Ch 1 SB

Question 1

Which statement supports the idea that good marketing is not an easy task?

A) The number of new products that enter the marketplace each year is relatively small.

B) The promotion of new products is being handled by the developers of the product and not the marketing team.

C) Thousands of new products fail in the marketplace each year.

Answer 1

C) Thousands of new products fail in the marketplace each year.

Question 2

The activity that involves creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is called

Answer 2

Marketing

Question 3

Consider the primary objectives of marketing: for effective marketing to occur, what must marketers do before they can satisfy the needs of their customers?

A) create innovative products
B) differentiate the firm’s product from the competition
C) discover needs and wants
D) offer low prices

Answer 3

C) discover needs and wants

Question 4

T/F-The key to a marketing exchange is that both buyers and sellers trade things of value so that each is better off after the trade.

Answer 4

True

Question 5

After John buys two boxes of macaroni and cheese at the grocery store with a five dollar bill, the store is better off because it has more money in the register and the consumer is better off because he has more food in his pantry. This is an example of which of the core aspects of marketing?

A) Marketing is about price, product, place, and promotion decisions.

B) Marketing requires rational decision making.

C) Marketing requires a place to communicate.

D) Marketing entails exchange between buyer and seller

Answer 5

D) Marketing entails exchange between buyer and seller

Question 6

Marketing typically impacts which of the following groups in society?

suppliers

shareholders

customers

regulatory agencies

Answer 6

suppliers

shareholders

customers

Question 7

Environmental forces that shape the nature of an organization’s actions include social, economic, technological, competitive, and Blank______ forces.

ethical

regulatory

managerial

relationship

Answer 7

REGULATORY

Question 8

What is the most fundamental goal of marketing?

Answer 8

to satisfy consumer needs

Question 9

In marketing, a market is made up of ______.
A) products that are diverse but sold in the same store

B) people with the desire and ability to buy a product

C) organizations that fit into the same industry

D) products that are similar to one another

Answer 9

B) people with the desire and ability to buy a product

Question 10

Listening to your customers in order to develop a better product is an example of?

Answer 10

Effective marketing research

Question 11

To be considered a part of the firm’s market, consumers must have Blank______.

A) an unmet need regardless of the ability to buy

B) liquid assets, like cash or a savings account

C) a way to physically reach the firm’s brick and mortar store

D) both the desire and ability to buy its products

Answer 11

D) both the desire and ability to buy its products

Question 12

The four Ps, or marketing mix, are the ________ set of activities that a firm uses to respond to the needs of its target market.

Answer 12

Controllable

Question 13

What type of marketing connects the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit

Answer 13

Relationship

Question 14

A market orientation requires firms to create customer value through ______.

A) convincing customers that ‘wants’ are more important than “needs”

B) finding new buyers with aggressive sales tactics

C) collecting information about customer needs

D) making virtually any products available for sale

Answer 14

C) collecting information about customer needs

Question 15

A ________ is a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.

Answer 15

Marketing Program

Question 16

The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term favorable perceptions of the organization is called ______.

Answer 16

Customer Relationship Management

Question 17

Customer value is the unique combination of benefits received by targeted buyers ______.

A) on a single buying occasion
B) at a specific price
C) as an average or ongoing buying occasions
D) regardless of price

Answer 17

B) at a specific price

Question 18

The internal response that customers have to all aspects of an organization and its offering is known as the ______.

Answer 18

Customer Experience

Question 19

Concepts like value and relationship marketing are important in designing an organization’s marketing program because such a program is what connects the organization to its ______.

A) preferred supplies and distributors

B) shareholders

C) customers

D) investors

Answer 19

C) customers

Question 20

Marketing became the motivating force among many American firms in the 1950s. It led to the______ _________- the idea that an organization should strive to satisfy customer needs while trying to achieve its goals.

Answer 20

Marketing Concept

Question 21

When a firm implements the marketing concept to consider customer needs in its strategy, it then is said to have a?

Answer 21

Market Orientation

Question 22

The idea that a company should attempt to satisfy its customers’ needs while at the same time try to achieve its own objectives is known as

Answer 22

Marketing Concept