Question 1

Explain the concept of 'value' from the perspective of marketers,buyers,sellers and society.Illustrate with marketplace examples.

Accepted Answer

The answer of Explain the concept of 'value' from the...

Question 2

A firm provides customers with a differential benefit when it offers products that are essentially the same as its competitors'.

Accepted Answer

A differential benefit refers to a unique advantage or feature that sets a firm's product apart from its competitors, not when the products are essentially the same.

Question 3

A television advertisement for a particular brand of laundry detergent lists all the benefits consumers will enjoy if they use that particular brand instead of other brands of laundry detergent.
A)marketing segmentation
B)competitive advantage
C)form utility
D)a production orientation
E)popular culture

Accepted Answer

The advertisement is describing the competitive advantage of the particular brand of laundry detergent over other brands.

Question 4

The second step in developing a competitive advantage is to turn a distinctive competency into a ________,one that is ________ to customers.
A)service; important
B)differential benefit; important
C)need; differential
D)popular culture; salient
E)demand; significant

Accepted Answer

A distinctive competency is a unique strength or advantage that a company possesses which sets it apart from its competitors. The second step in developing a competitive advantage is to turn this distinctive competency into a differential benefit, one that is important to customers. This means that the company needs to highlight and communicate the benefits of their unique strength in a way that is meaningful and valuable to its target customers. Therefore, choice B, "differential benefit; important" is the best option among the given choices.

Question 5

Firms adopting the marketing concept identify consumer needs and provide products that satisfy these needs with the aim of long-term profitability.Why must firms also consider the competition?

Accepted Answer

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Question 6

When a firm's capability is superior to that of its competition,the firm has a ________.
A)want but not a need
B)service exchange
C)distinctive competency
D)social benefit
E)limited sales volume

Accepted Answer

A distinctive competency refers to a unique advantage or superior capability that a firm possesses in comparison to its competitors. This can give the firm a competitive edge in the market, as it allows them to offer better products or services, operate more efficiently, or otherwise outperform their rivals.

Question 7

A consumer can purchase a can of soft drink from a local convenience store or a supermarket.Discuss two areas where the convenience store may have competitive advantage.

Accepted Answer

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Question 8

The main activities of value chain members include all of the following EXCEPT ________.
A)operations
B)pricing
C)inbound logistics
D)outbound logistics
E)servicing customers

Accepted Answer

Pricing is not typically considered a main activity of value chain members. The main activities are typically inbound logistics, operations, outbound logistics, marketing and sales, and service. Pricing may be a component of marketing and sales, but it is not a separate activity in and of itself.

Question 9

Coca-Cola commands 50 percent of the world's soft-drink business because of its ________ in distribution and marketing communications.
A)positioning
B)distinctive competency
C)return on investments
D)customer relationship management
E)market segmentation

Accepted Answer

Coca-Cola's distinctive competency in distribution and marketing communications has enabled it to capture 50 percent of the global soft drink market. This includes their iconic bottle shape, consistent slogan and brand image, and efficient distribution network.

Question 10

Apple relies on innovative design in products such as the iPad and iPod to create a ________ for customers.
A)differential benefit
B)value chain
C)marketing concept
D)service
E)promotion

Accepted Answer

A differential benefit is a unique advantage a company has over its competitors that makes its products or services more desirable to customers. Apple's innovative product design creates a unique and desirable feature that sets them apart from other technology companies.

Question 11

________ provide reasons for customers to pay a premium for a firm's products and exhibit a strong brand preference.
A)Exchanges
B)Marketing mixes
C)Differential benefits
D)Industrial goods
E)Myths

Accepted Answer

Differential benefits are unique product or service features that set a company's offering apart from its competitors and provide value to customers, giving them a reason to pay more for the product and to have a strong brand preference. These benefits can be based on design, quality, performance, features, brand reputation, or superior customer service.

Question 12

The term inbound logistics refers to converting materials into final products.

Accepted Answer

The term inbound logistics refers to the process of receiving, storing, and distributing raw materials and components used in manufacturing a product, not the conversion of materials into final products.

Question 13

A consumer can purchase a can of soft drink from a local convenience store or a supermarket.Discuss two areas where the supermarket may have competitive advantage.

Accepted Answer

The answer of A consumer can purchase a can of...

Question 14

When companies calculate the lifetime value of a customer they look at ________.
A)the lifetime expectancy of the product the customer purchased
B)the career path of the customer to see if they may move to a different geographic area and no longer purchase from this company
C)the commission amount the company must pay the sales representative who worked with the customer
D)the age of the customer to see if they may live long enough to utilise the product being sold
E)how much profit they expect to make from a particular customer,including each and every purchase they will make from them now and in the future

Accepted Answer

The lifetime value of a customer is calculated by considering the amount of profit the company expects to make from the customer over their lifetime, including all future purchases. Factors such as the customer's age, the commission amount paid to the sales representative, and the lifetime expectancy of the product are not considered in the calculation. The career path of the customer may be taken into account if it affects their purchasing behavior, but it is not a major factor in calculating the lifetime value of a customer.

Question 15

Discuss how an athletic shoe manufacturer such as Nike can add value through value chain activities.

Accepted Answer

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Question 16

A ________ is a series of activities involved in designing,producing,marketing,delivering and supporting any product.
A)marketing mix
B)value chain
C)manufacturing process
D)want
E)utility

Accepted Answer

The value chain is a series of activities involved in designing, producing, marketing, delivering and supporting any product. The marketing mix refers to the set of tactics or actions used to promote a product or service, the manufacturing process specifically refers to the process of creating a product, a want is a desire for something and utility refers to the usefulness or satisfaction that a product provides.

Question 17

To calculate lifetime value,a company would estimate the amount the person would spend and then subtract what it will cost them to maintain this relationship.

Accepted Answer

This is a correct definition of how to calculate lifetime value. The amount the customer is expected to spend over their lifetime is calculated and then the cost of maintaining the relationship is subtracted to determine the net value of the customer to the company.

Question 18

Why would a company calculate the lifetime value of a customer? Should the company fight to retain every customer?

Accepted Answer

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Question 19

Servicing the product or customer is not an activity associated with the value chain.

Accepted Answer

Servicing the product or customer is a part of the value chain, specifically the after-sales service and support category. It can help enhance customer satisfaction and loyalty, leading to repeat purchases and positive reviews, thus contributing to the overall value of the product or service.

Question 20

A value proposition is a marketplace offering that fairly and accurately sums up the value that the customer will not realise if they purchase the goods or services.

Accepted Answer

A value proposition is a statement that explains the benefits and value a customer will gain from a product or service, not what they will miss out on.

Quiz 1: Welcome to the World of Marketing: Creating and Delivering Value

Explain the concept of 'value' from the perspective of marketers,buyers,sellers and society.Illustrate with marketplace examples.

A firm provides customers with a differential benefit when it offers products that are essentially the same as its competitors'.

A television advertisement for a particular brand of laundry detergent lists all the benefits consumers will enjoy if they use that particular brand instead of other brands of laundry detergent.

The second step in developing a competitive advantage is to turn a distinctive competency into a ,one that is to customers.

Firms adopting the marketing concept identify consumer needs and provide products that satisfy these needs with the aim of long-term profitability.Why must firms also consider the competition?

When a firm's capability is superior to that of its competition,the firm has a ________.

A consumer can purchase a can of soft drink from a local convenience store or a supermarket.Discuss two areas where the convenience store may have competitive advantage.

The main activities of value chain members include all of the following EXCEPT ________.

Coca-Cola commands 50 percent of the world's soft-drink business because of its ________ in distribution and marketing communications.

Apple relies on innovative design in products such as the iPad and iPod to create a ________ for customers.

________ provide reasons for customers to pay a premium for a firm's products and exhibit a strong brand preference.