Chapters 1-6

Question 1

Which of the following is not an accurate description of modern marketing:
A) marketing is the creation of value for customers
B) marketing involves managing profitable customer relationships
C) marketing emphasizes selling and advertising exclusively
D) marketing involves satisfying customers’ needs
E) marketing is building value-laden exchange relationships with customers

Answer 1

C

Question 2

According to management guru Peter Drucker, “the aim of marketing is to ____”

Answer 2

Make selling unnecessary

Question 3

______ are human needs that are shaped by culture and individual personality

Answer 3

Wants

Question 4

When backed by buying power, wants become _______

Answer 4

Demands

Question 5

Greg Williams now has the buying power to purchase the desktop computer that he has wanted for the last six months. Greg’s want now has become a(n)

Answer 5

Demand

Question 6

The art and science of choosing target markets and building profitable relationships with them is called ______

Answer 6

Marketing management

Question 7

Selecting which segments of a population to serve is called ______

Answer 7

Target marketing

Question 8

Cathy’s clothes is a small yet successful retail chain that sells women’s clothing with a focus on buyers who have modest means. For this specific purpose, the firm has rolled out marketing initiatives aimed at women of a specific demographic. This is an example of ________

Answer 8

Target marketing

Question 9

In which of the following situations has a company most actively embraced customer-managed relationships?
A) American Airlines awards frequent flyer points to returning customers
B) Paige Premium Denim jeans provides superior quality and perfect fit
C) iRobot invites enthusiastic roomba owners to develop and share their own uses for the company’s robotic vacuum cleaner
D) Best Buy distinguishes between its best customers and it’s less profitable customers, stocking merchandise to appeal each group
E) Toyota develops a marketing presence on social networks

Answer 9

C

Question 10

Which of the following is true about creating customer loyalty and retention?

Answer 10

losing a customer means losing the entire stream of purchases that the customer would make over a lifetime of patronage

Question 11

FedEx offers its customers fast and reliable package delivery. When fedex customers weigh these benefits against the monetary cost of using fedex along with other costs of using the service, they are acting upon _______

Answer 11

Customer-perceived value

Question 12

Marketers use mobile channels for several purposes. Which of the following is least likely to be on of those purposes
A) enrich the brand experience 
B) send billing statement 
C) stimulate immediate buying 
D) make shopping easier
E) boost sampling

Answer 12

B

Question 13

Following the change in consumer values and consumption patterns after the Great Recession, marketers have changed their marketing strategies to emphasize the ________ of their products

Answer 13

Value

Question 14

______ is the process of developing and maintaining a crucial fit between the organizations goals and capabilities and it’s changing marketing opportunities

Answer 14

Strategic planning

Question 15

Which of the following is true with regard to strategic planning
A) a strategic plan deals with a company’s short term goals
B) the focus of strategic planning is to define a game plan for long run survival and growth
C) the strategic plan is a statement of an organizations purpose
D) strategic planning involves identifying segments of consumers with identical preferences

Answer 15

B

Question 16

Each department in a company that carries out value-creating activities can be thought of as a link in the company’s _______

Answer 16

Internal value chain

Question 17

The fact that people are dropping out of organized religion doesn’t mean they are abandoning their faith. Some futurists have noted a renewed interest in _______, perhaps as a part of a broader search for a new inner purpose

Answer 17

Spirituality

Question 18

Companies that take a proactive stance toward the marketing environment are most likely to _______

Answer 18

Develop strategies to change the environment in their favor

Question 19

Katrina Mendoza is a senior manager in a manufacturing firm that hires lobbyists to influence legislation that affects the manufacturing industry. Katrina’s firm takes a _____ stance toward the marketing environment

Answer 19

Proactive

Question 20

Which of the following is most likely influenced by marketers?
A) population shifts
B) core cultural values
C) income distribution 
D) ethic diversity 
E) media

Answer 20

E

Question 21

Among the generation groups in the U.S. population, the ______ are still the wealthiest generation in U.S. history

Answer 21

Baby boomers

Question 22

New technologies most likely leads to

Answer 22

New markets and opportunities

Question 23

Many firms today use RFID technology to _______

Answer 23

Track products through various points in the distribution channel

Question 24

Many companies use RFID product labels on their goods, which exemplifies the ______ environment in business

Answer 24

Technological

Question 25

What is a potential downside to using patriotic themes in marketing programs?

Answer 25

Patriotism can be seen as an attempt to cash in on the nations emotions

Question 26

Consumers in the “lifestyles of health and sustainability” market are more likely to seek \_\_\_\_\_\_
A) alternative medicine
B) perfumes made from animal products 
C) clothing made of fur
D) leather goods
E) foods high in saturated fat

Answer 26

Alternative medicine

Question 27

_____ analysis is an overall evaluation of the company’s strengths, weaknesses, opportunities and threats

Answer 27

SWOT

Question 28

______ refers to meaningful sets of marketing performance measures in a single display used to monitor strategic marketing performance

Answer 28

Marketing dashboards

Question 29

______ provide the resources needed by a company to produce its goods and services.

Answer 29

Suppliers

Question 30

Sparex inc is a manufacturer of metal bolts that are used by Boilex inc. to manufacture heavh machines. In this instance, sparex acts as a ______

Answer 30

Supplier

Question 31

The marketing team of 7 Star inc, a company manufacturing smartphones, is currently studying the size, density, location, age, and occupation of its target market. Which of the environments is being studied?

Answer 31

Demographic environment

Question 32

The single most important demographic trend in the United States is the _______

Answer 32

Changing age structure of the population

Question 33

Redfin manufactures diving equipment that is highly regarded by customers worldwide. Each department in Redfin contributes to its success and can be thought of as a _______

Answer 33

Link in the company’s internal value chain

Question 34

The network made up of the company, its suppliers, its distributers, and its customers who partner with each other to improve the performance of the entire system is known as the

Answer 34

Value delivery network