Question 1

The value to consumers that comes from having the offering available when they need it constitutes ________ utility.

Accepted Answer

A)   place
B)   possession
C)   market
D)   time
E)   form

Question 2

Entities such as manufacturers, retailers, and government agencies that buy goods and services for their own use or for resale are referred to as

Accepted Answer

A)   intermediate buyers.
B)   selling agents.
C)   organizational buyers.
D)   manufacturing agents.
E)   brokers.

Question 3

Innovations in the textile industry have led to fabrics that help regulate body temperature, reduce wind resistance, and control muscle vibration, all of which help improve athletic performance. This shows how manufacturing can create ________ utility.

Accepted Answer

A)   time
B)   form
C)   place
D)   possession
E)   market

Question 4

Do college students have a choice in which classes they take to earn a degree? Use what you have learned about the controllable and uncontrollable aspects of marketing in terms of how they might relate to course selection decision making. Incorporate marketing terms in your response.

Accepted Answer

Most colleges and universities offer som...

Question 5

The four Ps are commonly known as

Accepted Answer

A)   the environmental or uncontrollable forces.
B)   the environmental or controllable factors.
C)   the marketing mix or controllable factors.
D)   the marketing mix or uncontrollable forces.
E)   environmental factors, both controllable and uncontrollable.

Question 6

Describe two different target markets for two different products or services you, your friends, or your family have recently purchased or used.

Accepted Answer

A target market is a specific group of p...

Question 7

The uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces are referred to as

Accepted Answer

A)   the 5 Fs of marketing.
B)   environmental forces.
C)   business conditions.
D)   a marketing ecosystem.
E)   a business sphere.

Question 8

In response to a growing interest in healthful, simple products among consumers, Chobani introduced

Accepted Answer

A)   an Italian-style ragù sauce.
B)   a Turkish-style cottage cheese.
C)   a French-style butter.
D)   a Greek-style yogurt.
E)   an Asian-style teriyaki sauce.

Question 9

All of the following constitute the four Ps of the marketing mix except which?

Accepted Answer

A)   promotion
B)   profitability
C)   price
D)   place
E)   product

Question 10

Which of the following statements is an example of place utility?

Accepted Answer

A)   airlines that allow you to print your own boarding pass at home
B)   a service station that adds a diesel fuel pump to its three unleaded gasoline pumps
C)   a mobile phone company that offers six-month financing, same as cash
D)   cold cut packages that can be zipped close for reuse
E)   an iPhone with a "multitouch" user interface for easy navigation

Question 11

A target market refers to

Accepted Answer

A)   customers who have already purchased a firm's product at least once, have been satisfied, and are likely to be repeat purchasers.
B)   both existing and potential customers who have used a competitor's product, are dissatisfied, and who now seek a different product or service to satisfy their needs.
C)   a specific group of current consumers toward which an organization directs its advertising.
D)   existing or potential consumers who are seeking a product for which there are no current substitutes.
E)   one or more specific groups of potential consumers toward which an organization directs its marketing program.

Question 12

Marketers often discover consumer needs by

Accepted Answer

A)   implementing a marketing program.
B)   conducting effective marketing research.
C)   balancing the marketing mix elements-the four Ps of the marketing program.
D)   advertising to diverse groups of prospective buyers.
E)   copying the products and services of competitors.

Question 13

All markets ultimately are composed of

Accepted Answer

A)   people.
B)   brands.
C)   products.
D)   organizations.
E)   locations.

Question 14

Which of the following statements about the marketing concept is most accurate?

Accepted Answer

A)   The marketing concept can trace its roots to early Greek culture.
B)   In using the marketing concept, both companies and consumers are able to satisfy needs simultaneously.
C)   In using the marketing concept, companies focus on sales and advertising.
D)   The marketing concept is most effective when production is limited and the product will sell itself.
E)   All U.S. firms are now operating with a marketing concept philosophy.

Question 15

One challenge faced by organizations is the need to focus on consumer needs while also ________ the interests of countless other people, groups, and forces that interact to shape the nature of its actions.

Accepted Answer

A)   resisting
B)   striking a balance among
C)   developing
D)   being responsible for
E)   minimizing

Question 16

A customer value proposition is

Accepted Answer

A)   the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price.
B)   a statement that, before product development begins, identifies (1)  a well-defined target market; (2)  specific customers' needs, wants, and preferences; and (3)  what the product will be and do to satisfy consumers.
C)   a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation.
D)   the characteristics of a product that make it superior to competitive substitutes.
E)   the cluster of benefits that an organization promises customers to satisfy their needs.

Question 17

The element of the marketing mix that describes what is exchanged for a product is known as

Accepted Answer

A)   a product.
B)   the price.
C)   promotion.
D)   the place or distribution.
E)   persuasion.

Question 18

In 1952, General Electric's annual report stated, "The concept introduces … marketing … at the beginning rather than the end of the production cycle and integrates marketing into each phase of the business." This is a brief statement of what has come to be known as the

Accepted Answer

A)   sustainability perspective.
B)   age of consumerism.
C)   sales concept.
D)   marketing concept.
E)   customer relationship management concept.

Question 19

The benefits or customer value received by users of a product is called

Accepted Answer

A)   utility.
B)   synergy.
C)   consumerism.
D)   cost-benefit ratio.
E)   customer lifetime value.

Question 20

Which of the following is a factor required for marketing to occur?

Accepted Answer

A)   a healthy competitive environment
B)   an affordable and actionable advertising campaign
C)   a sense of social responsibility
D)   an ability to see hidden potential within an environmental force
E)   something to exchange

Exam 1: Creating Customer Relationships and Value Through Marketing

Marketers often discover consumer needs by

Correct AnswerverifiedShow Answer

Innovations in the textile industry have led to fabrics that help regulate body temperature, reduce wind resistance, and control muscle vibration, all of which help improve athletic performance. This shows how manufacturing can create ________ utility.

Correct AnswerverifiedShow Answer

A customer value proposition is

Correct AnswerverifiedShow Answer

Which of the following is a factor required for marketing to occur?

Correct AnswerverifiedShow Answer

A target market refers to

Correct AnswerverifiedShow Answer

Which of the following statements is an example of place utility?

Correct AnswerverifiedShow Answer

One challenge faced by organizations is the need to focus on consumer needs while also ________ the interests of countless other people, groups, and forces that interact to shape the nature of its actions.

Correct AnswerverifiedShow Answer

The uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces are referred to as

Correct AnswerverifiedShow Answer

The four Ps are commonly known as

Correct AnswerverifiedShow Answer

Describe two different target markets for two different products or services you, your friends, or your family have recently purchased or used.

Correct AnswerverifiedA target market is a specific group of p...View AnswerShow Answer

All of the following constitute the four Ps of the marketing mix except which?

Correct AnswerverifiedShow Answer

Entities such as manufacturers, retailers, and government agencies that buy goods and services for their own use or for resale are referred to as

Correct AnswerverifiedShow Answer

In 1952, General Electric's annual report stated, "The concept introduces … marketing … at the beginning rather than the end of the production cycle and integrates marketing into each phase of the business." This is a brief statement of what has come to be known as the

Correct AnswerverifiedShow Answer

The benefits or customer value received by users of a product is called

Correct AnswerverifiedShow Answer

The value to consumers that comes from having the offering available when they need it constitutes ________ utility.

Correct AnswerverifiedShow Answer

In response to a growing interest in healthful, simple products among consumers, Chobani introduced

Correct AnswerverifiedShow Answer

All markets ultimately are composed of

Correct AnswerverifiedShow Answer

Which of the following statements about the marketing concept is most accurate?

Correct AnswerverifiedShow Answer

The element of the marketing mix that describes what is exchanged for a product is known as

Correct AnswerverifiedShow Answer

Do college students have a choice in which classes they take to earn a degree? Use what you have learned about the controllable and uncontrollable aspects of marketing in terms of how they might relate to course selection decision making. Incorporate marketing terms in your response.

Correct AnswerverifiedMost colleges and universities offer som...View AnswerShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
A target market is a specific group of p...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Most colleges and universities offer som...
View Answer