Question 1

According to relationship marketing,firms must apply higher standards of customer satisfaction to external customer relationships over intradepartmental relationships.

Accepted Answer

Relationship marketing emphasizes the importance of maintaining high standards of satisfaction in both external customer relationships and internal (intradepartmental) relationships, as both are crucial for overall business success.

Question 2

Branches of the U.S.military sometimes show recruitment advertisements in cinemas featuring movies that are most likely to attract viewers of military age.This is an example of place marketing.

Accepted Answer

This is an example of targeted advertising, not place marketing. Place marketing involves promoting a location to attract visitors, residents, or businesses, whereas targeted advertising focuses on reaching a specific audience, in this case, potential recruits of military age, through selected channels like cinemas.

Question 3

Firms that make the most efficient use of buzz marketing claim that it is a "one-way" approach to building customer relationships.

Accepted Answer

Buzz marketing is not a "one-way" approach but rather a form of word-of-mouth advertising that aims to create a conversation between the brand and consumers. It involves an exchange of ideas and feedback, making it a two-way approach to building customer relationships.

Question 4

The private sector has an even greater array of not-for-profit organizations than the public sector.

Accepted Answer

The private sector includes a wide range of not-for-profit organizations such as foundations, charities, and social enterprises that are often established to pursue social, cultural, or educational objectives. These organizations are supported through a variety of funding sources and often collaborate with government agencies and other stakeholders to address social challenges and promote positive change. While the public sector also includes not-for-profit organizations such as public charities and social welfare organizations, the private sector is generally considered to have a greater number and diversity of these entities.

Question 5

Virtually all colleges and universities have alumni associations that publish magazines,hold reunions,and try to raise funds.These activities constitute organization marketing.

Accepted Answer

Alumni associations engaging in activities such as publishing magazines, holding reunions, and raising funds are all examples of organization marketing.

Question 6

The advent of a strong buyer's market created the need for consumer orientation by businesses.

Accepted Answer

In a strong buyer's market, consumers have more options and greater bargaining power, making it necessary for businesses to focus on meeting their specific needs and preferences in order to attract and retain customers. This shift towards consumer orientation has become increasingly important as competition has intensified and customer loyalty has become harder to maintain.

Question 7

Not-for-profit organizations are generally less concerned with the bottom line than for-profit organizations.

Accepted Answer

Not-for-profit organizations have a mission or purpose beyond making a profit, so their focus is on achieving their goals rather than maximizing profit.

Question 8

In the past,firms have viewed their suppliers as adversaries against whom they must fiercely negotiate prices,playing one off against the other.

Accepted Answer

This statement is true. In the past, firms often had a competitive and adversarial relationship with their suppliers and focused on getting the lowest possible prices through negotiation tactics. However, many companies have since adopted a more collaborative approach to working with their suppliers, recognizing the benefits of long-term partnerships and mutual trust.

Question 9

Marketing is the organizational function that refers to all forms of selling from institutional sales to personal selling.

Accepted Answer

Marketing is not just about selling, but also includes activities such as market research, product development, pricing strategy, branding, advertising, and promotion.

Question 10

According to relationship marketing,the lifetime value of a customer should exceed the investment made by the firm to attract and keep the customer.

Accepted Answer

Relationship marketing is built on the foundation that a loyal customer is worth more in the long run than a one-time customer. The investment made by the firm to attract and keep the customer should be less than the total amount of revenue the customer generates over their lifetime with the company.

Question 11

Form utility refers to conversion of raw materials and components into finished goods and services.

Accepted Answer

This is the correct definition of form utility.

Question 12

Information technology has enhanced the effectiveness of relationship marketing by leveraging mass-marketing campaigns.

Accepted Answer

Information technology has actually enhanced the effectiveness of personalized, one-to-one relationship marketing rather than mass-marketing campaigns. IT allows businesses to track and analyze customer data, personalize marketing messages and target specific segments, leading to more effective and efficient relationship marketing.

Question 13

Wesley Pvt.Ltd.,can avoid marketing myopia by finding innovative ways to reach new markets with existing goods and services.

Accepted Answer

By focusing on finding innovative ways to reach new markets with existing goods and services, Wesley Pvt.Ltd. can avoid marketing myopia, which is essentially a narrow focus on existing customers and products/services without considering potential new opportunities. Finding new markets can help the company stay relevant and increase its customer base, resulting in long-term growth and success.

Question 14

Promotional events designed to attract visitors to a particular area or to improve the image of a city,state,or nation would be examples of event marketing.

Accepted Answer

The answer of Promotional events designed to attract visitors to...

Question 15

An important difference between not-for-profit and for-profit organizations is that,not-for-profit organizations cannot market tangible goods.

Accepted Answer

Not-for-profit organizations can market tangible goods as long as the profits are used to support the organization's mission and goals. However, their primary focus is generally on providing services or fulfilling a social mission rather than generating profits for shareholders.

Question 16

Social responsibility includes marketing philosophies,policies,procedures,and actions whose primary objective is to enhance society and protect the environment through sustainable products and practices.

Accepted Answer

Social responsibility is the concept of taking responsibility for the impact of an organization's activities on the society and environment. It involves adopting marketing philosophies, policies, procedures, and actions that are aimed at improving social and environmental outcomes through sustainable products and practices. Therefore, the statement is true.

Question 17

The establishment of the WTO,the passage of NAFTA,and the creation of the Euro are examples of protectionism on the part of nations concerned with increased globalization of the marketplace.

Accepted Answer

The establishment of the WTO, the passage of NAFTA, and the creation of the Euro are examples of free trade agreements that seek to reduce barriers to trade and promote globalization of the marketplace. Protectionism, on the other hand, refers to the use of government policies such as tariffs and subsidies to protect domestic industries from foreign competition.

Question 18

Relationship marketing tries to rebuild damaged relationships and rejuvenate unprofitable customers.

Accepted Answer

Relationship marketing focuses on building and maintaining strong relationships with customers, and one aspect of this can involve trying to repair damaged relationships and win back unprofitable customers.

Question 19

ARC Inc.,a waste management company,expands its scope of business to recycle liquids that can be turned into fuel-grade ethanol,demonstrating the socially responsible approach of the company.

Accepted Answer

The sentence states that ARC Inc. is expanding its scope of business to recycle liquids into fuel-grade ethanol, demonstrating a socially responsible approach.

Question 20

On average,marketing expenses account for half of the costs involved in a product.

Accepted Answer

The answer of On average,marketing expenses account for half of...

Quiz 1: Marketing: the Art and Science of Satisfying Customers