advertising but also includes other aspects such as market research, pricing, packaging, branding, and distribution. The ultimate aim of marketing is to create a customer base that is loyal to the organization's products or services, which leads to increased sales and revenue.

Question 8

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

The most obvious customer cost is the monetary price since this is the amount of money a buyer has to pay to obtain the benefits of the product. While all of the options listed could be considered customer costs, monetary price is the only one that directly involves giving up something in exchange for the product.

Question 9

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 10

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

Accepted Answer

This is the most accurate estimate based on data from the Bureau of Labor Statistics, which reports that approximately 27 percent of all civilian workers in the United States work in marketing-related occupations, such as advertising, market research, and public relations.

Question 11

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 a customer cost but rather a benefit or value gained. The other options listed (A, B, C, and E) all represent costs or potential costs incurred by the customer when purchasing the product.

Question 12

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

Accepted Answer

The concept described in the question is value, which refers to the perceived benefit a customer receives from a product or service in comparison to the cost of obtaining it. Value is subjective and varies between individuals, which is why it is important for companies to understand their target market and what they perceive as valuable. Marketing orientation involves putting the customer's needs and wants at the center of all marketing decisions, but it is not the term specifically described in the question. Monetary price and price assessment both focus solely on the cost of a product, while product assessment only considers the product itself without factoring in the customer's perception of its value.

Question 13

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. Greensprings' main competitive advantage over traditional cemeteries comes from its attention to which element in the marketing mix?

Accepted Answer

Greensprings' main competitive advantage is its unique product offering, which is an environmentally-friendly burial service using natural materials.

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. The customers of Greensprings Cemeteries are most likely choosing the Greensprings business because of its _______, which is evidence of a ______ _____.​

Accepted Answer

Customers are likely choosing Greensprings for its environmental consciousness, which aligns with a market orientation focused on meeting the needs and values of environmentally-conscious consumers.

Question 15

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.

Question 16

In today's market environment, you might pay $16 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 17

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 that has helped Greensprings' pre-planned funeral business grow is a promotional tool, therefore it falls under the promotion marketing mix variable.

Question 18

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 19

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

While monetary price is a key factor in determining the overall cost of the software, it is not considered a customer benefit. The other options - speed of delivery, ease of installation, availability of technical support, and availability of training assistance - all directly impact the user's experience with the software and can be considered customer benefits.

Question 20

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

Accepted Answer

Customer relationship management focuses on building and maintaining long-term relationships with profitable customers through various strategies such as personalized communication, loyalty programs, and customer satisfaction measurement. Personal selling, production oriented firms, e-marketing, and distribution channels may also play a role in developing customer relationships, but they are not focused solely on this objective.

Quiz 1: An Overview of Strategic Marketing