Question 1

Which of the following acts as a barrier to the development of relationship marketing?

Accepted Answer

A)  Changes in the demographic nature of an increasingly mobile society
B)  The ever increasing usage of the Internet for consumer purchases
C)  The onset of new buying behaviors through cultural diversity
D)  A large aging population with the median age of fifty
E)  The current fear of identity theftF) A) and D)
G) A) and E)

Question 2

Customer value refers to

Accepted Answer

A)  the need of a customer to receive the highest quality product at the lowest possible price.
B)  the degree to which a customer is willing to sacrifice quality for price.
C)  the range of price (from lowest to highest)  a customer will ultimately be willing to pay for a specific level of quality.
D)  the potential long-term profits that can be generated by a single customer over time if a firm is able to keep him or her as a loyal customer.
E)  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.F) B) and D)
G) All of the above

Question 3

TUMI brand briefcases are very expensive, high-end briefcases, generally sold in specialty luggage shops.Which of the following groups would be the most likely target market for TUMI brand briefcases?

Accepted Answer

A)  Police officers
B)  Executives
C)  Construction workers
D)  Postal workers
E)  StudentsF) None of the above
G) B) and C)

Question 4

Marketing concept refers to

Accepted Answer

A)  the activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its shareholders, and customers.
B)  the belief that an organization should focus its efforts on (1)  continuously collecting information about customers' needs, (2)  sharing this information across departments, and (3)  using it to create customer value.
C)  the orientation of creating, communicating, delivering a product or service to a specific segment of the market, and providing the greatest customer value at the highest possible price.
D)  directing a firm's activities towards advertising, promotion, and sales in order to reach the greatest number of potential customers.
E)  the idea that an organization should strive to satisfy the needs of consumers, while also trying to achieve the organization's goals.F) A) and E)
G) C) and E)

Question 5

A local college of business offers an outstanding business school education.Cali pays the tuition to attend and earns her MBA with a concentration in Supply Chain Management.Upon graduating, she is offered a high paying, fulfilling position.Was this a marketing exchange?

Accepted Answer

A)  No, because the university made a profit from Cali's tuition through the entire time she was in school and will most likely receive additional funds from Cali as an alumnus.
B)  No, because money was exchanged in the form of tuition and Cali' income will come from her employer, not her graduate school.
C)  No, because the school did not provide Cali with a tangible product, only the potential of an education.
D)  Yes, because the university promised Cali she would graduate on time and she did.
E)  Yes, because paying tuition was exchanged for knowledge that directly led to Cali's fulfilling, new job.F) A) and D)
G) A) and C)

Question 6

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

Accepted Answer

A)  An iPhone offers a large selection of "apps"
B)  A dry cleaner is located inside a supermarket
C)  Goodwill has a 24-hour drop box for donations
D)  A cell phone company offers six-month financing, same as cash
E)  A new herbal supplement offers a 30 day free trialF) A) and D)
G) A) and C)

Question 7

You change the oil in your car yourself and dump the used oil down the sewer drain which ultimately flows into the local river.Based on this information, is this a transaction between you and the oil manufacturer?

Accepted Answer

A)  Yes, you paid for the oil and you can do with it as you like.
B)  Yes, the oil company adds a premium to the price to pay for oil cleanup in the environment.
C)  Yes, the oil will stay in the sewer and not hurt anything.
D)  No, this is an issue of social responsibility because the polluted water will affect others.
E)  No, this is an issue solely between you and your neighbors.F) All of the above
G) A) and E)

Question 8

Which of the following terms best describes the marketing concept era?

Accepted Answer

A)  Production oriented
B)  Sales oriented
C)  Society oriented
D)  Consumer oriented
E)  Competition orientedF) C) and E)
G) A) and B)

Question 9

Most people would assume that in marketing the only thing of value to "exchange" would be monetary.What else can be exchanged? Provide an example of a non-monetary transaction that still fits the criteria of exchange.

Accepted Answer

The trade of things of value between buy...

Question 10

In addition to consumers, what other people, groups, and forces interact to affect marketing activities?

Accepted Answer

Foremost is the organization itself, who...

Question 11

FIGURE 1-5 
-In Figure 1-5, letter "A" represents which stage in the life of market-oriented manufacturing firms?

Accepted Answer

A)  Sales era
B)  Production era
C)  Age of consumerism
D)  Marketing concept era
E)  Customer relationship eraF) B) and E)
G) None of the above

Question 12

Marketing mix refers to

Accepted Answer

A)  the selection of product benefits and attributes that to be added or subtracted to a given product in order to create variations within a product line.
B)  the specific ratio within a budget that divides resources between advertising, promotions, and sales.
C)  the marketing manager's controllable factors-product, price, promotion, and place-that can be used to solve a marketing problem.
D)  the allocation of resources within a firm towards individual marketing programs.
E)  the specific environmental factors that impact marketing decisions for a particular product at any given time.F) None of the above
G) A) and E)

Question 13

In 1952, General Electric's annual report contained this statement: "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)  hard-sell strategy.
B)  age of consumerism.
C)  sales concept.
D)  marketing concept.
E)  management concept.F) C) and D)
G) A) and E)

Question 14

The four utilities include

Accepted Answer

A)  product, price, promotion, and place.
B)  form, function, perceived value, and adaptability.
C)  monopoly, monopolistic competition, pure competition, and oligopoly.
D)  form, place, time, and possession.
E)  gas, fossil fuel, electricity, and water.F) A) and D)
G) A) and C)

Question 15

while also trying to achieve the organization's goals reflects the

Accepted Answer

A)  concept of synergy.
B)  marketing concept.
C)  principle of consumerism.
D)  societal marketing concept.
E)  consumer-organizational concept.F) A) and E)
G) None of the above

Question 16

The four Ps of the marketing mix are

Accepted Answer

A)  priorities, personnel, placement, and profits.
B)  prediction, production, pricing, and promotion.
C)  product, price, production, and place.
D)  product, price, promotion, and place.
E)  profitability, productivity, packaging, and placement.F) A) and D)
G) C) and D)

Question 17

As organizations have changed their orientation, society's expectations of marketers have also changed.Today, the emphasis of marketing practice has shifted from the interest of __________ to the interests of consumers'.

Accepted Answer

A)  society at large
B)  government
C)  suppliers'
D)  political interest groups
E)  producers'F) All of the above
G) C) and D)

Question 18

Marketing refers to

Accepted Answer

A)  the production or provision of goods or services that will generate the highest return on investment.
B)  the strategies used in the advertising and promotion of goods and services.
C)  the process of identifying the greatest number of target markets for a good or service.
D)  the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large.
E)  the activity involved in actually getting a product or service to the ultimate user.F) C) and D)
G) All of the above

Question 19

FIGURE 1-1 
-In Figure 1-1 above, "C" represents a firm's ownership with

Accepted Answer

A)  other organizations.
B)  suppliers.
C)  shareholders.
D)  customers.
E)  other departments.F) B) and E)
G) A) and B)

Question 20

Utility refers to

Accepted Answer

A)  the benefits or customer value received by users of the product.
B)  the adaptability of a marketing program to adjust to changes from environmental forces.
C)  the number of alternative uses or benefits that can be provided by a single product or service.
D)  the fixed costs associated with the production of a single unit of a product within a product line.
E)  the variable costs associated with the production of a single unit of a product within a product line.F) A) and B)
G) A) and C)

Exam 1: Creating Customer Relationships and Value Through Marketing

As organizations have changed their orientation, society's expectations of marketers have also changed.Today, the emphasis of marketing practice has shifted from the interest of __________ to the interests of consumers'.

Correct AnswerverifiedShow Answer

A local college of business offers an outstanding business school education.Cali pays the tuition to attend and earns her MBA with a concentration in Supply Chain Management.Upon graduating, she is offered a high paying, fulfilling position.Was this a marketing exchange?

Correct AnswerverifiedShow Answer

Which of the following terms best describes the marketing concept era?

Correct AnswerverifiedShow Answer

In 1952, General Electric's annual report contained this statement: "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

Marketing refers to

Correct AnswerverifiedShow Answer

Utility refers to

Correct AnswerverifiedShow Answer

In addition to consumers, what other people, groups, and forces interact to affect marketing activities?

Correct AnswerverifiedForemost is the organization itself, who...View AnswerShow Answer

Marketing mix refers to

Correct AnswerverifiedShow Answer

Most people would assume that in marketing the only thing of value to "exchange" would be monetary.What else can be exchanged? Provide an example of a non-monetary transaction that still fits the criteria of exchange.

Correct AnswerverifiedThe trade of things of value between buy...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

Marketing concept refers to

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FIGURE 1-1 -In Figure 1-1 above, "C" represents a firm's ownership with

Correct AnswerverifiedShow Answer

The four Ps of the marketing mix are

Correct AnswerverifiedShow Answer

FIGURE 1-5 -In Figure 1-5, letter "A" represents which stage in the life of market-oriented manufacturing firms?

Correct AnswerverifiedShow Answer

You change the oil in your car yourself and dump the used oil down the sewer drain which ultimately flows into the local river.Based on this information, is this a transaction between you and the oil manufacturer?

Correct AnswerverifiedShow Answer

Which of the following acts as a barrier to the development of relationship marketing?

Correct AnswerverifiedShow Answer

TUMI brand briefcases are very expensive, high-end briefcases, generally sold in specialty luggage shops.Which of the following groups would be the most likely target market for TUMI brand briefcases?

Correct AnswerverifiedShow Answer

Customer value refers to

Correct AnswerverifiedShow Answer

while also trying to achieve the organization's goals reflects the

Correct AnswerverifiedShow Answer

The four utilities include

Correct AnswerverifiedShow Answer

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Foremost is the organization itself, who...
View Answer

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The trade of things of value between buy...
View Answer

Correct Answer
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