Question 1

The value to consumers that comes from the production or alteration of a good or service constitutes __________ utility.

Accepted Answer

A)  time
B)  place
C)  possession
D)  market
E)  formF) C) and E)
G) None of the above

Question 2

In the 19th century, the belief was that production created its own demand.By the early 20th century, American companies began to produce more goods than their regular buyers could consume.At the same time, competition became more significant.The usual solution was to hire more salespeople to find new buyers.This describes the __________ era.

Accepted Answer

A)  societal marketing concept
B)  production
C)  sales
D)  marketing concept
E)  market orientationF) A) and B)
G) A) and C)

Question 3

A church has put advertisements in its weekly bulletins to encourage its members to participate in the services by reading.Jack volunteered and read during a service.He felt satisfied and felt he was contributing to his church.Was this a marketing exchange?

Accepted Answer

A)  Yes, because the church ran an advertisement
B)  Yes, because reading at the service was exchanged for a feeling of satisfaction
C)  No, because the church is a non-profit organization
D)  No, because no money was exchanged
E)  No, because the church did not provide Jack with a tangible productF) B) and D)
G) D) and E)

Question 4

Target market refers to

Accepted Answer

A)  all people who purchase a product regardless who ultimately uses it.
B)  one or more specific groups of potential consumers toward which an organization directs its marketing program.
C)  potential customers who are currently using competitors' products.
D)  the group of potential consumers who are willing and able to pay the highest possible price for a given product.
E)  the group of potential consumers who are not yet aware of a company's product but who might benefit from its use.F) C) and D)
G) B) and D)

Question 5

Customer experience refers to

Accepted Answer

A)  preconceived expectations of how a given buying situation will unfold.
B)  preconceived customer expectations in terms of a product's benefits and price.
C)  knowledge a customer brings to a marketing encounter prior to making an exchange.
D)  the internal response that customers have to all aspects of an organization and its offerings.
E)  the activities in which a firm will participate in order to create a positive buying experience for the customer.F) A) and E)
G) B) and E)

Question 6

Redbox Video places vending machines, at local convenience stores and grocery stores that allow customers to rent and return popular DVDs, 24hours a day.This creates __________ utilities.

Accepted Answer

A)  time and place
B)  form and place
C)  possession and time
D)  time and form
E)  form and possessionF) A) and B)
G) A) and E)

Question 7

Explain the difference between a market and a target market.Provide a specific example of each.

Accepted Answer

Potential consumers make up a market, wh...

Question 8

Which of the following groups would be the least likely target market for a company producing canned foods in single serving sizes?

Accepted Answer

A)  Single adults
B)  School kitchens
C)  Campers
D)  Senior citizens
E)  Vending machine ownersF) D) and E)
G) C) and D)

Question 9

To attend the winter concert presented by the community chorus, every person had to donate one unwrapped toy at the concert hall door.This statement is most closely related to the __________ element of the marketing mix.

Accepted Answer

A)  product
B)  philanthropy
C)  price
D)  place
E)  promotionF) A) and D)
G) A) and E)

Question 10

The most likely market for cosmetic dentistry (which can cost $15,000 for straightening and whitening)  is

Accepted Answer

A)  children with crooked teeth, when crooked teeth runs in the family.
B)  all former smokers who have been smoke free for at least one year.
C)  anyone who has the time, the money, and the desire to undergo the procedures.
D)  anyone that has ever had any plastic surgery.
E)  adults who rely on making a good first impression for job success.F) B) and E)
G) A) and D)

Question 11

Exchange refers to

Accepted Answer

A)  the trade of things of value between buyer and seller so that each is better off after the trade.
B)  the replacement of one product for another product of equal or greater value, as compensation for a product that failed to meet expectations.
C)  the proffering of money, whether in the form of cash, check, or credit card, for a product or service at the time of purchase.
D)  a legally binding agreement to purchase a product or service allowing for a grace period of three days during which the contract can be dissolved without penalty.
E)  an international agency with the responsibility of determining relative values for currency throughout the world, on a daily basis; also referred to as the foreign exchange rate.F) C) and E)
G) None of the above

Question 12

In the life of a firm, the __________ era, covered the early years of the United States up until the 1920s.

Accepted Answer

A)  production
B)  sales
C)  marketing concept
D)  customer relationship
E)  market orientationF) A) and C)
G) B) and D)

Question 13

FIGURE 1-3 
-In Figure 1-3 above, what customer value strategy does Southwest Airlines provide to its customers?

Accepted Answer

A)  Best price
B)  Best product
C)  Best service
D)  Best features
E)  Best utilityF) B) and E)
G) C) and E)

Question 14

Marketing refers to

Accepted Answer

A)  the activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its shareholders, and employees.
B)  the activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its shareholders, and customers.
C)  the activity for creating, communicating, delivering a product or service to a specific segment of the market, providing the greatest customer value at the highest possible price.
D)  the activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large.
E)  the activities of advertising, promoting, and selling products to the greatest number of potential customers while simultaneously meeting the needs of the customer and organization.F) D) and E)
G) B) and E)

Question 15

Which of the following statements about environmental forces is most accurate?

Accepted Answer

A)  Environmental forces are almost always controllable if the marketing department properly balances its marketing mix.
B)  Organizations that use the marketing concept can exert just as much influence on environmental forces as environmental forces can exert on an organization.
C)  Environmental forces consistently result in negative outcomes for an organization.
D)  Although many consider environmental forces a negative impact on a firm's marketing plans, some environmental forces can actually enhance a firm's marketing opportunities.
E)  Environmental forces can almost always be predicted.F) C) and D)
G) A) and B)

Question 16

The element of the marketing mix demonstrated when a newspaper carrier throws a paper on the front porch is __________.

Accepted Answer

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

Question 17

Showstoppers refer to

Accepted Answer

A)  creative or innovative members of a marketing team.
B)  unexpected alternative uses for a product that result in a sudden increase in sales.
C)  factors that might doom a product.
D)  a sudden loss of financial backing even though the item is in production.
E)  a situation where a competitor's product suddenly beats a firm's new product to the marketplace.F) B) and C)
G) B) and E)

Question 18

The owners of Old School Brand Authentic Antique Foods researched Civil War records to come up with recipes for the old-fashioned products they market.Concern about the __________ element of the marketing mix would make them eager to be featured in an upcoming edition of Taste of Home magazine.

Accepted Answer

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

Question 19

A want refers to

Accepted Answer

A)  a sense of personal inadequacy based upon observations by others around you.
B)  a sense of urgency which causes a person to take action even though it may put him in peril.
C)  a felt need that is shaped by a person's knowledge, culture, or individual personality.
D)  a feeling of being physiologically deprived of something, but not fully understanding what "it" may be.
E)  a situation when a person feels deprived of basic necessities such as food, clothing, and shelter.F) All of the above
G) B) and C)

Question 20

In the future 3M will make use of __________ to attract new customers.

Accepted Answer

A)  product extensions
B)  social responsibility
C)  post-production promotions
D)  focus groups comprised of graduate students
E)  macromarketing strategies focusing on "going green"F) B) and C)
G) A) and D)

Exam 1: Creating Customer Relationships and Value Through Marketing

Redbox Video places vending machines, at local convenience stores and grocery stores that allow customers to rent and return popular DVDs, 24hours a day.This creates __________ utilities.

Correct Answer
verified

The most likely market for cosmetic dentistry (which can cost $15,000 for straightening and whitening) is

Correct Answer
verified

FIGURE 1-3 -In Figure 1-3 above, what customer value strategy does Southwest Airlines provide to its customers?

Correct Answer
verified

In the life of a firm, the __________ era, covered the early years of the United States up until the 1920s.

Correct Answer
verified

A want refers to

Correct Answer
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Showstoppers refer to

Correct Answer
verified

In the future 3M will make use of __________ to attract new customers.

Correct Answer
verified

A church has put advertisements in its weekly bulletins to encourage its members to participate in the services by reading.Jack volunteered and read during a service.He felt satisfied and felt he was contributing to his church.Was this a marketing exchange?

Correct Answer
verified

Exchange refers to

Correct Answer
verified

To attend the winter concert presented by the community chorus, every person had to donate one unwrapped toy at the concert hall door.This statement is most closely related to the __________ element of the marketing mix.

Correct Answer
verified

Target market refers to

Correct Answer
verified

Which of the following statements about environmental forces is most accurate?

Correct Answer
verified

The value to consumers that comes from the production or alteration of a good or service constitutes __________ utility.

Correct Answer
verified

The element of the marketing mix demonstrated when a newspaper carrier throws a paper on the front porch is __________.

Correct Answer
verified

The owners of Old School Brand Authentic Antique Foods researched Civil War records to come up with recipes for the old-fashioned products they market.Concern about the __________ element of the marketing mix would make them eager to be featured in an upcoming edition of Taste of Home magazine.

Correct Answer
verified

Correct Answer
verified

Customer experience refers to

Correct Answer
verified

Marketing refers to

Correct Answer
verified

Which of the following groups would be the least likely target market for a company producing canned foods in single serving sizes?

Correct Answer
verified

Explain the difference between a market and a target market.Provide a specific example of each.

Correct Answer
verified
Potential consumers make up a market, wh...
View Answer

Exam 1: Creating Customer Relationships and Value Through Marketing

Redbox Video places vending machines, at local convenience stores and grocery stores that allow customers to rent and return popular DVDs, 24hours a day.This creates __________ utilities.

Correct AnswerverifiedShow Answer

The most likely market for cosmetic dentistry (which can cost $15,000 for straightening and whitening) is

Correct AnswerverifiedShow Answer

FIGURE 1-3 -In Figure 1-3 above, what customer value strategy does Southwest Airlines provide to its customers?

Correct AnswerverifiedShow Answer

In the life of a firm, the __________ era, covered the early years of the United States up until the 1920s.

Correct AnswerverifiedShow Answer

A want refers to

Correct AnswerverifiedShow Answer

Showstoppers refer to

Correct AnswerverifiedShow Answer

In the future 3M will make use of __________ to attract new customers.

Correct AnswerverifiedShow Answer

A church has put advertisements in its weekly bulletins to encourage its members to participate in the services by reading.Jack volunteered and read during a service.He felt satisfied and felt he was contributing to his church.Was this a marketing exchange?

Correct AnswerverifiedShow Answer

Exchange refers to

Correct AnswerverifiedShow Answer

To attend the winter concert presented by the community chorus, every person had to donate one unwrapped toy at the concert hall door.This statement is most closely related to the __________ element of the marketing mix.

Correct AnswerverifiedShow Answer

Target market refers to

Correct AnswerverifiedShow Answer

Which of the following statements about environmental forces is most accurate?

Correct AnswerverifiedShow Answer

The value to consumers that comes from the production or alteration of a good or service constitutes __________ utility.

Correct AnswerverifiedShow Answer

The element of the marketing mix demonstrated when a newspaper carrier throws a paper on the front porch is __________.

Correct AnswerverifiedShow Answer

The owners of Old School Brand Authentic Antique Foods researched Civil War records to come up with recipes for the old-fashioned products they market.Concern about the __________ element of the marketing mix would make them eager to be featured in an upcoming edition of Taste of Home magazine.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Customer experience refers to

Correct AnswerverifiedShow Answer

Marketing refers to

Correct AnswerverifiedShow Answer

Which of the following groups would be the least likely target market for a company producing canned foods in single serving sizes?

Correct AnswerverifiedShow Answer

Explain the difference between a market and a target market.Provide a specific example of each.

Correct AnswerverifiedPotential consumers make up a market, wh...View AnswerShow Answer

Correct Answer
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Correct Answer
verified
Potential consumers make up a market, wh...
View Answer