Question 1

Marketing enriches society by

Accepted Answer

A)   focusing solely on maximizing profits.
B)   sponsoring charitable events.
C)   recognizing that the firm can do very little by itself,and so it should stay focused on its own core competencies.
D)   facilitating the smooth flow of goods through the supply chain.
E)   coordinating marketing functions with other functional areas in the company.F) A) and B)
G) C) and D)

Question 2

Marketing channel management is related to which of the four Ps?

Accepted Answer

A)   product
B)   price
C)   place
D)   promotion
E)   productionF) A) and C)
G) C) and E)

Question 3

Which of the following is a core aspect of marketing?

Accepted Answer

A)   satisfying as many needs as possible
B)   creating a product that everyone will want to buy
C)   setting prices lower than all competitors
D)   making product,place,promotion,and price decisions
E)   increasing the company's profitF) D) and E)
G) All of the above

Question 4

After major hurricanes like Katrina,many ethical home repair and building supply businesses continue to charge pre-hurricane prices to their customers,even though due to the huge increase in demand they could charge much more.These firms probably recognize that

Accepted Answer

A)   they can make more money from government contracts than from sales to customers.
B)   a transactional orientation is the key to long-term profitability.
C)   none of their competitors would be raising prices.
D)   lifetime profitability of relationships matters more than profits from a particular transaction.
E)   if they raised prices they would be in violation of Commerce Department regulations.F) A) and B)
G) B) and C)

Question 5

Near the end of the model year,Move-Them-Out automobile dealership had an unusually high inventory level.The manager increased her advertising spending and gave extra incentives to its salespeople.Move-Them-Out operates as if it were in the __________ era.

Accepted Answer

A)   production-oriented
B)   sales-oriented
C)   market-oriented
D)   value-based marketing
E)   retailing-orientedF) A) and B)
G) B) and D)

Question 6

Which of the following statements reflects the philosophy of the market-oriented era?

Accepted Answer

A)   A good product will sell itself.
B)   The customer is king.
C)   Firms should take advantage of a seller's market.
D)   Advertising and personal selling should be emphasized in order to make the sale.
E)   Firms should focus on value.F) B) and D)
G) A) and B)

Question 7

Four Winds Art Gallery recently began offering appraisals of customers' art collections,in addition to continuing to sell paintings.Four Winds is

Accepted Answer

A)   expanding from offering just services to also offering goods.
B)   implementing a market segmentation strategy.
C)   capturing value through multiple pricing strategies.
D)   expanding from offering just goods to also offering services.
E)   increasing customer value through inflated appraisal evaluations.F) D) and E)
G) B) and E)

Question 8

How does sharing information help a firm be more value driven?

Accepted Answer

To be value based,marketers need to shar...

Question 9

Value-driven firms constantly measure the __________ that customers perceive,compared to the prices of their offerings.

Accepted Answer

A)   information
B)   benefits
C)   relationships
D)   rebates
E)   merchandiseF) A) and C)
G) A) and E)

Question 10

Suppose that your university creates a position for vice president of marketing and promotes your professor to the position.What activities will the new vice president of marketing probably be involved in? Be specific.

Accepted Answer

Answers will vary,de...

Question 11

Which marketing activity is most directly served by the promotion element of the marketing mix?

Accepted Answer

A)   communicating value
B)   creating value
C)   capturing value
D)   delivering value
E)   producing valueF) C) and E)
G) B) and D)

Question 12

Many U.S.companies first discovered marketing during the __________ era.

Accepted Answer

A)   production-oriented
B)   sales-oriented
C)   market-oriented
D)   value-based marketing
E)   retailing-orientedF) B) and D)
G) B) and C)

Question 13

At one point in the evolution of marketing,the United States entered a buyer's market and the customer became king.Which era is being described?

Accepted Answer

A)   market-oriented
B)   sales-oriented
C)   production-oriented
D)   value-based marketing
E)   economics-orientedF) A) and B)
G) B) and E)

Question 14

When a manufacturer sells truck and car parts to Toyota,this is an example of B2C marketing.

Accepted Answer

A) True 
 B)False

Question 15

When assessing customer value,what must a marketer always remember?

Accepted Answer

Value is in the eye of the beholder,mean...

Question 16

When we say that marketing can be entrepreneurial,it means that entrepreneurs

Accepted Answer

A)   attempt to mimic existing products on the market.
B)   strive to satisfy unfilled needs.
C)   raise social consciousness.
D)   gain monopoly power.
E)   push new technology even if people aren't ready for it.F) A) and B)
G) C) and D)

Question 17

If a firm adopts a CRM business philosophy,it most likely has a(n) _______ orientation with its customers.

Accepted Answer

A)   transactional
B)   external
C)   relational
D)   internal
E)   divisionalF) A) and B)
G) B) and E)

Question 18

Firms have come to realize that good corporate citizenship through socially responsible actions should be a priority because it will help their bottom line in the long run.

Accepted Answer

A) True 
 B)False

Question 19

Approximately half of marketers say they now use social media tools for marketing purposes.

Accepted Answer

A) True 
 B)False

Question 20

Jami sells construction equipment.Whenever she calls on her building contractor customers,she asks if they are having any problems.In doing so,Jami is addressing which of the following core aspects of marketing?

Accepted Answer

A)   satisfying customer needs and wants
B)   completing the exchange function of marketing
C)   making product,place,promotion,and price decisions
D)   making decisions about the setting in which marketing takes place
E)   creating valueF) A) and B)
G) B) and E)

Exam 1: Overview of Marketing

Firms have come to realize that good corporate citizenship through socially responsible actions should be a priority because it will help their bottom line in the long run.

Correct AnswerverifiedShow Answer

Many U.S.companies first discovered marketing during the __________ era.

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Near the end of the model year,Move-Them-Out automobile dealership had an unusually high inventory level.The manager increased her advertising spending and gave extra incentives to its salespeople.Move-Them-Out operates as if it were in the __________ era.

Correct AnswerverifiedShow Answer

Marketing enriches society by

Correct AnswerverifiedShow Answer

Which of the following is a core aspect of marketing?

Correct AnswerverifiedShow Answer

When assessing customer value,what must a marketer always remember?

Correct AnswerverifiedValue is in the eye of the beholder,mean...View AnswerShow Answer

Which of the following statements reflects the philosophy of the market-oriented era?

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Four Winds Art Gallery recently began offering appraisals of customers' art collections,in addition to continuing to sell paintings.Four Winds is

Correct AnswerverifiedShow Answer

When we say that marketing can be entrepreneurial,it means that entrepreneurs

Correct AnswerverifiedShow Answer

How does sharing information help a firm be more value driven?

Correct AnswerverifiedTo be value based,marketers need to shar...View AnswerShow Answer

After major hurricanes like Katrina,many ethical home repair and building supply businesses continue to charge pre-hurricane prices to their customers,even though due to the huge increase in demand they could charge much more.These firms probably recognize that

Correct AnswerverifiedShow Answer

Marketing channel management is related to which of the four Ps?

Correct AnswerverifiedShow Answer

When a manufacturer sells truck and car parts to Toyota,this is an example of B2C marketing.

Correct AnswerverifiedShow Answer

Value-driven firms constantly measure the __________ that customers perceive,compared to the prices of their offerings.

Correct AnswerverifiedShow Answer

Suppose that your university creates a position for vice president of marketing and promotes your professor to the position.What activities will the new vice president of marketing probably be involved in? Be specific.

Correct AnswerverifiedAnswers will vary,de...View AnswerShow Answer

Approximately half of marketers say they now use social media tools for marketing purposes.

Correct AnswerverifiedShow Answer

Which marketing activity is most directly served by the promotion element of the marketing mix?

Correct AnswerverifiedShow Answer

Jami sells construction equipment.Whenever she calls on her building contractor customers,she asks if they are having any problems.In doing so,Jami is addressing which of the following core aspects of marketing?

Correct AnswerverifiedShow Answer

If a firm adopts a CRM business philosophy,it most likely has a(n) _______ orientation with its customers.

Correct AnswerverifiedShow Answer

At one point in the evolution of marketing,the United States entered a buyer's market and the customer became king.Which era is being described?

Correct AnswerverifiedShow Answer

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Value is in the eye of the beholder,mean...
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To be value based,marketers need to shar...
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Answers will vary,de...
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